By Kevin Norton, Mobility Solutions Director at Westcon-Comstor Southern Africa
As a retailer, you should always be on the lookout for ways to make the customer experience better and mobile payments are fast becoming the way that consumers want make payments. So, high on your to do list should be to always be up to date on mobile payment technologies and trends.
EMV payments are more difficult and take longer to process, and as such it is largely believed that there’ll be a shift to mobile payments as they become the payment method of choice of consumers the world over. According to Forbes, there are three mobile payment trends that you need to know about that are set to accelerate the mobile payment revolution.
The first, is that some of the biggest players in the tech industry are designing their own mobile payment solutions, ApplePay, Samsung Pay and Android Pay to name a few examples. These solutions are not carbon copies of each other but they can be grouped under the label “Tech Giant Pay”.
According to Forbes, these companies are not looking to become leaders in the mobile payment space but actually to support the continued growth of the larger platform. Each solution is designed to integrate with the platforms of the companies; ApplePay with iOS, Android Pay with, you guessed it, Android and Samsung Pay with the line of Galaxy mobile devices.
The second trend is using mobile to improve customer deals and experiences. Instead of focusing on the payment itself, companies are focusing on loyalty and changing the way retailers offer their products to customers. How do they do it? They use the mammoth amounts of data that retailers have about purchase history to create a unique offer per customer. This is essentially aimed at changing the relationship between retailer and consumer by offering a better experience.
And thirdly, there is a trend toward using mobile payments to make transactions easier. Payment apps, or mobile banking apps, the saving grace of every group of friends trying to split a bill, give users the convenience of easily moving money to other individuals without cash. This approach is intelligent because it allows these services to build a large user base by solving a common problem.
So now you know - if you didn’t already - that it’s time to start preparing for the next wave in payment technology, if you want to create growth, you have to be willing to change and mobile payments present you with a massive opportunity.
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