Join the Mobile Payment Wave or be Left Behind
Retailers and other businesses are banking on the prediction that consumers will make more mobile payments this year than ever before… a lot more. They’re gearing up by integrating POS technologies that will allow them to take full advantage of the m-commerce surge forward.
Let’s take a look at the near future of digital payment technology and how you can be prepared to gain a competitive advantage.
Here are the trends smart businesses are embracing.
Skyrocketing Adoption Of Mobile Payment Methods
There’s no surprise among industry savants that smartphones are becoming the go-to way to pay for many consumers. They do so much else, why shouldn’t smartphones also function as the digital wallet of choice?
Mobile payment can be accomplished as easily as storing credit card information on a phone and, when it comes time to pay, waving the device near the payment terminal to complete the transaction. It can be as quick as downloading a service’s app and storing payment information there to make the digital purchase remotely.
The rapid growth in contactless payment – payments made without sliding a card or handing over cash – won’t abate until its methods have saturated the way business transactions are completed. Every day you don’t offer customers an easy way to pay with their smartphones, even in face-to-face transactions, you’re falling behind the curve.
Following Uber’s Lead By Offering A Mobile Payment App
Taking a cue from the Uber model of payment, many in the retail, hospitality and service industries are creating apps for digital payments. The consumer’s card information is stored on the app for simplified, hassle-free payments. While Uber was one of the first and most prominent adopters of this technology, it is being employed by businesses across the m-commerce ecosystem because consumers love the convenience.
Multiplication Of Mobile Payment Options
Is it possible we’re seeing the beginning of the end of the plastic credit card era? Most industry experts reply in the affirmative due to the growth in the digital payment industry.
Here are the most prominent mobile payment methods currently in use, and their influence should continue while others join the ever-more-crowded field:
- POS solutions: The possibilities for using POS software are endless. Consider one simple option, opening a bar tab. Using this technology, customer is able to download their favorite establishment’s app to their smart device. Using it, they can open a digital tab, order food and drinks, view the tab at all times and pay the tab and tip when ready to leave. The functionality for the restaurant is just as appealing. More and more specialized companies are turning to developing convenient, secure mobile payment software products that make sense for both sides in the payment transaction.
- PayPal: You’d expect this innovative company to be at the forefront, and it is. PayPal’s mobile commerce technology makes it easy to invoice, receive or send money by sharing the consumer’s email ID or PayPal ID.
- Google Wallet: The number of e-wallet options is growing, but Google is still tops for use on phones with near field communication (NFC) technology. Users load their payment information to their mobile phone and make payments by tapping the phone on the PayPass terminal.
- OneCoin: For consumers using the cryptomarket, OneCoin is fast on its way to world-wide use. OneCoin functions like a credit card. It stores credit and debit card information and is used with the OneCoin app through a Bluetooth connection.
Security Fears Will Be Gradually Calmed
A wealth of consumer research done in the last several years has demonstrated that concern for the security of their payment information is the top reason more consumers haven’t jumped on the mobile payment bandwagon.
However, there is reason for optimism that this will change quite significantly in the next year due, in large part, to the fact that big-name players have entered the m-commerce arena.
Apple is one of the most trusted brands in the world, and its ApplePay mobile payment platform is a game changer. Visa and MasterCard are onboard and are expected to push going digital as a secure way to pay, about as secure as swiping a credit card or using it to pay online.
Expect the payment industry to take an aggressive approach to educating consumers about mobile payment options and the security they offer. Perhaps commercials will soon be asking, “What’s in your digital wallet?”
The move to mobile payment is in high gear. Savvy business owners are utilizing effective m-commerce options to enhance their customers' purchase experience and make it more likely they will do business with them again.