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Technology

What are mobile payment solutions?

Discover what a mobile payment solution is and the different types including direct mobile billing, WAP, contactless NFC and QR codes

By Bradley Duke | Updated March 27, 2021 (Published 3/9/2013)

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Mobile payment solutions are getting people excited, not least because the technology is so impressive. Of course, sales targets aren’t met with impressive technology alone, so there have to be some real benefits to mobile payments, especially for small businesses. So how are mobile payments helping businesses? It depends on the method used. At the moment, most businesses tend to use:

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  • Direct mobile billing
  • Mobile web payments (WAP)
  • Contactless NFC (Near Field Communication)
  • QR codes

Let’s look in more depth at these models and how they can affect small businesses in particular.

Direct mobile billing

Direct mobile billing allows e-commerce sites to give customers a payment option that doesn’t require form filling or logging into another service. Customers are charged on their mobile bill after completing a two-factor authentication process that requires a PIN and a one-time password so that they can complete their secure transaction in less than 10 seconds.

Online business owners know that every extra step in a sales funnel causes more customers to drop out. This process is so fast and easy, it keeps more people in the sales funnel, so they complete their transactions.

Mobile web payments (WAP)

To use mobile web payments, customers have to visit a dedicated web page on their mobile or download an app. Customers can pay through their mobile provider, a credit card or their online wallets.

This technology allows customers to bookmark payment pages, receive marketing communications directly from the app and offers payment processes the customer is familiar with. All of these can drive repeat sales and can even increase visits to physical shops.

Contactless NFC (Near Field Communication)

Contactless payments require the customer to tap or wave their mobile phone in front of a reader which uses NFC to determine how to take payment. The customer can link this service directly to their bank account, mobile account or a pre-paid account.

This option speeds up transactions in physical shops, so it is ideal for corner shops, fast food outlets and other places where people want to get in and out as quickly as possible.

QR codes

QR codes are mostly recognised as marketing devices, but they can be used to make mobile payments as well. QR codes work by having the mobile phone scan the code, rather than having a reader scan the phone, so QR codes can be used to make payments both online and in store. This is a great option for businesses that have both online and real-world facets, as they only need to use one system for all their mobile payments.

These are just four of the many mobile payment options out there, but they all have benefits for small business owners, whether they run a website or a bricks and mortar shop. Choosing the right one for your business is just a matter of researching and trying them out.

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