With the constant use of smartphones in our daily activities, mobile payments are becoming one of the hottest trends worldwide. Check out how they improve customer experience and increase their engagement with your brand.
Smartphones are causing a disruptive technology revolution worldwide. Last year, mobile and tablet internet usage officially surpassed desktop usage, reaching 51.3% in late October – and according to the mobile trends this year, this percentage is only going to go up.
The smartphone industry recorded 2.12 billion users in 2017, a number that represents more than 28% share of the global population. With these mind-blowing numbers into account, mobile users represent a huge potential target for many businesses, and those who are unable to identify and satisfy their needs will face a significant disadvantage in their sector.
Mobile payments in the financial sector
The boom in mobile usage hasn’t missed the financial sector either. Nowadays, with the rapid development of technology, customers are getting more and more demanding when it comes to convenience and cost-effective solutions that require as little time as possible. What does it mean for companies? Customers want to be able to research, buy and pay for a product or service at any given time of the day, without having to search the web or go to the physical establishment. Smartphones already provide the convenience of accessing information 24/7, so it is only a matter of time that almost all financial services go mobile to improve the buying process.
If you are still wondering whether to go mobile with your business and provide the mobile payment experience for your customers, here’s why you should do it:
1. Great level of convenience
Mobile payments not only provide a wide range of payment options for customers, but they also offer great flexibility – giving the customer the opportunity to pay from his smartphone without the need to go to the physical establishment provides a great level of convenience, encourages loyalty with the brand, and increases sales due to improved customer experience. Mobile payments meet the fundamental consumer need for simple, safe and quick transactions, something that traditional payments lack.
2, Mobile payments let you process transactions immediately
Mobile payments speed up transactions and allow merchants to accept them instantly, which results in reducing wait time, and delivering better customer service. In contrast to purchasing goods and paying for them at the physical establishment, where the long queues can result in abandoning the shopping process, mobile payments significantly reduce time and increase customer satisfaction. In a world where time is one of the most valuable resources, providing a flawless and streamlined transaction in the matter of seconds is an essential factor for gaining the customer’s trust, and increasing his loyalty with the brand.
3. Increase business revenue
Implementing mobile payment solutions for your business can result in increasing revenue and closing more sales due to the high level of convenience, the improvement in service quality, and the wider target reach of clients. By making your payments mobile, you make your business portable, and give more people the possibility to buy your products at any point of the world, at any time of the day.
4. Live up to your customers’ expectations
The millennial generation is rapidly changing the industry, adopting new technologies and digital services faster than the speed of light. With so many online solutions offered on the market, millennials are having high expectations at any point of the decision buying process, and won’t settle up for less. By implementing mobile payment solutions, you make sure that you are providing the immediate access to information and the convenience that they are expecting from your business – and you are one huge step ahead of the competition.
5. E-mail Receipts
Mobile payments and digital wallets can significantly enhance customer experience by automatically sending e-mail receipts to customers after completing a payment order. Moreover, with the new generation being extremely conscious about the environment, substituting print receipts for digital ones is highly favorable, and increases the loyalty of your customers.
6. Mobile payments connect the customers with your brand
Mobile payment solutions are a great way for connecting the customers with your brand and making them feel more empowered during the decision buying process. By giving them the possibility to pay for products and services internationally, at any given moment of the day, they feel strongly connected to your company; and their loyalty increases because you are providing more than solutions – you are providing a payment experience.
If you are ready to provide the ultimate mobile payment experience for your business, we’ve got you covered. MYMOID, the innovative platform for digital and mobile payments, offers secure and affordable solutions in compliance with PCI-DSS, so you can provide a new generation of fast and cost-effective transactions at any corner of the world.