Money Goes Mobile

The mobile payment industry has been making big moves lately, and it looks like consumers might finally be warming up to the idea of paying for things with their cell phones.

The transition from carrying big, clunky wallets to a payment-enabled mobile device is beginning to revolutionize how consumers shop.

Of course, there is no set standard for mobile payments technology quite yet.

Isis and Google are both working on their versions of the mobile wallet using Near Field Communications (NFC) technology, and PayPal is working on a cloud-based mobile payment initiative. Companies like Square and Intuit also help small businesses process payments via their mobile phones, and there are QR code-based payments in the marketplace, like LevelUp, where individuals are assigned their own unique QR code to pay with. In addition, companies like card.io and Jumio allow consumers to make payments by scanning the credit card with your smartphone’s camera.

With that being said, the future looks bright for companies in the mobile payment industry. Here’s why:

The merge of mobile and money has made huge progress in the past year, which means retailers who embrace it will have a leg up on their competitors.

How will mobile commerce benefit the retailers bottom line?

Mobile payments add value and convenience to the consumer. They will also facilitate the implementation of deals and offers through text messaging or apps, which will ultimately drive customer loyalty.

The problem, however, is that consumers still trust their credit card companies and banks to drive mobile payments.

However, KPMG’s fifth annual Consumers and Convergence survey has found that 23% of US consumers are now “very willing” to use their mobile phones as a wallet, and a study by Javelin Strategy & Research and PaymentOne found that 4 out of 5 consumers would spend more online if offered an easier and more secure way to pay.

Without a doubt, mobile is a very personalized channel that businesses can use to directly interact with their customers, and mobile payments help enhance the in-store experience for consumers.

As consumer attitudes about mobile payments start shifting, we will be seeing more and more people ditching their wallets.

 

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3 responses

  1. Lot’s of great info here. Great article had to tweet it.

  2. Thanks for sharing it, Rodney!

  3. Its really true mobile marketing has decreased a lot of excess investment just in traditional marketing trend and mobile marketing now a day adapting everyone single person to target large number consumers.

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