Consumers are always looking for the next tool to help simplify their lives. So it should come as no surprise that mobile wallets are continuing to increase in popularity. In case you’re not familiar with mobile payments, they are apps that can be downloaded to a mobile device that allow users to carrying their credit or debit card information in digital form. Instead of using physical plastic cards to make purchases, customers can simply pay with their smartphone, tablet or smartwatch by holding their device over the terminal. Shoppers can also use mobile wallets to collect rewards, store coupons and shop online.
With all of the apps available for people to use, mobile payments seem like the natural next step – a useful tool, but not especially remarkable. But what’s interesting is that consumers are actually really excited about using mobile wallets. Out of all the emerging technologies and digital advancements our society has experienced over the last couple of years, including virtual reality, augmented reality and voice search, customers most want to use mobile payments when interacting with brands.
So why the excitement over mobile payments?
1. They simplify and speed transactions
We all know that one of the biggest pain points when shopping is waiting in line to check-out. More and more businesses are encouraging the use of mobile wallets because they allow customers to make payments faster.
2. They’re convenient
One of the more useful features of mobile wallets is that they allow users to store coupons and payment methods while tracking rewards. Research shows that consumers find value in just have something to store all of their cards and coupons digitally, which eliminates the hassle of carrying plastic, cash and clippings.
3. Better security
A lot of mobile wallets use biometrics to authenticate payments from mobile wallets. Biometrics include security features like fingerprint and retinal scans. These type of security features do a better job of protecting customers without being intrusive or requiring users to remember complicated passwords.
It’s safe to surmise that the use of mobile wallets will continue to grow. If your payment terminals do not currently accept mobile wallets, contact us to learn about our mobile payment options.