There’s a lot of difference between cheese and butter, likewise in mobile payment and mobile commerce. Yes, broadly, most people, including us, might have a misconception that mobile payment is the same as mobile commerce. But if we go deeper into the reality, we will know what this statue is all about.
This blog will find the difference between mobile payment and mobile commerce and an in-depth guide. You need to keep up till the end to get the exact idea of why both aren’t the same.
Let’s consider examples to understand how they differ:
You purchase an item with a smartphone and choose COD (cash on delivery) – that’s a mobile commerce
Same way, you are buying in-store but choose online payment – that’s a mobile payment
Now, you make a purchase via mobile and pay via mobile – that’s called mobile commerce and mobile payment
This is the basic idea to understand the difference between mobile commerce and mobile payment. But to know in-depth, we will look at each individually and see how they are very different.
What is Mobile Payment?
As the name suggests, mobile payment is a method of making transactions/payments through mobile devices. A mobile payment solution is one of the fastest and easiest ways to consider making transactions, as it takes a few seconds to finish the payment.
Mobile payment is being used to remove those lengthy procedures of paying like credit cards and cash, and no wonder customers also prefer mobile payment over others. And if we talk about legality, mobile payment is a secure and government-approved payment method.
Also Read: Top 10 Payment Gateways In USA
In the digital world, where our lives are dependent on completely mobile phones, it is not wrong to say that even customers want mobile payment as a matter of their ease. There are many mobile payment methods available in the market that you can use and make easy payments for the purchase you made online or offline.
How Mobile Payment Works?
In eCommerce stores or online stores, buyers make mobile payments for their purchases as they hold smartphones up to the contactless payment terminal. When they hold a device near the contactless payment terminal, both devices communicate with one another based on specific radiofrequency.
This sends an encrypted payment detail to complete the transaction. And this is how money from your digital wallet is transferred to the business’s point of sale system. The question is why you should incorporate mobile payment into your eCommerce or online store?
Security is the first and prime factor you can consider for mobile payment as features like touch id, pin inputs, and no use of debit/credit cards make it more secure than ever.
The one-to-one transaction is another benefit you can avail for mobile payment as you can send and receive money from friends, family, and business.
Another great thing about mobile payment is the speed at which you can complete transactions within seconds or minutes.
At last, comfort is what you need, and that’s why mobile payment is the best to choose.
What is Mobile Commerce?
Mobile commerce is completely different from mobile payment. In general terms, it’s an advancement of eCommerce or adoption of eCommerce. Easily, mCommerce is buying and selling products via mobile devices. Ultimately, mobile commerce is the mobile version of commerce.
M-commerce or mobile commerce is a new trend in the eCommerce field based on the wireless application protocol. MCommerce is used to make payments online regardless of industry, whether hospitality, retail, or IT. Many mobile commerce platforms are available in the market, and you can use them according to your needs.
Benefits of mCommerce
Mobile commerce is also known as mCommerce. In mCommerce, all the activities are performed on a wireless internet connection via mobile devices such as mobile devices or computer devices. Hence, it is one of the best choices you can consider for a perfect shopping experience.
Another benefit of mCommerce is that it is a modern and emerging technology in eCommerce. With the help of eCommerce integration services, you can easily integrate mCommerce into your eCommerce or online store.
One weird thing we have seen so far in the eCommerce world is maintaining appropriate inventory, and it means your store should have enough stock to meet customers’ demands. In that case, mCommerce can be a blessing in disguise.
What’s more, an extension like the Out of Stock Notification Extension for Magento 2 is helpful since it can help you manage inventory easily. Also, the user gets to see the availability of the product stock and make things a lot easier.
|Features||Mobile Payment||Mobile Commerce|
|Speed of Transaction||Better||Fast enough|
|Ease of Use||Most convenient||Ease of access|
We have sorted out mCommerce and mobile payments like what they are and how they can help your eCommerce or online store. It’s time to see what the difference between them is.
What’s the actual difference between Mobile Payment and Mobile Commerce?
It’s conclusion time! Now, when we are aware of both mobile payment and mobile commerce, it’s time to check what differentiates them from each other. Obviously, the way of using is the first difference we can point out and many other things.
Mobile payment is based on mobile payments, while mobile commerce is an advanced version of eCommerce. One is a payment method, while the other is a platform where you can buy and sell your goods and services with mobile.
Mobile commerce is more like app commerce used to perform transactions over a native app. Mobile payment includes any technology that enables customers to complete transactions. Both mobile payment and mobile commerce are secure to do. Still, you must take the help of an eCommerce development company to implement in your eCommerce or online store.
So far, we have discussed the actual difference between mobile commerce and mobile payment. We can see above that mobile payment is a way of making transactions through mobile devices, while mCommerce is buying/selling goods through mobile devices.
Are you looking to add these new advancements to your store? M-Connect Media can help. Hire Certified Magento Developer to integrate such a system into your online store with hassle-free techniques. Get in touch with us now!