It is closer to becoming a reality when your smartphone will replace your wallet or purse that you carry around. Handwritten checks are pretty much extinct, and cash is almost there too. Around 10 per cent of Americans carry no cash at all, while 40 per cent carry no more than $20. In the last few years, we have already seen the use of scanners at checkout, in shops, and restaurants increase tenfold. If we chance upon an establishment that is without one, it tends to irritate. This is just the base of what we will be able to do in the future. If you want to ensure that you stay ahead of your competitors, then you should have a serious look at the latest mobile payment trends. Here are some of the main reasons why:
It is evident that more and more businesses are embracing mobile payments, as an alternative to both cash and credit cards. The result is that more and more companies leading this form of payment are becoming more competitive, and offering cheaper processing fees. As long as this continues your business will benefit, as you are no longer hit with the higher fees for credit card payments. You should also take into account the trend away from carrying cash and credit cards. If you do not accept mobile payments, your business will suffer.
As we use our smartphones for payment, there will also be an increase in fraud, and many companies are now focusing heavily on measures to cut this. Some companies offer first rate encryption to protect the consumer’s data. Others have ensured that their customer service is responsive and capable of dealing with fraud, theft, and compromised phones. Expect to see finger prints to complete financial transactions, and the introduction of futuristic retina scans to deter fraud, to protect consumers and businesses.
These days customers expect everything to be instantaneous. With mobile payment devices, there is no longer the need for a long, printed receipt, which normally takes time to produce. Customers are often deterred by a queue and will either leave instantly or become agitated and walk out before purchasing any goods. Speed takes these failings away. If you are running a small business, such as a café, the potential to serve more customers at lunchtime will increase your daily profits.
One interesting use will be in the sharing economy. Current estimates are that this economy will account for almost $335 billion in transactions in the U.S. in the next eight years. Any company that adopts technology to allow bill sharing will be way ahead of its rivals. Apps will allow a group of consumers to split their bills down to each individual. There will be no arguing over who had what in a restaurant, with lengthy delays while someone does the math. If you wish to leave a group event early, you will be able to settle your part of the bill in an instant.