Go Mobile and Leverage Powerful Advantages of Latest Online Payment Technology

Go Mobile and Leverage Powerful Advantages of Latest Online Payment Technology

Across the globe, and especially in China, people are eagerly embracing innovative payment solutions. In an age where smartphone penetration and mobile app usage is high, e-payment technology is going the mobile way. E-wallets and mobile payments are playing increasingly larger roles in the lives of consumers and merchants.

What are E-Wallets?

E-wallets are a prime example of innovative payment solutions. Ewallets are essentially digital versions of conventional wallets.

Although there are subtle differences between different e-wallets available in the market today, most of them involve downloading a mobile app wherein crucial information about credit cards, debit cards and personal information is stored. The app can be opened by entering PIN, password or fingerprint. After this step, users can utilize stored information to make payments by interacting with a mobile wallet ready payment terminal.

How Do Mobile Payments Work?

Mobile payments done using QR (Quick Response) codes are another innovative payment solution. QR code mobile payments can be initiated in two ways – at the merchant’s end or at the customer’s end. For a merchant to accept payment, an app developed by an epayment solution provider needs to be downloaded. Merchants can also accept payments through a vendor-provided POS machine.

After entering the transaction amount, the merchant scans the QR code shown by customer. Alternately, the customer can enter transaction amount on the mobile payment app and scan merchant’s QR code sticker to complete a transaction.

Benefits to Customers It’s important for merchants to understand the benefits of these innovative e-payment technology from consumer point of view. Ewallet and QR code base mobile payments are cashless, cardless and contactless. Activation requires only one time disclosure of sensitive information which greatly reduces the risks associated with data theft. Moreover, these solutions cannot be duplicated. Hence, they are a more secure option that debit cards and credit cards where the risk of fraud is greater. Mostly importantly, they facilitate on-thespot, on-the-go payment supported by complete control.

Benefits to Merchants By implementing an e-wallet or QR code mobile e-payment solution, merchants benefit in myriad ways. They can achieve real-time fund realization and reconciliation. Merchants can eliminate risks associated with credit card fraud and provide a safer, more secure payment experience both online and in brick-and-mortar stores. They don’t need to invest in a POS machine because it is vendor provided and they can also reduce processing fees which further lowers operation costs.

They can provide customers to pay through their preferred method of payment – in China, that’s Alipay.

Value Adding Solutions The Alipay e-wallet and Alipay supported QR code based mobile payments are great ways for businesses in Hong Kong to attract mainland Chinese visitors to shop from them. The benefits of epayment solutions to merchants does not end there. A cutting edge solution can generate instant transaction reports. Merchants can use reporting tools to search for the latest sales data and identify consumption patterns. Information can easily be transported to Excel files for comprehensive business analysis or auditing.

Leverage the power of e-wallets and mobile payments – consult China’s leader for cutting edge online payment technology!