Online transactions have been in existence since, but it was the Covid-19 pandemic that boosted its popularity, and made people start making use of online banking, especially the online mobile payment services…
But a lot changed during the cash crunch as a result of CBN’s introduction of the cashless policy. Citizens were made to suffer to access their cash, and most times end up not getting anything whenever they visit their banks.
This made business persons adapt to the cashless change and then start initiating and accepting mobile transfers to ensure that their businesses move swiftly as possible.
But even as that, so many people have complained about online banking due to network hitches, and have thus far, blamed the traditional banks for not being capable enough to maintain their network system for the high volume of transfers.
This has made people switch focus to secondary mobile payment services to help carry out a series of transactions that they feel are more capable and reliable.
Undoubtedly, these online mobile payment services have been a lifesaver for people in the course of the network issues encountered by people, especially during the Naira scarcity.
What You Need to Know About Online Mobile Payment Services
Online mobile payment services are just like online banking where transactions are carried over the Internet.
Transactions like transfers, bill payments, airtime top-ups, cash deposits, etc are been done with smartphones using these mobile payment services.
The transaction involves you signing up with your information as regulated by the financial institution, and you’ll then have to enter your account or card details before you can start making your payments.
How does this work? When you initiate a payment via an online merchant, you’ll be required to enter your financial information for the request to be processed, after which it will be directed to your bank, once the bank confirms it, they’ll now revert to the online merchant to confirm the transaction.
What are The Benefits of These Platforms?
1. Easy to set up
Before you can use any of the online mobile payment services, all you just need is to sign up or register online with your smartphone anywhere and anytime, enter your bank details, and start your transactions.
Unlike traditional online banking where you’ll have to go to the bank to register for mobile banking first before you start using it.
2. Excellent user-friendly interface
There are not many processes before you can initiate a payment transaction, unlike what we do encounter using traditional online banking.
You can easily navigate through your dashboard and access the features there.
3. It’s convenient
Anything online is always convenient so this is not left out.
With this method, all you just need is to have a smartphone with an active internet connection, wherever you are and whenever.
4. Transactions are fast and quick
Just like some of us have noticed, using mobile platforms can be very fast and quick, with 99% accuracy and just little network hitches compared to what we’ve encountered using online banking platforms.
5. Wide range of payment operation
Online mobile payment services have lots of features and lots of payment channels, thereby making it possible to initiate payments to different parts of the world.
6. Transaction fees are cheaper
Apart from transferring money between the same banks which does not cost a fee, transferring money to other banks comes with a fee.
But with a mobile platform, at least you’ll receive discounts for transfers, and you’ll not have to bother getting charged levies and other bank charges.
7. Different payment gateways
When it comes to possessing different payment channels, you cannot take that away from secondary online payment platforms, which is an advantage for people to initiate their payments.
8. Good customer service experience
Online platforms make use of both AI-based systems and humans to attend to the needs of their customers, which is more effective.
This makes customers seem as if they’re directly relating to someone.
9. Accepts several bank details
Traditional online banking does not accept bank cards that do not belong to the bank.
For instance, if you’re using the Access Bank platform, you can only carry out transactions with Access Bank account details, unlike a mobile platform where you can add different kinds of card details to process your transaction.
10. Stable network service
Online mobile financial services are trusted in terms of network connection. At least, might not be 100%, but quite reliable just like what we’ve seen from the Nair scarcity.
CONCLUSION
Online mobile payment services have proven to be the best way to go when it comes to online banking, given all the key necessary features they possess.
These features have proven to be an upgrade to what traditional banks currently have, and it’s good that there’s a high level of competition to serve the customers better.