Guest blog: Top 5 Benefits of Mobile Credit Card Payments

Mobile credit card payments, also known as m-payments, are expected to rise in popularity within the next several years. Surprisingly, a lot of people are unaware of this expanding technology, despite the fact that it can make many of our lives much easier.

M-payments are point of sale transactions that can be made between a mobile device and a contactless reader. If you are in a restaurant that supports m-payment, for example, you can settle your bill from your table in seconds. Although m-payment has only been tested in North America on a trial basis, the technology is being readily used in parts of Asia and Europe.

Below are the top five benefits of mobile credit card payments:

1. No More Waiting in Line – What if you could pay for your groceries, your restaurant bills and any other service without waiting in line? This sounds like a dream to many, but with m-payment it could soon be a reality.
2. Ease of Use – Although it may sound like an advanced technology, m-payment is actually simpler than writing a check or using a credit card machine. In fact, a complete transaction takes an average of 10 seconds and can be made via cell phone, smartphone or PDA.
3. Security – Any time your credit card leaves your hand, you take a greater risk than you do when paying for things through a secure mobile channel. M-payment actually reduces your chance of becoming a victim of credit card fraud.
4. Travel Advantages – In theory, you will never have to worry about changing out your currency when traveling abroad if you use m-payment. Not only that, but you can leave your physical credit cards and check books behind.
5. Mobile Bank Transactions – Not only is m-payment handy for both consumers and merchants, there is also the prospect of instant, contactless bank transactions becoming part of the convenient mobile package.

M-payment isn’t a new technology. In fact, it has been in use since the mid-1990s. However, it is only now that mobile phone companies, banks and credit card companies are all converging to adopt widespread use of the technology. As trial runs show more enthusiasm for m-payment, we should expect to hear a lot more about it in the near future.

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Heather P. Johnson is a freelance writer, as well as a contributor for Credit Card Lowdown, a site for finding credit card reviews. Heather invites your comments and freelancing job opportunities at her email address: heatherjohnson2323@gmail.com.