Top 10 Myths about Mobile Payments, NFC Payments and Mobile Wallets

Standing in a queue, you overlook a customer’s card being swiped at least 3 times to process a payment. As much as you are losing your patience over the obvious delay, you make a mental note to stick on to your dearest cash transaction for life. It is natural to get stereotyped and avoid trying novel stuff, especially when it is related to monetary transactions. Here is some useful information for merchants and buyers alike; to uncover the myths related to Mobile Payments, NFC Payments, and Mobile Wallets that are much convenient than your payment cards.

Myth mobile payments

Myths about Mobile Payments, NFC Payments & Mobile Wallets

1. It is complicated

Mobile payments via NFC and Mobile Wallets are not half as complicated as your favorite challenging game on Play Station! It is just a matter of minutes before you can download a user-friendly app and top-up with your credit card for your shopping or better still flash your mobile-stored credit card info, and you are on the go.

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2. Information Gets Stored

A reputable company that can encrypt credit card data via its app and card swipe hardware must be your choice for Mobile payments like NFC payments. Make a wise decision when you choose a vendor, and your data is in safe hands come what may.

3. Technology Glitches

The merchant and the user need not be technology graduates to set right simple glitches like the low battery on smartphones and payment processing errors. With most of these Mobile Payment vendors offering 24 Hour Customer Support, you are never lost to receive timely help.

4. Cash or Card – Serve the Purpose

Payment methods are no more a matter of just serving the purpose. It is about achieving ultimate comfort where you can joyfully forget your wallet at home and still shop around at ease. With all the information saved n your smartphone, you are more than equipped to zap around your shopping.

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5. Your Beloved Anonymity

Every one of us wants to keep personal credentials private for reasons better known to us! Mobile payments do not pose a breach of personal information like a customer’s credit card information is not saved in the device itself, but kept protected in high-security servers maintained only by your bank.

6. Oh My! – Security

Mobile payments are secure payment gateways that encrypt the personal credentials attached to a credit card, so Mobile payment apps do not utilize your information directly. Every time a transaction is authorized, it requires a series of customer-bank authentication, thus ensuring overall security.

7. Cash Inflow Is Delayed

If you are a merchant wondering when the payment is made to your bank account, it happens within a few business days. This little time is worth the wait considering all the big sales that were possible due to your Mobile payment system.

8. Cash In Hand Preference

As a merchant, if you concentrate on the cash in hand policy, you are missing out on a much bigger picture of hefty sales that happen if a customer is provided the privilege to shop with mobile payment options.

9. Hidden Costs

It is a statutory requirement by law for every payment processing company to disclose all the costs involved, and the user must zoom in on the tiny terms and services clause before signing up!

10. The β€œWhat Ifs…”

God forbid, but it is a possibility that you become a victim of theft. Not to worry about this unfortunate event where you lose your smartphone. Just intimate your bank about this misfortune and get your bank to cancel all your further transactions till you get a new card. It will automatically disable your mobile payment feature.

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