The integration of digital payment in mobile apps has majorly fueled the growth of digital transactions. Smartphones have changed the way people network, bank, shop and make any payments.
It’s expected that the mobile payment market will grow at an annual rate of 33%, and by 2026, it will hit the $457 billion mark, as per a report by Global Mobile Payment Market.
Clearly, digitalization has propagated the banking industry, primarily through mobile payment functionality.
We at Pri-Num offer versatile and secure digital enablement solutions that work seamlessly with any payments scheme and with any mobile technology, which supports industry and security standards.
Our solutions are readily available for retailers, MNOs, financial institutions, sports, entertainment and travel operators.
THE NEW PAYMENT LANDSCAPE – FROM CARDS TO MOBILE SCREENS
Most retailers today are a part of a new payment landscape driven by the digital medium. Following are the points which give digital payments an edge over the mode of traditional transactions:
The most significant advantage of the digital payment system is that it allows for effortless transactions at any time, anywhere.
Also beneficial for the retailers as offering mobile payment options to customers, both online and offline, makes the purchase process easier for them. This can boost conversion rates and the number of returning customers.
With time, transactions have turned quicker and more seamless.
As for mobile payments, the speed of transactions is even faster, almost half the time taken by a card. Hence, it’s a much better experience for consumers.
Minimized Risks Of Financial Scams
According to a credit reference agency research, the rise in financial fraud has been driven mainly by debit and credit card frauds. Scammers continuously develop new ways to scam credit card users or put a new spin on an old scam. With NFC-powered contactless payments and biometric security features such as Face ID and fingerprint scanner, m-payments leave less scope for such fraudulent incidents.
Zero cash handling fee from banks and no trips to the bank to pay it in contributes to some savings at the customer’s end.
Eliminating the need for purchasing expensive point of sale equipment (credit card terminals) contributes to the savings at the retailers end.
Mobile Wallet Bonus Programs
Various loyalty programs like transaction bonuses, add-on coupons, and loyalty points directly encourage the customers to go for mobile payment services.
Access to Actionable data
Mobile payments can also provide retailers with actionable customer data, such as how frequently they shop, how much they spend, etc.
This information can be used to target customers based on their shopping behaviors, patterns, and demands.
With increasing apprehension of all the above benefits, mobile payment is becoming more and more popular amongst the customers and retailers. With the continuously evolving technology, the usage is bound to swell.
Get in touch with us at firstname.lastname@example.org to revive your retail payment experience.
Topics: Digital Payment, MNOs, Mobile Payments, mobile wallet, nfc, retail, retailers