Mobile Payments Overview
Mobile payments are at the forefront of consumer consciousness. There are more mobile phone wireless subscriptions in the U.S. today then there are people – 327 million phones for 318 million Americans. Nielson reports that more than four out of every five Smartphone and tablet owners already use these devices for shopping activities. Taken together, these statistics signal that Americans are poised to embrace mobile payments.
For startups and small business owners, mobile presents a unique opportunity to grow your business, establish lasting connections and find solutions for your toughest business challenges. Digital Wallets and Mobile Payment platforms offer the ability to integrate marketing and loyalty programs with sales. Location based interactions provide tailor made customer experiences.
For consumers, the attraction of mobile payments extends beyond the convenience and simplicity of paying with their smartphone. It’s all about value, whether through integrated loyalty or personalized rewards. Today’s customer expects to be recognized as a loyal customer and rewarded for their repeat business.
Mobile Payments Security
Mobile devices provide enhanced security capabilities, including passcode protection and secure chip technology, as well as both device and cloud-based encryption and tokenization capabilities. Using a mobile device to initiate a transaction will soon be as common as swiping a card, and consumers will benefit from the enhanced security that such technology can provide.
Mobile Payments Acceptance
Using mobile, you can take your business anywhere. With checkout in the palm of your hand you choose where to do business and increase your options for product display. Your start-up can also seamlessly build its customer database better serving preferences and communicating incentives.
Given the many benefits and rising consumer demand, investing in mobile payments acceptance is a smart decision for business. Fortunately, there are a multitude of new, affordable mobile payment technologies that are tailored to meet the needs of merchants of all sizes.
ETA: Payments Evolved