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Advances and technological developments have changed the way the world does business. More and more business is conducted on the internet, specifically on the World Wide Web. Some of the benefits of using the internet as a platform for conducting business are that it has hundreds of millions of users across the globe, it is readily available on a 24 hour basis every day of the week, it is a relatively low cost platform for trading and it has huge potential for future growth and development.
The last couple of years have seen new and emerging forms of payment that have been developed for use within the mobile payments industry as well as at point-of-sale in retail stores and other outlets. Most of these applications are used with mobile phone applications, and while they can be used to purchase products at the many online stores and businesses, they can also be used at physical stores, such as at the local mall. The benefit of these methods are that they are much safer than carrying cash, they are much faster and they also help in the management of money, compared with older payment methods.
A good example of these types of emerging payments are mobile payments. This is a form of payment that unites mobile phones and developments in electronic money movement in order to conduct commerce. SmartMoney is an emerging payments forum that is in use in the Philippines and has seen huge growth in usage and adoption in the mobile payments industry. Yet another important payments system is G-Cash. This is a form of payment that enables shoppers and customers at stores and retail outlets to make payments, not with cash or credit cards, but with mobile money via their mobile phones.
At present, very few retailers have the necessary software and hardware to support mobile payments. However, mobile service providers and their associates are working extremely hard on developing modern software and components that can be adopted for regular use at retail outlets. These platforms should be able to accept mobile payments and offer them as a payment option at these stores.
There are also financial organizations that have jumped on the bandwagon of mobile payments applications and have developed a platform that users of these systems can benefit from. First Data Compass can accept and process payments information from transactions conducted via services similar to those offered by PayPal's platform. They have streamlined these processes and have enabled their customers to readily manage processes such as customer service, client order processing and many other functions.
The world of emerging payments is a fascinating and fast-paced one; visit our website to find out more about how the mobile payments industry is developing.
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