Mobile Payments Concept Isolated Over White Background
There will be an estimated 4.7 billion smartphone users in 2017, and the number is slated to go up to 5 billion by 2020. A lot more customers are shopping from their Smartphones these days. In fact, traffic from smartphone devices to eCommerce stores has surpassed traffic from desktops! Businesses worldwide are scrambling to offer their services online and also to accept payments from customers on their sites or through apps.
Relevance of mobile payments
It is estimated that by 2025, over 75% of all transactions will be through a digital medium. Mobile payment technology is relatively new and offers a much safer way for customers to buy online as compared to using credit or debit cards.
Multiple devices in use
Customers tend to use many devices while shopping. For example, they will use their phones to scout a product and pay for it through their desktops. They may also scout products on their desktops and pay for it via a tablet. Mobile payments can simplify the buying process across multiple devices.
Satisfying Customers is essential
Almost 40% of all customers will abandon their shopping carts if stores don’t offer a mobile-optimized experience. Satisfying customers is important if you want to do business, especially when it comes to mobile users. It is hard to type on small screens. Mobile payment solutions have to be custom-designed to offer a simplified payment process.
The checkout process needs an overhaul
Currently, it’s hard to buy via smartphones at most stores. Ideally, checkouts should require a couple of taps. That can be done by overhauling the entire checkout process, by making it user-friendly and small-screen centric.
Security concerns exist
Mobile wallet technology is deemed unsafe by almost half of all users. In reality, though, it is much safer than sharing credit card info directly with a merchant, as it involves a tokenization system that, if hacked, prevents hackers from making sense of transaction info.
Mobile payments are slated to become common in 2017. Businesses that adopt the technology early are likely to reap benefits. You can consult with experienced developers on how best to utilize the technology for your unique business.