Mobile payment trends are important to watch.
For small business owners, mobile payments are an important part of the financial landscape.
A recent survey noted half of all consumers were aware of mobile payment systems and how to use them. Furthermore, younger and wealthier consumers are also more likely to leave their wallets behind and go cash free.
Mobile payments are already big business. In 2017, American companies will process over $220 billion of digital payments. as a result, you can expect the technology that enables mobile payments to only grow in popularity. These trends will rends lead to some dramatic changes in how we all conduct consumer transactions.
as a result of changing consumer attitudes, here are four exciting mobile payment trends for small businesses to watch out for.
Mobile Payment Trends Reveal More Ways to Save Money
Mobile payments will help your company in the long-run. The highly competitive mobile payments industry offers will offer cheaper and cheaper processing fees to businesses. Businesses will benefit from this competition as the payment companies offer lower fees.
Every mobile payment you process will likely save your company money.. Many mobile payment systems also enable you to track and pay your bills easily and even automate your payments. So you can say goodbye to late fees.
Paying attention? Since American consumers pay over $200 billion annually in ATM and other fees associated with access to cash, this represents big savings.
Bluetooth Gets Bigger
Bluetooth will be an important part of mobile payment systems. This will enable our smartphones and other devices to function more and more like credit cards.
In the past, there were limited options to use Bluetooth technology in transactions,. The tech was often clunky, didn’t work well, and was a barrier to going cashless.
Finally, however, efforts to improve Bluetooth scanners is bearing fruit.
Recently, the mobile payments industry adopted Bluetooth Low Energy as the industry standard. BLE is faster, more secure, and has an impressive range. BLE will lead to better scanners at checkout registers. It will also enable better consumer apps as well. This will all lead to smoother cashless transactions at the point of sale.
Sharing is Caring
The sharing economy is big business. It’s also expected to grow rapidly. By some estimates, the sharing economy will account for nearly $335 billion in transactions in the U.S. by 2025. This is huge.
Services that adopt technology to help consumers split bills easier stand to gain in this new market. And there will be an enormous selection of apps becoming available over the next year that makes it easier for consumers to split their bills down the middle. The businesses that adapt their businesses to digital bill splitting will have a competitive advantage over less tech-friendly rivals.
A Focus on Security in Mobile Payment Trends
One trend that you can expect to see is an emphasis on security, and for good reason. As payments go mobile, fraud is certain to follow. In many ways, mobile payment fraud is already a serious problem.
Digital payments account for over 20 percent of all payment fraud cases in the United States. That trend is only expected to get worse. Many mobile payment companies are responding by focusing heavily on security features.
Due’s eCash mobile wallet, for example, will offer first rate encryption to protect your data It will also employ responsive customer service to deal with any potential theft, fraud, or loss of your mobile payment device.
Digital payment systems will also use finger prints to better secure financialt transactions. And those retinal scans we’ve watched on the big screen for years will soon be a part of our daily life.
Security will be big business in the near future. You can expect the security features mobile payment companies offer to be a central selling point for their products and services.
Final Thoughts on Mobile Payment Trends
Mobile payment trends are becoming common. As we move through 2017, 57 percent of Americans don’t even carry cash anymore. More and more of us are using our smartphones to pay for things. Take note.
More vendors accepting all forms of mobile payments. Innovation and adoption will move us closer and closer to a no cash society.