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RESEARCH, ANALYSIS & TRENDS

Pros and cons of mobile payment services

Due to the pandemic and the resulting shop without the knowledge of the consumer at their
restrictions, the sale of goods and services is expense. The consumers who were cheated out of their
shifting significantly to the Internet. And when money report that they then struggled to get the money
back from the payment services. The most common
shopping online, there are usually various complaints are related to billing and collections, unfair
payment options to choose from, such as business practices, contract terms and termination.
invoice, direct debit, credit card, or online These are not new problems, but with the online shop-
payment services such as PayPal. ping boom during the Corona period, these problems
Some people prefer to use their credit card when shop- are becoming more visible. And don’t forget that with
ping online, others like e-wallets better or paying on the selection of a payment provider, the merchants en-
account. What unites in terms of payment methods is ter into technological dependencies. Once the sales
the need to offer customers a broad mix of payments in channel has been established, it becomes difficult in
the future. Because in addition to the three payment terms of time and money to switch. So, the decision
methods mentioned, online transfer, debit card, mobile should be carefully considered.
payments, installment payments or prepayment are International transfers in real time, super apps as ser-
popular, too. The fact is, that a purchase is often can- vice platforms with own payment functions and cyber
celed at the check-out because the preferred payment wallets are reality by now. In fact, according to the
method could not be selected, which points out that study Payments 2025 & beyond by the auditing and
regional needs should be considered in the payment consulting firm PricewaterhouseCoopers (PwC), cash-
mix as well.
less transaction volumes are expected to increase by
more than 80% to 1.9 trillion in the next 5 years, and
Common e-payment complaints
the number of digital payments per person is believed
to almost triple by 2030.
Anyway, paying with digital services is quick and easy
and the number one reason why they are so popular.
But of course, the more such services are used, the Super apps point the way
more problems are reported in connection with online The study verifies as well that the corona pandemic has
payment. For example, claims are being collected even accelerated the switch from cash to digital payments by
though the goods never arrived or have long since years and has fundamentally changed the entire pay-
been sent back. Consumers complain that they have to ment traffic infrastructure. With the emergence of new
deal with the payment processor in addition to the mer- payment methods and innovative business models, the
chant to get their money back. Fraudsters have also scenario of a global cashless society is within eyeshot.
discovered online payment services for themselves and

10 July 2021: Mobile Marketing & Analytics