Mobile payment options for consumers are growing at an alarming rate, spurred on by the popularity of Apple Pay. Several major companies, in addition to Apple, now offer mobile payment platforms, including Google, Facebook and PayPal. While the majority of mobile payment activity takes place online, more and more people are taking advantage of in-person mobile payments at stores across the U.S.
According to MasterCard, all types of mobile payments are projected to expand four-fold by 2019, exceeding $1 trillion in payments made through tablets and mobile phones. In-person mobile payments are expected to increase 12-fold by 2019 to $104 billion.
There are several benefits to incorporating mobile payments into your business, including:
- Reducing cost by lowering fraud loss and/or processing fees for businesses.
- Increasing store traffic and profits by moving people through checkout lines more efficiently.
- You can track the actions and purchases of your customers, allowing you to target your marketing efforts and make the most of your marketing budget.
- You can attract customers during off hours with special offers or a coupon, utilizing the tracking mobile payments offers you.
So why should you prepare your business for mobile payments? Mobile payments are the new reality for stores. To stay competitive with big box stores and other small businesses, you will want to offer your customers as many payment options as you can in order to make their shopping experience an quick and easy one.