Pros And Cons Of Mobile Payment Systems

The requirement for mobile payments has been on the rise with more and more people seizing the gist of its effortlessness. It has become a big part of the e-commerce industry, and is a Web Payment Software skill. Regardless of the hiccups and mounting pains, mobile payment options noticeably add to the ease of payment for both consumers and businesses.  It’s expedient and trouble-free, along with that smooth, smart draw that lends itself to the smartphone and tablet civilization. Because mobile payment systems have taken up new technology, they also provide marketing solutions that usual credit card processors simply can’t.



Services like Apple Pay, Google Wallet and a few other use a wireless technology called near-field communication, or NFC. With Apple Pay, the phone responds automatically when you hold it near the NFC reader on the merchant’s payment system. You’re then prompted to scan your fingerprint to authorize the transaction. Google Wallet isn’t quite as fast, as it requires a password.

However, anything that is advantageous has a few disadvantages too. Here are some of the pros and cons of mobile payment systems:


Security: Mobile payments are more protected than usual credit or debit cards. It is because the retailer’s system doesn’t have any direct access to the cardholder’s account number. So, current point-of-sale malware doesn’t work against it.

No more overloading your wallet with cards: As a substitute of a wallet full of credit cards, customers can simply carry an identification card and a mobile device. You can also make payments through your bank account, not just cards. You can also send money to friends.

Speed: Most mobile payments are quick. Customers simply pass their mobile device over a near-field communication (NFC) reader linked to the POS system. Some systems require entering a password or PIN, but others are just scan-and-go.




You can’t utilize it everywhere: Not all systems work with all mobile hardware. Many older and low-end smartphones lack NFC capabilities.

Cost: In majority cases, accepting mobile payments needs additional POS hardware. The NFC readers are not cheap but because of forthcoming changes to the credit card system that will begin very soon, your business will most likely need an upgradation. The cost of an NFC reader along with the new hardware will perhaps be lesser than current NFC readers.

Competing systems: There are at least three major companies that offer mobile wallet services and dozens of smaller ones. Some systems require NFC readers, while others use bar codes displayed on the screen. A few retailers offer their branded mobile wallets that deduct funds from gift cards.

Delay in refund: For some reason, the cloud-to-bank transactions are relatively slow especially during times of a transaction failure. It could take 3 to 5 days before you see those funds back in your bank account.



It will take some time before it becomes a widespread adoption. The evolution of mobile wallets is not earth-shattering but a consolidation of existing mobile technology. While neither your phone nor your bank is necessarily hooked on to each other, it’s only a matter of time before they do.

Picture courtesy-,, and

by techtalks @TechTalks August 11, 2015 5:52 AM UTC


Mobile Upgrades: Killing The Product Before Its Time?

Have to agree. The speed of newer phone models within the same series and newer app versions lead to more thought put into buying decisions. Phone lines have a definite short shelf life

Lionel Gurjao

Frequently upgrading the software is a real problem as updating the software might cause your phone to lag because of the older hardware.

Shivendra Singh

They should come out with upgrades for the specific phones and not for the separate Operating System. This way a special version for your phones specific hardware can be made

Maalin Ashar

They should come out with upgrades for the specific phones and not for the separate Operating System. This way a special version for your phones specific hardware can be made

Maalin Ashar

Q5 blackberry

Alhassan A Bukar


Ishwar Maradi