M-Commerce is Mobile Commerce and refers to the use of cellular phones and laptops to perform business transactions online. M-Commerce today, handles a lot of services like online banking, bill payment, and information delivery. M-Commerce is the offshoot of e-commerce on mobile consumer base especially when cell phones today have highly advanced capabilities and computing power.
Apple Pay, Samsung Pay, and Android Pay are mobile platforms that allow mobile phone users to make transactions with their phones. It is convenient and very safe to make financial payments using these platforms today. With most smartphone users having these platforms, businesses are able to leverage payment feasibility with Apple Pay, Google Wallet, Samsung Pay etc. Social media is a very robust transaction environment today. There are more Facebook and Instagram boutiques than brick and mortar boutiques in the world today. How does a random customer trust the payment gateways provided by these vendors? If the vendor offers one of these gateways, both parties can have a trustworthy transaction from anywhere in the world. What’s more? Facebook has introduced the Buy button to make it easier and transparent to handle sales.
So, if you are a small (or big) e-commerce player, it makes sense to accept payments via Samsung Pay, Apple Pay, Google Wallet and other such popular and trustworthy mobile commerce platforms.
Studies say that mobile commerce is going to have a major surge in market share in the coming years. Several high-end phones today offer facial recognition, fingerprint validation, and such safety features in order to authenticate payments performed through mobile phones. What can be safer than the machine authenticating a payment via fingerprint or facial recognition? Mobile phones today are built with state of the art technology and they come in handy to do money transactions which require great detail in authentication.
Businesses find that M-Commerce customers tend to become repeat customers more often than others who make payments through other means. This can be explained by the fact that customers prefer going through payments with safe gateways. Moreover, a loaded Samsung Pay or Google Wallet is easier, process-wise, than logging into a platform that takes them to a bank portal and then do a bank transfer. There is always the chance of a transaction failure in bank processes. While M-Commerce platforms are not 100 percent fail-safe, it still scores over existing methods of online payments. If the transaction needs to be reversed, the process is fairly simple and is easier than chasing the other party’s bank to do the needful.
If you believe that your customers are high-end smartphone users who would like the convenience of easier payments, invest in M-Commerce platform options in your attempts to increase customer base and sales figures.