When it comes to mobile payments, it’s undeniable that its prevalence is skyrocketing throughout the industry, but it’s also significant to note that payment services understand the adoption process for consumers and business whether positive or negative. We understand these factors and take them into consideration when providing our mobile wallet.
Availability- According to statistics, 72% of U.S. population owns a smartphone and the number only continues to grow. This shows the remarkable opening for a mobile wallet to take over payment processing, since a majority of consumers own a mobile phone already. The new increase in consumers choosing mobile payments has decreased the number of those actually using physical wallets.
Merchant- With mobile payments many merchants are benefiting greatly from mobile pay. Currently, the largest growth for mobile payments is with small businesses. Additionally, the size of the business that accepts mobile payments has become a large aspect in customer experience, specifically the accessibility and quickness that mobile payments contributes.
Security- Security is a larger concern for the population that uses mobile payment processing, which payment services like us do consider to be an enormous priority. Many consumers are ambitious in using mobile payments, but are nervous about identity theft and to ensure security, mobile payment processors such as our mobile wallet use EMV and other technologies to help ease this concern, along with other continuously evolving safety measures.
Value- Consumers want to make sure that they are receiving some sort of value when participating in consumer experience. With this in mind, studies have shown that 60% of customers who use mobile payments say it increases their purchasing experience, due to the vast amount of benefits like convenience, security, rewards and much more.