1. It is the most convenient option for customers.
The first reason is pretty obvious: contactless payments are the most convenient transaction that can be completed a lot quicker. Mobile payments, then, allow for lower wait times at checkout which, in turn, improves the customer experience. Consumers can also access more accounts without the need to carry a physical wallet with all the different cards and cash. All the necessary data is stored in a mobile device.
2. It’s more secure.
Contactless payments are expected to surpass credit card transactions. Thus, most mobile payment service providers recognize the importance of strengthening the security of contactless payments. Using mobile wallets, such as Apple Pay, Android Pay or Samsung Pay, is more secure and reliable than using a payment card.
3. It’s an opportunity to stay on top of new tech.
In 2016, Visa partnered with Honda for an in-vehicle payments system, which makes it possible for a driver to pay for parking and gas. Another example is a partnership between Mastercard, Samsung, and online grocery retailers to make an app that allows customers to order groceries directly from smart refrigerators. The use of mobile payments is a shift away from a card to an omnichannel future, where the payment methods will grow dramatically. Businesses can get in on these trends early by incorporating mobile payments into their app or website.
4. It makes bookkeeping easier.
When you run a business, you need an easy accounting system that will allow you to invoice customers, pay bills, and share all your payments with the accountant. Introducing mobile payment solutions can help a business achieve better cash flow management. With the help of mobile payments, small businesses can reduce costs such as bank charges and overheads and can better evaluate their cash flow position.
5. It improves the customer experience.
People are ready to embrace mobile payments. Whether it is buying clothes or paying bills, people are more than ready and willing to accept a payment method that can help them to avoid wait times when paying for the goods and services. By providing an opportunity for customers to pay at any time, you provide not only a convenient solution but a payment experience.