Mobile payment generally refers to payment services performed from a mobile device like tablet, iPad or simply via a mobile phone. Consumer can use mobile phone to pay for a vast range of services whether digital or hard goods instead of paying in cash, cheque or credit cards. The objective is using of non-coin based currency systems.
Today, mobile payment systems are increasing rapidly. Most of us are familiar with PayPal, a payment veteran for “one-click purchases” on your iPad or tablet. The industry is quickly rising away from these typical offerings to a distinct set of products and services, from loyalty cards to e-wallets and smart phone card readers.
According to Gartner, global mobile payment transaction volume and value is expected to reach $721 billion by 2017 and 450 million users by the said year.
As these systems evolve to make mobile payments for products and services easy and secure. e-Commerce merchants need a highly responsive supply chain to meet the rising demand.
Speeding up the service at point of sale awaits expectations as to how quick the product or service will be provided or delivered aside from making the purchase easier. Payment is the same of a promise to provide or deliver as quickly as possible assuming that the products haven’t exchanged hands right away.
Knowing that the funds have been transferred increases the stakes for both seller and buyer. Supply chain must do quick action to render the awaiting order before disappointment comes in.
Establishing mobile payment systems will be common in the future and that demand will give an increased urgency in fulfillment. It is significant to take steps to make sure that your supply chain is ready and equipped to embrace these challenges.
Today’s generation is always on the go. Placing an order at any time and paying it instantly makes it very easy because of technology. E-commerce merchants who have a reputation for efficient ordering and fast fulfillment and delivery are encouraged to invest on this new group of consumers.