Every now and then a new technology comes that changes the very way we interact and lead our lives. You must be familiar with the ease of payment that credit card payment systems offer us. We can simply swipe our card and the payment will be done. Credit card changed the very way we made payments. It allowed us to travel without any cash in our pockets. The cashless mode of payment got so popular that the new term “Plastic money” was coined for such transaction.
Today, we are on the forefront of another such change. A new payment system known as Mobile POS has arrived and once again technology is going to change the very fundamental of payment systems.
Through this article we will inform you what Mobile payment system is all about and how it works.
- What is mobile payment system?
Technically it’s Mobile POS. It’s an acronym for Mobile Point of sale payment system. The core idea behind this payment system is that the customer must be able to make payments through their mobile phones. Considering the increasing processing powers and computing capabilities of smart phones, it is only natural to implement such a system so that customers can easily and effortlessly make transactions through their smart phones.
- How does the mobile point of sale payment system works?
Mobile POS is basically an extension of cloud service. Cloud service means centralized computing. In such a system all of the major computing is done on a central server and the end user system is used mostly as a simple terminal for displaying results. The access to the system is secured with the help of encrypted passwords and a record is maintained for all the transactions.
Actually it is much safer than carrying cash. Even credit cards are not as safe as mobile point of sale payment systems. You must have heard of people who suffered tremendously because of a lost or stolen credit card. Anyone who has access to your credit card can use it. But such is not the case in the mobile point of sale system. These days most of the smart phones are equipped with biometric sensors such as finger print sensors. Considering the fact that every human being has a unique finger print, these sensors act as solid wall of defense against hackers and thieves. You don’t need to worry about your Mobile POS being misused if you lost your cell phone, no one will be able to pay from it without your finger prints.
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