Comprehensive Guide to Modern Payment Methods

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Overall, there is a wide range of payment options with their use varying considerably with the business sector. Cash and cheques are mostly used by customers taking over 70% of the total payments. Online payments are preferred by small-scale business. Small-scale businesses still find it hard to adopt the mobile payment methods with only about 15% accepting payments through it (Trinh & Cheryl, 2016). Of those accepting cash payments, 12% uses cheques while 4% uses cash (Trinh & Cheryl, 2016). Large-scale businesses render cash payment as impractical. Mobile transactions are left mainly for large-scale business dealing with massive amounts (Jin, 2017). There are reasons for the use of mobile or cash payments. The convenience of paying using traditional methods differs from mobile payment method. Security of a payment method is a crucial thing that everyone looks for before adopting either.

Mobile Payment Method

"Mobile Payment" is a method of payment for a product or service using portable electronic devices for example smartphones (Kimberly, 2018). It is a payment method using a mobile. It can also be used to transfer money from a sender to a remote receiver. The use of mobile payment method mostly necessitates the use of the internet. Meaning that without the internet or if the devices are out of service, then the mobile payment method does not apply. Mobile payment method has a lot of payment means for example; online banking (Skip, 2014).

Convenient option for customers

Mobile payment methods have proven to be the most convenient method of transaction that can be made faster. Mobile payments allow for fewer times at checkout improving the customer experience as compared to traditional payment methods where the customer has to wait or queue for a long time before being served (Trinh & Cheryl, 2016). Payers can also use more than one account without carrying any physical wallet with all the different cards and cash details. This is possible because all the necessary data were saved in the mobile device. In 2015, research conducted showed that about 40% of millennials would adopt mobile payments and forget carrying cash (Kimberly, 2018). While in Sweden, a cashless society is already underway to take mobile payments a do away with the traditional payments and expected to be done by 2021 (Kimberly, 2018).

Secure method

Mobile payments have a higher probability of surpassing credit card transaction. Thus most mobile payment service providers find it much essential to increase the security of mobile payments. The use of mobile wallets for example; Samsung pay and Android pay is more secure since the method is aimed at encrypting customer data. Mobile payment uses a mobile app in which the credit card or any other traditional method of payment information is added to it. And from there the card is replaced by a token number which not the actual card number and protected by a password or any other mobile device protection. This makes the information secure since tokens are not susceptible to attackers (Skip, 2014). Therefore, the security is increased. In case of theft or loss of the mobile device, the payment method can easily be frozen which is almost impossible with the traditional methods of payment. If an attacker gets access to your traditional method of payment information for example credit card, he or she will have access to your account thus higher chances of fraud. The same case with cash payment; the attacker may gain access to your cash, and the probability of securing your money is very low.


In conclusion, mobile methods of payment are the preferred methods. It offers better convenience as there is no need to go to the retail outlets to make payment. This also provides for better security as mobile devices are more protected against attackers. Though the method does not necessarily replace all traditional methods but can reduce paperwork.


Jin, H. (2017). How Mobile P ayment Is Changing The World.

Kimberly, D. S. (2018). Reasons Why Your Business Should Use Mobile Payment. Mobile First.

Skip, A. (2014). Designing Mobile Payment Experience. United States of America: O'Reily Media.

Trinh, T., & Cheryl, S. (2016). Uses of Cash and Electronic Payments. HM Revenue and Customs.

September 04, 2023




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