Apple Pay, Android Pay and Samsung Pay have ushered in a seamless payment system for the 21st century. Mobile payment methods are on the up, and increasing numbers of consumers and merchants are realizing the benefits of mobile wallets.
For businesses of all types, from multinationals to mom-and-pop stores, mobile wallets present a range of solid business advantages, including increased revenue and significantly reduced costs.
Want to find out why the mobile wallet is more important to retailers’ futures than apps? Read on...
Increased revenue and sales
Paying via a mobile payment system is fast - just touch, and go. The result is quicker service, and the ability for more consumers to be served in the same space of time. More customers paying for goods means more revenue for merchants.
Apps are great for helping businesses engage with consumers, showing them products and offering them deals and promos, but buyers don’t have the ability to make a purchase as easily this way as they would if using a mobile wallet.
Using a mobile wallet also allows businesses to sell more products and services during traditionally slower periods. Mobile payment systems mean you can connect with clients and customers wherever they are in the world, so they can check out anywhere, anytime.
Payment processing fees are one of the largest expenses after labor for many merchants and retailers and food service operators. Secure mobile wallets significantly reduce this cost as well fraud losses.
Apps remain riskier than mobile wallets, with apps being vulnerable to hackers accessing private customer information, including their credit card numbers, addresses and bank account details.
Opening businesses up to the world
With more and more of us completing more of our daily tasks and shopping errands on the web, merchants want to get in on this online marketplace. As consumers get used to making purchases on their mobiles, it’s imperative that businesses are there to help make mobile purchases swift, convenient and secure. Today’s mobile-enabled consumer doesn’t have to visit a physical store to profit your business. Reaching out with a rich and interactive experience means attracting customers, wherever they are in the world, to make a purchase via internet-based mobile tech.
Presenting a new marketing platform
A recent Forrester Research report predicts that within the next five years mobile wallets will have become a crucial marketing platform. Mobile tech can create real connections with consumers, and mobile brand loyalty is key. Businesses are set to mobilize their branded content and loyalty programs to target consumers with offers and promos in real time.
Mobile wallets make purchases simpler. A user only has to enter their information once, then they receive secure PIN numbers via text message that they use to complete the purchase. While some apps require users to re-enter their info for every single transaction, all mobile wallet shoppers need is a simple PIN entry to complete their purchase.
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