Digital payments types

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Digital payments defined as an electronic payment system used to satisfied consumers convenience  by making payments over an electronic network such as the Internet

This video shows how digital payments could be beneficial  in our daily life

The success of mobile payments would not have been possible without the massive growth in the number of smartphones and the falling cost of computing power, both of which are lowering the barriers to new entrants in parts of finance. Smartphones are vital to this, because by providing consumers with powerful computing devices and internet connections that are always on, they open the way to all sorts of other innovations.

The evolution of payment technology has moved fast. Consumers today are less likely to use cheques as a means of payment. While there is a segment of consumers that prefer to use cash, there also appears to be a growing preference to use direct card payments, even for micro payments, if this is delivered in a way that is simple and convenient for the consumer.

Mobile technology is creating a major disruption in the way we shop. mCOMMERCE, mPAYMENTS and mWALLETS are happening contactlesslly  through mobile apps

mCOMMERCE: M-Commerce is the use of devices to communicate, inform transact and entertain using text and data via a connection to public and private networks. It is basically the usage of the internet to pay for your purchases using your bank account.

mPAYMENTS:  M-payment is a real-time payment that is made with the use of a mobile device. Formally known as a mobile payment, the m-payment involves submitting an electronic remittance for an outstanding bill. Which means that you can use your phone and swipe it as a credit cad. It differ from mCOMMERCE by providing the consumer  to physically swipe their phones.

mWALLETS: m-Wallets (Mobile Wallets) are much like Prepaid Cards. They need to be loaded with money prior to use. However, funds held by the m-Wallet are securely accessed directly from the mobile phone. Although m-Wallets are still relatively new and hence not yet widely spread, MFSL believes this will change in the near term with subscriber education and competitive pricing. m-Wallet usage is growing very quickly and it is only a matter of time before they become a standard payment instrument