First everyone paid in coins, then cash notes, and now with cards, and that’s where pretty much the payment technology has got stuck. The arrival of smartphones could possibly change the way customers make payments at stores. Take a look at your own smartphone. It contains the most intrinsic details about your life – personal pictures, emails, private calendar, notes, bank details, passwords and more. Your smartphone is more than a device to make calls, and what if it got the added feature of being able to make payments?
This will make a massive difference in the way your competitor behaves in your store. You will have customers that will opt for mobile phone payment, rather than carry an array of cards or loose notes.
This has become possible because of two applications – Google Wallet and Apple Pay.
Mobile Payment was first introduced by Google Wallet in 2011, but it was Apple Pay who introduced it last year that has really made consumers pick it up.
Mobile Payment is reliant on NFC or Near Field Technology. NFC uses electromagnetic radio fields to transfer data. When your customer is ready to make the payment and checkout of your store, he will transfer the payment data to your NFC-enabled payment terminal. No cash, no coins, no cards and no swipes – your customer simply initiates that payment and walks out.
Apple Pay vs. Google Wallet
The only major difference between these two is the authentication system. Apple Pay is released on only the iPhone 6 and 6 Plus. Apple Pay uses its Touch ID technology for authentication. Google, on the other hand, uses a traditional PIN-based authentication system. So, it’s a fingerprint scan vs. PIN number input.
Knowing this bit of information can help you better service your customers.
Customers Want Mobile Payment Options
Customers are already demanding for a mobile payment option at stores. In fact, many customers prefer to visit brick and motor stores that have mobile payment facilities over stores that don’t. Between 2012 and 2013, mobile payments reached up to $1.59 billion. By 2019, this number is expected to touch $142 billion.
A good business always predicts the needs of their customers. By offering mobile payment, you offer your customers what they want, and you put forward something unique and different from your competitors.
Additionally, credit card theft and ID fraud has grown greatly. Over 56% of Canadians are worried about credit card fraud. Mobile Payments offer much better security.
The Other Awesomeness of Mobile Payment
Mobile payment is not just about payment.
– Discounts and Shopping Offers
You are better able to inform your customers of discounts and shopping offers through the platform.
– Grow your Loyalty Program
You don’t have to wait for a customer to walk into your store to get them into your loyalty program. Get customers to sign up for coupons and your loyalty program through the payment platform.
– Reward Transaction
You can award customers points, discount and rewards based on their transaction history.
– Digital Receipts
Digital receipts are a whole new ball game for both the customer and you. It is a better way to keep track of your customer-buying behavior and optimize your store and website accordingly.
Inform your Customer of Mobile Payment Option
When you set up the mobile payment option, you have to get the word out. You are offering something that your competitors are not, but customers won’t line up outside your store unless they know about it.
– Get it on your website
Ensure you specifically mention it on your website. You may even want to dedicate a page to mobile payment option so that your customers are aware of it.
Using social media platform that you have a presence on, and making your followers aware of it.
– Blog About it
Create content about it and post blogs. You can do a variety of topics.
- Why you decide to add Mobile Payment in the store?
- How does it help customers?
- The easy process of mobile payment in your store.
Guess how customers find out which stores offer the option of mobile payment? It’s through search engines and social media. Getting this information on your website, blog and social media is a must if you want to make them aware. This kind of content will improve your SEO rank, social media presence and online presence.
There were few takers for smartphones when they first hit the market, but now almost everybody has one. In 2007, 122 million smartphones were sold, but by 2014 over 1,244 million smartphones were sold. The same applies to mobile payment. Mobile payment is convenient, safe and easy – and that’s why it’s going to be adopted by the public.
Everything I’ve mentioned does one thing with perfection – and that is offer something your customers want. More and more customers are opting for mobile payment. If don’t switch now, then you’re going to inconvenience them, and you’ll eventually lose customers.