Mobile payment, also known as mobile phone payment, is a service that allows users to use their mobile terminals to make payments on account for goods or services consumed. The unit or individual directly or indirectly sends money to the bank via mobile device, internet or proximity sensing. Financial institutions send payment instructions to generate monetary payments and fund transfer acts, thus realising the mobile payment function. Mobile payment integrates terminal devices, the Internet, application providers and financial institutions to provide users with monetary payments, bill payments and other financial servic
You can quickly and easily pay in full or in change just by sweeping a QR code. This eliminates the need for merchants to spend time making change, avoids counterfeit notes, and eliminates losses caused by cash circulation. Many consumers are less reliant on wallets and change bags. As we always say, cash is the dirtiest of all, with all of the germs on it, so now we don’t need to touch it anymore and can still shop more conveniently.
When using cash, you can clearly see your money disappearing, while with mobile payments, you can spend it without feeling the pain, so those with less control will need to plan their finances better. Before mobile payments, each and every citizen kept a checkbook. Have you ever promised yourself you’d get started with bookkeeping but then given up shortly after? Every single expense is clearly visible with mobile payments. There are also apps that help you budget each month and alert you if you go over budget.
In the process of manufacturing cash, mobile payment reduces resource consumption, which is in turn environmentally friendly. Also, students who use Alipay will know about the Ant Forest, which allows you to plant trees by gathering energy in the Alipay bar, but this is not the kind of tree planting that was so popular a few years ago, when you just planted trees online, but it is a more practical approach. Those of us who care about the environment can contribute to the cause.
There is already evidence of big data’s use in today’s society. Businesses can make better decisions by combining consumer data according to e banking system malaysia. Through mobile payment software, merchants can track consumer information, and this information provides them with insight into consumer preferences, buying patterns, spending patterns, etc. In order to increase customer stickiness and revenue, they can improve their products and manage product operations in a better way using large amounts of data.