Have you noticed what particular item people are so find of carrying with them all the time? You guessed it right – mobile phone! Today, smart phones are permanently attached to your being since you can practically do anything with it. Aside from calls and texts, your mobile device has leveled up and allowed you to do one thing you are constantly responsible for: making payments.
Yes, you can do online payment using your mobile device. In fact, mobile payments, or the idea of using your phone as your wallet is slowly creating raves, although admittedly, is still a long way to go. Still, the idea of paying something without taking out actual money from your pocket isn’t bad, right?
Check out this list and find out how you can make online payments out of your mobile device.
Five smart and easy ways to make payments using your smart phone
Major banks right at your fingertips
Whether you owe someone some money or someone owes you, transferring cash has never been this easy and convenient. And yes, you don’t have to fall in line and waste your precious time waiting until it’s your turn. Nowadays, large banks such as Citibank, Bank of America and Wells Fargo have released their own Apple and Android versions to make banking easier. Of course, these apps do more than just checking your current balance. Banking apps allow you to transfer and receive money and pay your bills using your phone. How easy is that?
PayPal: The easiest way to shop online
Whether you are shopping online or a freelance worker waiting to get paid, PayPal is one of, if not the best out there. This online payment giant has released its iOS, Android and Windows Phone app to allow you to send and receive payments in just one click, minus the transaction fees. Aside from person-to-person payments, PayPal has partnered with various establishments to make your shopping and dining experience easier, including Jamba Juice and Home Depot.
Your daily coffee fix using your Starbucks mobile app
Good news coffee lovers. Finally, you can get your coffee fix by downloading the Starbucks mobile app in the Apple store (it’s free, by the way) to pay for your items and at the same time, earn rewards like food and drinks. All you need to do is to generate the unique barcode, hold up your phone on the scanner and that’s it. It has become so big and so convenient that according to Starbucks’ chief executive Howard Schultz, mobile payments made up 15% of its total sales transaction in the United States.
Apparently, the Starbucks mobile app is only available on Apple App Store.
HCE: Making the banks the next big players in mobile market
Sometime in February of this year, MasterCard and Visa announced its approval of incorporating a new mobile payments technology known as the Host Card Emulation or HCE. It is a type of technology that functions as a payment card on a mobile device using only software.
Originally, mobile payments are stored locally in a piece of hardware called secure element, found inside the mobile device. With HCE, the payment card information including name and card number will be transferred and stored in a cloud to allow mobile apps access that information. Phones can already bypass any carrier restrictions and an app can access and present the credit card information in case payment is made from the cloud to make it easier and faster.
Google Wallet: An easier way to pay
This latest offering from Google geniuses is a combination of PayPal and Starbucks mobile features. Using Google Wallet allows you to shop in stores, send money to your family, pay whoever you owe, store gift and loyalty cards and basically do anything you want to do with money while leaving your cash and plastic cards behind. Aside from shopping and payment, the HCE technology also allows Google Wallet to retrieve stored credit card information from the cloud.
Aside from these five, there are many ways to make online payments. Whatever mode of payment you choose, one thing’s for sure – payment using your smart phone is as easy as having a meal.