What is mobile payment? Mobile payment is a payment process in which an individual user or entity sends payment instructions to a banking institution through mobile devices, the Internet, etc. to generate a fund transfer or payment.
More convenient payment
No cash is needed, just sweep a QR code and you can quickly pay in whole or in change, so for merchants, there is no need to spend time making change, you won’t receive counterfeit notes and you won’t have to worry about losses caused in the cash circulation process. For the majority of consumers , the need for wallets and change bags is diminished. We’ve always said that cash is the dirtiest of all, with all the germs on it, so now we don’t need to touch it anymore and can still achieve more convenient shopping as usual.
Better money management
The first advantage of using cash is that you can clearly feel your money slowly dwindling, while mobile payments reduce the pain of spending it, so some of those with less control will need to be strict with their financial plans! Everyone used to manage their money through bookkeeping. How many people have vowed they would start bookkeeping and then given up within a few days? With mobile payments, you’ll find that every single expense is clearly accessible, and there are apps that help us budget each month and give you reminders when we’ve gone over budget. Hence, Create internet banking account in Malaysia is wisable for your future plan.
Big Data Marketing
The use of big data today is something you can already see. Aggregating consumer data can help businesses make better decisions for themselves. Merchants can often track consumer information through mobile payment software, and this information can give them feedback on consumer preferences, buying behaviour, spending tendencies, etc. Based on a large amount of data, they can improve their products, do a good job of product operations and promotions, etc., in order to increase the stickiness of their customers and improve their revenue.
More environmentally friendly
The environmental friendliness of mobile payment is firstly reflected in the reduction of resource consumption in the process of cash manufacturing. In addition, students who use Alipay will know about the Ant Forest inside the Alipay bar, which allows you to plant trees by gaining energy, and this kind of tree planting is not so-called like the popular farms of a few years ago just planting trees on the internet, but in reality. We can contribute our share to the environmental cause.