The future is cashless, the future is mobile commerce. The Smartphone explosion has redefined the way people carry out financial transactions. Gone are the days when people used to stand in long queues in banks and shopping malls for their transactions. Courtesy of mobile commerce, carrying out a financial transaction is now as easy as a few gentle taps or swipes on your cell phone.
Though mobile commerce is still at an early stage the signs for growth are immense. Leading Smartphone manufacturers including Apple have invested huge sums on mobile commerce, also known as mCommerce research. Apple, in particular, has filed several patents related to the use of NFC (Near Field Communication) technology for mobile commerce applications. The company wants to project its flagship iPhone as a “one device for all needs”, be it communication, entertainment, banking or mobile commerce.
Mobile commerce should not be confused with mobile banking. While the latter caters only to banking needs, the former spans a variety of commerce needs including ticketing, vouchers, coupons, content purchase and delivery, location based services, information services, brokerage and auctions. Therefore, mobile banking represents only a small fraction of the entire gamut of activities that are encapsulated under mobile commerce.
mCommerce supports a variety of payment means including built-in barcodes on several sophisticated Smartphones, premium rate numbers, SIM linked credit cards, stored value cards and micropayment services. Enterprises can significantly benefit from mobile commerce as it offers an innovative and effective way of carrying out financial transactions in a simple and secure manner using cell phones.
mCommerce allows for new business opportunities. Use Lenco Mobile to explore mobile commerce options for your business and to learn more about their state-of-the-art mobile commerce offerings. Mobile commerce represents an array of opportunities as well as a mountain of challenges that need to be overcome. As they say, when in doubt, talk to the experts and Lenco Mobile is the expert partner for all your mobile commerce needs.