With 2015 coming to a close, many businesses are looking toward 2016 and how their customer approach, interactions and overall sales can be improved. For many, the adoption of secure, reliable mobile payments is an essential part of this change.
According to a 2015 report conducted by Accenture, more than half of consumers in North America are aware that they can use their mobile phone to make payments, a jump of more than 40 percent from the previous year alone. In addition, research from the market firm Javelin Strategy & Research found that mobile payment transactions could reach as high as $5.4 billion by 2018, an increase from the small $1.8 billion that was initially projected for 2015.
Although these numbers seem to be in the favor of mobile payments, the reality is the actual adoption has only increased by about 1 percent this year. Despite this small number of consumers making the change, it’s imperative that businesses are able to provide buyers with more than one form of payment, especially one that is so up and coming.
Some of the most important reasons to make the switch include:
- Better security: Many mobile solutions are created with security in mind. By reducing the actual use of credit cards, as well as encrypting date exchange in a more thorough manner, both customer and business information is more protected.
- Customer convenience: Using “tap-and-go” payment, merchants are able to help more customers quickly, often 15 to 30 seconds faster than a traditional transaction. Although this may seem small, a culmination of this saved time can be seen in shorter lines and happier customers.
- Enhanced customer loyalty: Loyalty programs can be accessed through these mobile payments, giving businesses access to customer information and trends, as well as giving customers program perks such as coupons and personalized deals.
- Streamlining payments: According to a poll conducted by AT&T Small Business Technology, 66 percent of businesses that saved time through the use of mobile payments saved a total of 150 hours annually. With a more streamlined system, more customers can be helped, increasing overall revenue and enhancing service.