Mobile Payments Will Break New Ground in 2017

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.

 

How mPayment Platforms Can Help Your Retail Segment?

Today, mobile payments have grown past just money transfers to utility billing, mobile pay parking, NFC payments and international remittances. In this scenario, how is mobile retail poised to grow? And how do ordinary businesses use them to their advantage? These are some of the questions we ‘will be looking at in this article.

Readers will know that many retail companies have already rolled out their mPayment platform, and some versions are under test. Added to that, developers too are building retail industry mPayment platforms making it a tough competition in this field.

Mobile payment platforms have always been a talking point at industry gatherings as many see these platforms as the next big thing in payments. On the other hand, consumers have expressed their concerns (many of them on the security front), and many analysts suggest that the only way for application developers to overcome these problems is to exhibit the safety of such a system over time.

The financial industry and leaders of mobile payment industry are also developing a set of guidelines, norms and standards used in business and industry that all participants in the mobile payments market place can work within to ensure simplicity, scalability, security, cost effectiveness and return on investment for merchants and consumers while allowing for competition and innovation among market participants.

Though, there are already a large number of mobile users who are able to pay at point-of-sale with their mobile devices, but the announcement of various mobile payment applications every next day is bringing mobile payment platform closer to making it a next big thing.

Next generation mWallet envisions the latent potential of the mobile payment platform. So it has developed integrated business solutions for the retail industry that provide customized and value-added services enabling them profitably grow their businesses.

Next generation mobile payment solution is a unique, smart mobile payment platform that intelligently implies current wallet functions so that consumers are no longer required to carry a physical wallet – just their Smartphone with the next generation mobile payment application installed and configured. Next generation mWallet lets consumers use their mobile phones to pay for goods and services anytime and anywhere.