Mobile phones with their texting and video chat applications, have definitely taken over our means of communication. Thus, mobile wallets and mPOS come as no surprise to modern consumers, who are looking for fast and easy payments in stores or even on-the-go. According to eMarketer, 2016’s mobile payment transactions are estimated to reach $27 billion, which is three times more than the $8.7 billion achieved in 2015. Users are also expected to spend an annual average of $720 from last year’s $376.
In-store checkout efficiency provided by mobile apps streamlines and enhances the overall consumer payment experience with guaranteed seamless fraud prevention at a quickest possible time spent in store. With 90% current location services just offered to U.S. consumers, mobile payment apps’ location-based deals offers are informative, relevant and easier to act upon.
Alisa Ellis, Discover’s Vice President of Global Products and Solutions, has pointed out that retailers can think of mobile payments as a broad commerce platform that enhances the overall consumer experience with speed and security as its key benefits, and also engages the tech-savvy customers, who are willing to leave their conventional wallets at home.
But what other advantages do industry-leading mobile payments have in store for customers? Here’s a taste of what to expect from your mobile wallet.
Experience an Extraordinary Customer Service
Have you ever found yourself into this awkward situation where you only realise that you have forgotten your wallet at home, or even worst — you have lost it — at the till, in front of a twenty odd pair of curious eyes? With mobile payments, you will never again lose control.
But mobile payments are fun and safe in many ways. For example, consumers can log in all their loyalty programs through the merchant’s app, and have access at any time to their transaction history and accrued rewards. Also, with merchant’s cooperation, the collected set of points can be converted to available rewards once the apps are connected to in-store beacons.
Immediate checkout means speedy service and satisfied customers, and mobile payments are faster than any other methods of payment (card, cash etc.). With the tap of the phone at the counter, , a hurried customer will leave the shop quickly — even if it is during peak time (e.g. Monday morning in the café outside a central underground station).
Last but not least, retailers incorporating major mobile wallets are getting the latest security features that chip-grade transactions have to offer.
Other applications, such as shop and pay on-the-go, are creating a more holistic, seamless shopping and payment experience for consumers, in exchange of loyalty and future business deals, as Ellis explains.
Pay through mPOS without staying in queue
Another impactful way to drive a successful purchase is by empowering the merchant’s staff to assist customers with their payments wherever they are in the store, without having to queue in busy lines.
Allowing more time for shopping and minimizing the waiting payment time are the best things that mobile point-of-sale (mPOS) systems can offer to customers. What are you waiting for? Let’s shop and tap that app now!
Article published in Mobile payment