WHY BUSINESSES SHOULD USE MOBILE WALLET
Smartphones have become very important part of our lives. They have replaced phones, cameras, alarms, web browsers and serval other things that we use in our daily lives. These smart devices are constantly present in purses and pockets helping us with our day to day things. This interested innovation also have the potential to replace another important thing carried: the wallet.
Americans are happily and comfortably using mobile devices to replace computers, camera and phones, they also have rushed out to replace cash and credit cards. Most familiar mobile wallets were launched in last four years and 39% of U.S population today have a mobile wallet. In coming years, there is going to be exceptional increase in number. According to recent research by Mobile Payment World, the number of mobile payment users will increase up to 150 million. Among all the famous mobile payment systems, Stripe, PayPal, and Braintree, PayPal processed 102 billion mobile payments last year. By 2025, it is expected that 75% of all financial transactions will be cashless.
If you aren’t still convinced with the numbers mentioned, have a look at the top three reasons as to why as a business owner you need to shift to mobile payment technology.
Customer Convenience=Increased Satisfaction
This reason is pretty obvious, providing convenience to your customers will eventually improve customer experience leading to customer satisfaction. On providing the option of virtual payment to your customer, you provide them the opportunity to access more than one account without the need to carry a wallet with all the cash and cards which of course is a value addition to their buying experience. According to business insider’s research conducted in 2015, 40% millennials will stop carrying case and switch to mobile payments. Sweden has already become a cashless society and is planning to switch totally onto plastic/virtual payment by 2021. Mobile payments provide a better customer leading to a strong and long term relationship.
Today, most mobile payment service providers recognize the significance of transaction security. Mobile wallets such as Andriod Pay, Apple Pay or Samsung Pay are considered more secure and reliable payment platforms as compared to a credit card. For instance, Apply pay use an amazing method called tokenization, it is a method used to decode customer data. It works like this, users download the payment app, add credit card details. The real number of the card is replaced with a token which is protected with a touch or password. Card number protection makes it really hard for the attackers to attack. Possibility of fraud is decreased when level of security is increased. In case your phone is lost or stolen, you can easily freeze your payment activity.
Makes Book Keeping Easy
Be it small or a large, running a business is not an easy task, managers try and keep every process as easy as possible. Addition to other business processes, your accounting system needs to be easy where you could easily pay the bills, invoice customers and share payments. Introduction of mobile payment solutions can help businesses attain better cash flow management system. It can actually reduce your overhead cost and bank charges putting you in a better position. Business very often forget to record their transaction that eventually lead to missed values, this could be avoided using cloud accounting packages.
Mobile wallet usage will grow in coming year. It is an efficient way to make a connection with your customers. You can use available mobile wallet app or can also get it crafted from renowned mobile app marketing agency. With just one tap on the URL, you can easily send and receive payments without worrying about transaction security.