Today’s smart phones aren’t just a way to keep in touch with others or delve into the Internet for information. Smart phone users have discovered the ease and simplicity of using their mobile phone as an electronic wallet of sorts, allowing people to pay for purchases and reimburse others with a few jabs at their screen! There are a number of applications on the market that allow consumers to pay for the things they need through their phone, but what are the real benefits? This article will explore some of the reasons using mobile payments can help make your busy life a little less complicated.

1) Convenience

The most obvious reason mobile payments are helpful in today’s fast-paced world is the convenience and utility they offer. Everyone’s left the house without their wallet or purse at some point, but these same people are glued to their smart phones! Having a dedicated app that allows users to send and receive money quickly and securely without exposing their sensitive financial data to unscrupulous types makes paying for purchases or chipping in on the check in a restaurant easy, safe, and efficient.

2) Security

Many mobile payment apps are designed with special security and encryption features to deter “spoofers” and fraudsters. The financial community is well aware of the cost of fraud both to them and their consumers, so they’ve integrated technology that defeats efforts to siphon sensitive information out of the ether. Before choosing an app, the wise user should do their research and make sure the app they’re considering has all the security features they need to keep their information secure. Being able to pay by mobile phone doesn’t have to mean exposing personal information to the world at large, and these apps give the functionality of a wallet with the safety of cash.

3) Social networking

The age-old question of where to meet, when to meet, and how to get there has been definitively answered. Many mobile payment apps allow users to update their location, tell friends where they are, keep them looped in about changes in plans or itineraries and other information. Users can also inform their friends about special deals with one-touch functionality, making it simpler than ever to let people know about money-saving offers!

4) Coupons and incentives

A lot of these mobile apps also include special access to deals and offers for users of dedicated payment apps. Merchants use these special offers to encourage customers to use their payment apps and to say thanks for those who do. Not only does this give users the ability to pay for their purchases right from their phone, but the great deals that often come with these apps can save customers a nice chunk of change. This makes mobile payment apps another excellent backup for those who have a bad habit of forgetting their wallets at home or don’t like having to search around for that coupon they know they had two days ago.

5) Paying individuals

Many mobile payment apps let people send money to businesses and online accounts, but now these apps can also allow people to forward money to individuals! This is a handy feature for those who are always forgetting to bring cash to chip in for dinner or that birthday present. With just a couple of touches, a person can send money to a mobile number, an email address, or another app user’s phone quickly and simply. (And, if you’ve got a friend who always “forgets” their cash when you go out on the town, it’s a great tool to make sure they can cough up for the round they owe you from three outings ago!) This flexibility makes the new crop of mobile payment apps a must-have for just about everyone who uses a smart phone.

Mobile payment apps are becoming the new preferred way to conduct business all over the world, and these apps are readily available to personal consumers with any smart phone. Their ease of use, security, and versatility make them excellent for private users, and many of these apps confer the added benefit of saving their users money on the things people buy and use every day. Added together, there’s really no good reason for anyone not to have mobile payment apps on their phone anymore!

James Brady is a featured contributor for, a leading review and resource website for small business owners looking for additional information on merchant service providers such as Chase Paymentech and Merchant Warehouse.

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