Mobile Money, also known as mobile payment, mobile wallet or mobile money transfer stands for payment services that function as per financial regulations. These services, performed via mobile devices enable consumers to use their mobile phone for making payments instead of paying with credit cards or cash.
Mobile money payment applications have several advantages.
1. They are a useful asset for small businesses that are keen to make considerable savings in cost.
2. Since mobile payment is executed with the help of mobile credit card processing, it eliminates the need of purchasing expensive software or equipments.
3. Mobile payment is popular among masses because of its easy to use technology.
4. Mobile payment offers improved security to your business because of its simplicity and also because it saves time and money.
5. Mobile payments are also help small businesses to track inventory and behavior of customers so as to enhance product sales and upgrade their customer service.
Here are some of the top mobile payment applications that will help boost your business:
1. Google Wallet: Though Google Wallet app is supported only by few selected handsets, it is the most popular app used for mobile payment. This app is quite easy to install; all that you need is create a PIN number and feed the card details into the application. Next, you should tap the back of your phone against the provided terminal for making payment.
2. Square Wallet: This location based mobile money transfer app has been designed only for iOS and Android phones. To use this app you should connect your credit card to the app. This app requires the use of merchant cards instead of making payments directly with your credit card. Another advantage of using Square Wallet is that you can buy in-store gift vouchers to be sent to your friends who are also using Square Wallet app.
3. PayPal: It is another popular mobile money application that enables users to send money to other PayPal users. This app is available on both Android and iOS phones. The mobile version of PayPal is as user friendly as its web version.
4. Venmo: Another reliable mobile money app for iOS, Android and Blackberry users is Venmo. It is a great way for transacting money between people in your group with a Venmo account. You need to link your credit/ debit card or your bank account to the Venmo account. This app also enables users to share the transaction on social media like Twitter, Facebook and Foursquare with a message.
5. Apple’s Passbook: This is another outstanding mobile money app that has been introduced with iOS 6. It functions by scanning 2D barcodes for facilitating your concerts, movies, coupons, flight tickets, loyalty cards, etc., for selected merchants. However, this app does not allow you to use your debit and credit card for making in-store purchases. However, you can use BillGuard for viewing your bank balance along with other important information on your iPhone.