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use aeps for safe Mobile payment

Mobile wallets and digital payment are the latest in cashless payment acceptance with the help of aeps.

Mobile wallets allow smartphones and other NFC-enabled wearables to be transformed into convenient and secure payment tools using aeps.

Retailers can help drive growth by adding Point of Sale terminals to support NFC or QR code mobile payments through aeps.

Accepting another method of payment using aeps is a competitive advantage for retailers.

For consumers, it’s a convenience factor.

There are also many benefits for both consumers and retailers, which we will discuss in this deep dive on mobile payment technology with aeps.

Consumers are eager for their smartphones to be used as payment devices, as they use their phones more.

1. What are MOBILE PAYMENTS and how do they work? What are MOBILE PAYMENTS using aeps?

Digital wallets go beyond payment methods.

They also offer tickets, coupons, and other loyalty rewards.

Digital wallets go beyond just being another method of payment.

Mobile payment refers to smartphone-enabled payment.

It includes mobile wallets via NFC and Bluetooth, as well as QR codes.

Mobile wallets are sometimes referred to as digital wallets, e-wallets, or even mobile wallets.

Mobile payment technology may include mobile banking apps that are created by banks.

Digital wallet is more commonly used to describe online services, while e-wallets or mobile wallets are more focused on smartphones.

These devices can store digital versions of the things you keep in your wallets, such as credit cards and debit cards, but they also can store tickets for concerts, airline boarding passes, and reward cards.

Smartphones make it easy to conduct transactions.

Online payments can be made from anywhere, while proximity payments can only be used in retail stores that are open and staffed.

Contactless mobile payments are supported by most credit and debit cards.

These cards are usually stored in an electronic wallet.


You can make a payment using your mobile phone without bringing your credit card.

Mobile wallet payments are not the future.

Mobile wallets are already available and can be used easily and more securely than regular credit cards or debit cards.

You don’t need to carry your physical card anymore with mobile wallets!

Near Field Communication (NFC) is the basis of most mobile wallets.

NFC allows for communication between a phone (or a payment terminal) without the need to physically contact each other.

It allows the exchange of small bits of data using radio waves.

This technology is more secure because data can only be exchanged within a 2-inch radius.

Most smartphones now have an NFC reader.


This question is common and many people are surprised to find out that mobile payments are safer and more secure than physical cards.

In addition, mobile payments make it easier for them to access their data.

Two layers of protection are offered by mobile payments.

The device itself provides the first layer of security, including passcodes and biometric authentication like fingerprints or facial recognition.

Another layer is data encryption provided by merchant’s payment processors using PCI-validated methods.

A one-time coded card version is used to authorize payment when a consumer uses a mobile wallet.

It is only valid for the current transaction.

Hackers cannot access the sensitive data of consumers because they aren’t able to transfer financial information at the time the transaction occurs.

Consumers must activate the first layer protection on certain devices.

They also need to be aware of additional safety factors.

Users of mobile wallets should ensure that they have passcodes, PINs, biometric authentication, and at least two-factor authentication.

They must be vigilant about malware, clone apps, and using safe browsers or VPNs.



Mobile wallets are more than just a way to digitize payments.

They can digitize all aspects of banking and enable citizens, who may not have had access to formal banking services, to access a wide range of financial services via mobile devices.

A mobile payment system was launched by Telekom in Kenya in 2007.

It was a sim card-based money transfer service that was intended for microlending.

The company began marketing the company using remittance messaging after Beta testers started using the service to make small transfers between each other.

This service allowed owners of mobile phones to convert their mobile minutes, which they had bought with cash, into digital currency.

It turned the phone into an online bank account.

Only 14% of the country had bank accounts at the time, while 54% had a mobile phone.

This gave these consumers more than cash to use as a payment option and didn’t require them to open traditional bank accounts.


Ten years later, 93% of Kenyans have mobile payments.

There are 25.57million customers.

This is more than 45% of the country’s population.

An estimated 48.76% of Kenya’s GDP has been processed.

They adopted a mobile-first approach to service and realized that mobile phone services were the best way for them to reach larger populations.

They knew the pricing of their customers and understood that traditional bank fees were prohibitively high.

People with low incomes preferred cash to access their money.

Because it offered micro-payments and cell phone penetration rates that were higher than those with bank accounts, it was able to succeed.


Financial services have grown beyond Kenya.

It is now available in Tanzania, Mozambique, and Egypt as well as in Lesotho and Ghana.

It has been a huge success and more services were added.

The services can be used to pay rent, utility bills, or for loans, insurance, or savings.

The company has also developed a ride-sharing service called Little and an eCommerce platform.


Their competitors then hope to increase financial inclusion through deeper penetration of the unbanked.

In 2018, research showed that 31% of the world’s population, or 1.7 billion people in total, doesn’t have a bank account.

Only 5 banks are available in Africa per 100,000 inhabitants, compared to 32 for 100,000 in North America.

It hopes to transform into a bank and lower the unbanked rate in African countries and other unbanked ones.

4. What are the benefits of mobile payments?

Mobile wallets and digital wallets provide more convenience for consumers.

For many, a smartphone is a standard item, but a wallet must be carried.

Digital wallets and financial technology will continue to evolve as smartphones become all-in-1 devices.

You can make it easier for customers to accept mobile payments by making them feel more connected.

Mobile wallets allow consumers to make impulse purchases without worrying about running out of cash.

Securer payment method –

Using a smartphone to pay for purchases reduces the risk of carrying cash or cards.

The data of consumers is safe from hackers and cloning.

Biometric authentication provides an additional layer of security to consumers.

Speed –

Mobile wallets are quick and easy to use.

Consumers only need to show their phone to access the mobile wallet, and they can be on their way in just seconds.

Consumers can put their phones away during the transaction process, unlike chip and pin cards.

It is not possible to insert, pin codes, or swipe your phone while the transaction is being processed.

This payment method is exempted from PSD2 regulations.

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