Discover how mobile payment can revolutionise the business

Mobile payment is coming to Brazil with everything. Today, digital wallets are already widely used in China and the US, and our country has enormous potential to become as big as they are in this sphere.

According to a survey conducted by the Central Bank in 2016, 28% of transactions were already made via mobile. The following year, the Global Payments Report released a study pointing out that by 2021 Brazil will reach the mark of 31% of the population using digital wallets.

The growth is due to the fact that the population is increasingly seeking ease of use. When the card appeared, paper money started to be used less. Mobile payment is nothing more than the next step in technological advancement.

According to data released by the IBGE, more than 77% of Brazilians over the age of ten have their own mobile phone, the easiest way to access the Internet.

How does mobile payment work?

There are two different ways to use mobile payment: QR Code and NFC.

The QR Code is a two-dimensional bar code, i.e. it has information both horizontally and vertically.

To be read, you just need to use the camera of a mobile device that is connected to the internet. It allows you - besides making payments quickly and conveniently - to open websites, contact forms, access promotions and much more.

For it to be possible to use this payment method it is only necessary that the establishment has the technology that allows transactions to be carried out through this encoding.

The other way to pay by mobile phone is to use the NFC (Near Field Communication) system, the famous payment by proximity - also known as Contactless. This is the same technology that allows the Single Ticket to be recognised by the machine at a bus turnstile.

Using this method is also simple and easy. After going to the cashier and knowing the amount to be paid, you open the necessary app on your smartphone, select the card you want to use and whether it will be debit or credit. Then, simply bring your mobile phone close to the machine and enter the password.

Advantages of the payment method

Mobile payment is a real bet in retail these days. According to a study developed by the Brazilian Society of Retail and Consumption (SBVC), 82% of retailers intend to adopt QR Codes as a payment method by June 2020.

It is a real paradigm shift. Security is one of the strong points of mobile payment, because in addition to being traceable transactions, they have several layers of verification, which helps to avoid practices such as money laundering, corruption, theft or data leakage.

Payment by QR Code also serves as a complement to another trend in the technology market: wearables (wearable technology devices, such as smartwatches). The applications that generate QR Codes can also work on watches, for example, making it even easier for consumers to pay.

Practicality is another highlight of the payment method. This way, the buyer no longer needs to have several cards in his wallet or even carry vouchers or paper notes.

Instead of having one card for meal vouchers, one for food vouchers, another for culture vouchers, one for debit and another for credit purchases, all that is needed is a simple application installed on the mobile phone.

Finally, there is the speed of payment. There is no need to type passwords, wait for the card system to find a signal or wait for the cashier to give change in cash. Just scan and, in less than ten seconds, the payment will be successfully completed.

While QR codes are growing by leaps and bounds, NFC is still in its infancy in the country. Although the advantages are practically the same for both, not all smartphones have the technology, and card machines also need to have it.

Why is it revolutionary for businesses?

Now that you understand everything about mobile payment using QR Code, how it works and what the advantages are for those who opt for this method, it's time to understand how this can revolutionise businesses.

You've learned that one of the highlights of QR Code is its practicality, and that's exactly where the method meets the HR sectors of organisations.

One of the biggest challenges for Human Resources areas is to compose a benefits package that is really attractive for all employee profiles and still be viable for the organization itself, right? Besides, it is still necessary to deal with employees who, against the law, sell their vouchers to complement their income.

To circumvent both problems, a flexible benefits platform has been developed. In this way, the company can define the value of the benefits it wishes to offer and simply deposit the amount in the app to be used according to the employee's preferences.

Thus, all of them can spend on what they want, and in the most appropriate proportion. The practice can increase employee satisfaction with the work environment, improve the organizational climate, reduce turnover and absenteeism rates, in addition to building talent loyalty and avoiding friction due to the sale of vouchers.

To learn more about this payment method, the advantages it can bring to the company and all the news in the area, keep following the Alymente blog!