Smartphones have simplified our lives in more ways than one. Be it online banking, mobile shopping, being able to order a pizza online, and more. In a very real way, mobile phones have allowed for a variety of financial transactions to be performed using a few clicks and taps. The ability to conduct such commercial transactions on a mobile device is known as mobile commerce (also popularly called as mCommerce).
Any financial transaction originated through a mobile phone which involves the transfer of ownership of goods and services, falls into the category of mobile commerce. It originated in the 1990s with SMS being used as the only means for conducting financial transactions through cellphones. Over a period of time, several technologies such as Wireless Application Protocol (WAP), Near Field Communication (NFC) and others have been used as mobile commerce platforms.
The unique selling proposition of mobile commerce is that it allows people to conduct financial transactions while they are on the move by means of opting for mobile ticketing, banking, brokerage, auctions, purchase, information services and more. It’s a win-win proposition for both vendors and end customers. While vendors benefit from the additional revenue stream of mobile commerce, end customers get more flexibility with executing their transactions.
With the increasing popularity of location-based services, mobile commerce is now being tailored to generate local offers and promote geography-oriented deals. Mobile banking and shopping are the most popular & widely used applications in the mCommerce segment.
Mobile commerce is an enticing segment for youth who love playing with technology and executives who are traveling most of the time. It provides the flexibility of anytime, anywhere access for commercial needs through mobile commerce pathways. Security and performance are the most important criteria for mCommerce applications. Lenco Mobile is an expert in developing secure & efficient mobile commerce solutions, catering to a variety of business needs and satisfying customers alike.
Mobile commerce opens up a new avenue of opportunities for businesses. If you haven’t already explored mobile commerce for your business, now is the time to do so with Lenco Mobile mobile solutions.
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