The Future of Mobile Payments: Why Are They Gaining Ground?

Mobile payment adoption continues to rank among the most-discussed issues from the hospitality, retail, and payment businesses. Statistics demonstrate that the future of mobile payments is bright, even if adoption is happening at a slow rate. By way of instance, according to a Gallup survey conducted in 2015, 13 percent of Americans had a mobile wallet, such as Apple Pay, Android Pay, or Samsung Pay, on their telephones. An Accenture study demonstrated that although 52 percent of North American consumers are”extremely aware” of mobile payments, only 18 percent make them frequently.

Sources:

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However, the prevalence of mobile payments is expected to grow sharply over the next few years; Javelin Strategy & Research forecasts that mobile wallet transactions will total $54 billion in 2019, up from $7.3 billion in 2015. Likewise eMarketer recently projected that mobile payment transactions will increase by 210 percent this year over last, from $8.71 billion to $27.05 billion. There are lots of indicators that mobile payments have room to grow, which should drive the future of mobile payments as a whole.

Among mobile payment techniques, contactless payments appear to have the best potential for growth. Contactless payments most commonly use near field communication (NFC) technology to facilitate transactions. NFC payments via mobile wallets like Apple Pay, Android Pay and Samsung Pay are highly protected — under the proper circumstances they’re more secure than using a payment card. Contactless payment devices and subscribers contain secure microprocessors and memory and interact with one another only at very short ranges (less than two to four inches), so customers must intentionally initiate payment transactions. Users must unlock their telephones or enter a password to create a payment. If a phone is stolen or lost, activity on the card may be suspended. Moreover, top mobile wallets tokenize payment card information, so it is never offered in a format that is readable.

  • Convenience

Growth can be predicted for the future of mobile payments since these transactions are fast. Many consumers aren’t prepared to invest even an extra couple of seconds to complete payment transactions. The chance to save time by building a contactless payment or pulling out a smartphone as opposed to rifling through wallets for money or charge card has great appeal.

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  • Loyalty

In addition to customers’ payment advice, digital wallets can save loyalty program information. This makes it easy and convenient for customers to redeem points and other supplies in the point of sale (POS). At exactly the exact same time, special offers linked to loyalty programs can be conveyed to customers using these mobile payment apps.

Studies and statistics demonstrate that the future of mobile payments depends greatly on the loyalty element. According to a white paper by Euromonitor, mobile-driven loyalty might be the factor with the best capacity to drive consumer adoption since it makes it easier for merchants to meet demand among clients for targeted, personalized offers.

A survey by the Yankee Group supports this prediction: 61 percent of respondents to the poll said getting discounted offers on services and products could be”exceptionally important” in persuading them to cover with mobile wallets, 53 percent of participants in the poll said receiving loyalty points on a connected mobile account could be a substantial incentive to utilize a mobile payment process.

The customer experience you supply in the checkout is the last impression you leave on your clients about your brand. Allowing them to utilize their preferred payment method is a very important step in making that experience a positive one. Ensure you are able to provide your clients with the choice to utilize mobile payments, as more customers discover the safety, convenience, and loyalty-related appeal of mobile payment methods.

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