If there’s one thing that merchants need to be aware of in 2017, it’s the huge boom that’s happening with mobile wallets. As customers get more tech-savvy than ever before, cash is really becoming a thing of the past. In fact, even card carriers are starting to notice a slight dip in the amount of sales that they’re doing with plastic. What’s taking the place of these common payment methods? It’s not Bitcoin, it’s mobile technology.
According to a new article by Mobile Commerce Daily, experts are saying that this boom is a big one. In fact, they’re suggesting that mobile purchases might actually increase by as much as 30% over the course of the year. This means that the total amount that will be spent via mobile purchases is expected to top $1.4 trillion on a global scale.
For major players in the mobile game like Samsung Wallet, Apple Pay, and PayPal mobile, this means big bucks. Considering that major credit retailers like MasterCard, Chase, and Visa have all been working on coming up with their own payment methods to rival those of mobile phone creators, it seems like big banks are starting to get wise to the new trend, too.
A Long Overdue Boom
The truth is that most experts were wondering when people would actually catch onto mobile payment technology. Mobile apps that have been capable of sending payments have been around for almost half a decade. Thanks to an online boom in international mobile payments apps like AliPay and the boom in mobile pay incentives that customers receive, it’s not hard to see why they finally began to click with mobile apps.
What This Means For Merchants
Merchants may have already noticed a growing trend with people who want to order their goods via mobile apps, and just pick them up. The truth is that this is part of the reason why mobile payment methods are taking hold so quickly. With convenience as king in today’s economy, it only makes sense that merchants who want to boost profits do so via an online ordering platform. And, with online ordering being most commonly done via mobile devices, it’s easy to see where that connection between payments and platforms exists.
Simply put, as time continues to push mobile wallets into the spotlight, business owners are going to have to work to ensure that they are able to provide at least one wallet platform as an option to their customers. This alone can pose a problem for many business owners, since different client bases often will prefer different mobile payment platforms.
If you’re noticing an uptick in customers who want to use mobile payments, you may need to talk with a qualified professional about which mobile platforms would work best for you. CPS has the knowledge and experience needed to pair you with the best possible match for your customers, business model, and industry. Give us a call today!