Mobile Payment Solutions
The evolution of payment technologies has rapidly transformed the way consumers buy products and services. The result is that we now expect transactions online and in-store to be instant – no matter where we are or what time it is. Our mobile payment solutions are a core part of this new era. Designed to make your transactions as simple and hassle-free as possible, PFS solutions can also fall in line with any specific requirements you may have.
PFS is one of Europe’s leading suppliers of innovative mobile wallet and payment solutions. If the time has come to revolutionise your payment system, talk to our team today to get started.
As the name suggests, mobile payment systems use a phone or wearable smart device to make a purchase – rather than cash or card. The user’s account is debited by the designated amount, with that fee then sent to the merchant’s account.
It’s It is becoming an ever-more popular method of payment too. For 2018, UK Finance data reveals that 708 million payments were made using online or mobile payment apps. This figure is set to grow even further to 2.4 billion payments. If this forecast proves correct, mobile payment could soon overtake the predicted volume of BACS Direct Credit payments.
The rise of mobile payment apps and services owe much to increased smartphone use and shifting consumer habits. But it also has much to do with higher confidence and improved technology. As one of the fastest-growing financial technology companies, we have seen how these changes have taken effect first-hand and we are leading the way in the development of solutions to fit.
In this modern fast-paced era, saving time can often equate to saving money. That is where our mobile payment solutions come in. Much of our spending is done on the move and by using mobile wallets or payment apps make such transactions even more convenient. By using our systems rather than the alternatives, our clients and customers avoid the need to carry cash or cards.
It also gives your business the opportunity to gather greater information about your customers. This can help you improve services and further build on the benefits of mobile payments.
In the ever-changing world of payment technology, we strive to stay ahead of our competition. We do this by making sure that our mobile payment solutions are centred around cutting-edge technologies, which include:
In order to ensure we provide the most up-to-date mobile solutions to our clients and customers, we have also partnered with the following market-leading mobile payment providers:
PFS is a pioneer in delivering mobile payment solutions to work with the different types of technology now being used. While each platform offers mobile purchasing capabilities by removing the need for physical cash or cards, it does mean there are differences in how mobile payment works. But no matter which best suits your needs, we can tailor a solution that works for you.
Much like contactless prepaid debit cards, mobile payments often make use of NFC technology when made in person. The process is a straightforward one too. When making a purchase, the customer holds an NFC-enabled smartphone or device near to a compatible point-of-sale (POS) terminal. For security, the distance between the device and the reader is around two inches.
Apple Pay, Samsung Pay and Google Pay are among the mobile payment providers to use NFC for this. The enabled device and terminal communicate with each other using radio frequency identification (RFID) to transmit encrypted mobile payment data. The instant exchange of data ensures that contactless mobile payments are completed quicker than chip and pin technology.
Other forms of contactless payment technology include:
Apple Pay, Google Pay and Samsung Pay are all popular examples of mobile wallet technology. These solutions enable you to make a mobile payment using an app downloaded onto a device, which can carry PFS card details. Mobile wallets frequently use NFC to facilitate payments – but can sometimes incorporate methods such as Quick Response (QR) codes.
The popularity of mobile wallets can’t be understated. UK Finance data shows that 16% of the population (8.5 million people) have already signed up for mobile payments (June 2019).
While these mobile payment systems incorporate the same security measures, device features such as passwords or biometric fingerprint authentication provide additional safeguards. We have developed prepaid mobile wallet solutions to cater for the ever-changing needs of consumers in this space. To find out more about how you can benefit from this technology, contact us today.
A device can also be used for completing transactions by SMS or bank transfers. With SMS, the payment is normally added to your mobile phone contract and paid retrospectively – rather than debited direct from a card or current account. Bank transfers, meanwhile, are direct payments made via an online banking portal or mobile banking app.
There are numerous benefits to using mobile payment systems – not just for consumers, but for merchants too. For consumers, these benefits help create a seamless payment experience:
For merchants, meanwhile, implementing a mobile payment solution brings unique advantages:
Security is one of the major advantages of mobile payment systems. This is achieved using a process called ‘tokenisation’. Every time a device is used for completing a mobile payment, a single-use credit card number will be created. This is sent to the merchant – so it isn’t possible to identify a customer’s personal information.
The number generated is the ‘token’ and can’t be cloned by fraudsters. The data is also stored remotely – not on the device itself. If a device is lost or stolen, the data can simply be deleted.
Mobile wallets and payment solutions also provide an extra layer of security against fraudulent or malicious activity. Such solutions often require a user to confirm their identity to complete a transaction – typically using biometric capabilities of their device, such as a fingerprint scanner, or by entering a password/unlocking the screen.
Facilitating mobile payments does not require a business or retailer to completely transform their POS infrastructure. The only essential piece of equipment is a card reader or terminal with NFC capabilities. This technology is used by the most popular mobile wallets and payment apps – so this ensures a business will be able to start accepting mobile payments without delay.
As transactions continue to go ever-more mobile, PFS is here to support clients with their desire to keep pace with the latest trends in technology. Through our commitment to innovation, we are able to provide future-proofed mobile payment solutions that offer a distinct business advantage. Contact us today to find out how our modern, flexible and tailor-made services can help you.
PFS has established itself among the fastest-growing financial service providers in Europe. One of the key driving forces behind our growth is our track record of offering revolutionary prepaid card solutions to meet the varying needs of our ever-expanding customer and client base.
But our focus on technological innovation means that we can now offer clients and customers a much wider range of bespoke solutions – including forward-thinking mobile payment solutions.
Other reasons to trust PFS with your mobile payment needs include:
The growth of mobile payments owes much to the uptake in the technology able to accept them – especially as the use of smartphones and devices becomes more ubiquitous. NFC-enabled POS terminals are now commonplace across the retail sector, as well as food and drink businesses or other service providers where payment can otherwise be made with card.
In addition, mobile payment solutions are now being integrated into transit systems in place of conventional tickets. NFC devices can be used to pay for travel across London, for example.
If your business requires a tailored mobile payment solution or for more information about what PFS can offer, please get in touch today.
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