Mobile payments have opened endless gateways – ones we thought were not possible. What I am talking about, is the mere fact that the entire world rests in your palms now through your smart phone. You can now make video calls to friends, find your way through maps, browse the Internet and so much more — even operate your bank via your smart phone! And speaking of it, do you know you can now make payments through your mobile. Yes, no need to keep a wallet now!

What it means to Make Mobile Payments 

Mobile payments have made heads spin. You can now simply make payments by tapping your mobile phone on the payment counter (NFC reader) and purchase anything and everything you require. On the surface it seems a simple process. But with mobile payments, so many merchant and consumer driven options are arising. So would it not be cool to observe your consumers’ entire buying patterns and lifestyle choices/habits with a microscopic view?  This phenomenon is exactly what the merchants have been dreaming of i.e. knowing most accurately what the customers want. And this works for consumers as well. This starts with your customers now being well informed of their choices, to making smart and accurate buying selections.  Well discuss more in detail how Mobile Payments are shaping our spending habits.

Tracking the Habits

This is where mobile payments get really powerful. A valuable feature of NFC is its ability to track and predict behaviour of the customer. Would it not be nice knowing what the customer wants based on their previous buying trend even before they know it. You have access to everything. From their business requirements to their utility needs. Remember NFC operates on two-way communication ability meaning, your customers would also know what you offer before entering your store.

Image: Payment through Mobile

Tracking Location & Incentives

Remember, 76% of users agree that location sharing provides more meaningful content, and 73% believe that location sharing is somewhat or very useful. This is because, based on your  location, your smart phones can pull up information (based on your previous buying pattern) and allow you to view the choices you have nearby.

Image: Location Access

Brand Loyalty 

Mobile payment help built business brand loyalty!  How? Say for example you are the owner of a restaurant. Would it not be great that your customers download the app that provides special deals and enables them to order online using their cell phones? Remember, special deals and offers help build customer loyalty.

All the service providers from Square to Boloro are easy to understand, install and manage. Here’s a link to how NFC Devices operate for your better understanding.

About the Author: Umar Jamshed is an IT expert and a former consultant with The World Bank. He is a graduate of Curtin University, Australia. He writes for Inbound.Zone and manages his IT firm.  

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