The use of mobile payments continues to grow every year. The transition from cash, to card, to mobile has taken place largely over the past decade and mobile is the newest method being integrated into businesses’ payment processing acceptance. More and more people are choosing this option, so it’s important to look and see if this is an option your business would benefit from if not implemented already.
The transition to mobile payments is clear to see if you look at the spending habits of different groups. Millennials have lead the movement of mobile payments, frequently choosing this option, while baby boomers traditionally still buy in-store. Take a look at your customer base, is this something that applies to your business? It is becoming relevant in more than just businesses that are on the forefront of technology; these days, the option for mobile payments is somewhat expected.
Studies say in 10 years time, millennials will be spending more money than boomers, which means it’s important to look at their payment preferences and work to adapt in order to make payment processing as convenient as possible for them. This group pays with mobile payment technology more than any other, because they are the most comfortable using mobile devices. If a large proportion of your clientele is on the younger side, perhaps it is time for this to be a viable option for your business.
Make sure your business can accept these types of payments. This can be a roadblock for those who want to use mobile payments but do not have the option to, and can also halt the transition to make it a staple when paying. Some are refused so often that they won’t even attempt this option and choose the safer route like cash or card. Adoption doesn’t happen unless it is easily accessible. Ask yourself, what’s holding you back from making this transition?