All You Need To Know About Mobile Payment: Benefits and Drawbacks
Fintech (financial technology) is the use of computer programs and other technological innovations such as online banking - Kuda Bank, Moniepoint, Moor Pay, Opay, mobile payment apps and crypto.
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Growth is inevitable. Throughout the history of mankind, one thing that's been a constant is growth (evolution, innovation, advancement etc.). Today, the technological advancement in the financial sector in the world cannot be overemphasized albeit more in the Western region due to the profitable policies of their national leaders which promote economic development unlike what is obtainable in Africa and Nigeria is not exempted. All the same, we (Nigeria) are advancing in technology and one area is that of finance.
Zooming In. Fintech (financial technology) is the use of computer programs and other technological innovations such as online banking - Kuda Bank, Moniepoint, Moor Pay, Opay, mobile payment apps and cryptocurrency to power and drive banking and financial services. While the emergence of these fintech innovations has played a pivotal role in immensely improving the all-round banking/financial operations in the country, as much as there are benefits, there are also minor drawbacks. And this is what I'll be discussing with you today.
Mobile Payments: Benefits and Drawbacks
Mobile payment is the use of a mobile device, such as a smartphone or tablet, to make financial transactions. This can include everything from making a purchase at a store to paying bills to transferring money to friends and family.
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With the rise of mobile technology, mobile payments have become increasingly popular, and many businesses now accept transfers from mobile payments. However, as with any new technology, there are both benefits and drawbacks to using mobile payments.
In this article, we will explore the benefits and drawbacks of mobile payments and help you decide if this method of payment is right for you or your business.
Benefits of Mobile Payments
1. Convenience
One of the biggest benefits of mobile payments is the convenience they offer. With a mobile device, you can make payments from anywhere and at any time. This is especially useful for people who are always on the go or for those who don’t have easy access to traditional forms of payment, such as cash or credit cards. For example, you can use a mobile payment app to make a purchase at a store in just a few seconds, rather than waiting in line to pay with cash or a credit card.
2. Security
Mobile payments can also be more secure than traditional forms of payment. This is because mobile devices have built-in advanced security features, such as fingerprint or facial recognition, that can help prevent fraud. Also, many mobile payment apps use encryption to protect sensitive financial information. This means that your financial information is less likely to be stolen or compromised.
3. Speed
Mobile payments can also be faster than traditional forms of payment. With mobile payments, you don’t have to wait for a credit card or check to clear. Instead, you can make a payment quickly and easily. This can be especially useful for businesses that need to process a large number of transactions quickly. One app that has this feature is Moor Pay - transactions are super fast⚡. Takes less than 5 seconds to complete. Try it!
4. Rewards and cashback
Some mobile payment apps also offer rewards or cashback for using the app to make a purchase. For example, you may earn points or cashback for every purchase you make with a mobile payment app. This can be a great way to save money and get more value out of your purchases.
5. Increased Accessibility
Mobile payments also have increased accessibility for people who may have been previously excluded from traditional forms of payment, such as those without a bank account or credit history. Mobile payments allow for financial transactions without the need for traditional banking infrastructure. All you need to do to own an account that can receive and transfer money is just use this link to download Moor Pay app and the rest is history.
Drawbacks of Mobile Payments
1. Limited acceptance
Although mobile payments are becoming more common, they are still not accepted everywhere, most especially among senior citizens who are not "used to modern facilities" and some persons who have had a negative experience using such payments. This means that you may not be able to use your mobile device to make a payment at certain marketplaces, stores or businesses. This can be a major inconvenience, especially if you’re in an area where mobile payments are not widely accepted.
2. Technical issues
Another drawback of mobile payments is that they can be subject to technical issues. For example, if your mobile device is lost or stolen, your network providers are having some challenges, or if the app you are using to make the payment experiences a technical glitch, you may not be able to make a payment. This can be frustrating and can cause delays in completing transactions.
3. Dependence on internet connection
Some mobile payment apps require an internet connection to work. If you don’t have access to the internet or if your connection is poor, you may not be able to make a payment. This can be a problem if you’re in an area with poor internet connectivity or if you’re travelling in a foreign country where you don’t have a data plan.
4. Security risks
Mobile payments also carry some security risks. For example, if your mobile device is lost or stolen, or if you download a malicious app, your financial information may be at risk. It is important to be aware of these risks and take steps to protect your financial information, such as using a strong passcode on your mobile device, activating biometrics and 2FA’s, and only downloading apps from reputable sources.
5. Extra Fees
Some mobile payment apps may charge extra fees for transactions which can add up and make it more expensive than traditional forms of payment. This can be especially problematic for businesses that process a high volume of transactions.
In conclusion, there is no going back totally to analogue banking, the future is now with digital financial services such as mobile payment apps, integrated payment services etc. which offer a lot of seamless convenient money transactions and security, so in spite of a few drawbacks, it’s important to rather than decide not to go with the global trend and become technologically obsolete, you take steps that will prevent you losing your money to fraudulent companies like making sure to use a reputable app and also take steps to protect your financial information at all times.
Why You Should Download Moor Pay:
✅ Transactions are super fast⚡. Takes less than 5 seconds to complete.
✅ Experience seamless, reliable and secured payment transactions.
✅ Low transfer fees. Pay a flat fee of N25 for all transfers above N5000
✅ Spend + Save. I love this feature. Every time you spend, a percentage of that amount is saved in your pocket.
✅ Amazing customer support and experience. I am your personal support manager. Have issues? Send me an email at o@zaidi.com.ng or SMS/WhatsApp - 0916 217 1134. And I will respond as fast as possible.