What Are the Benefits of Using Mobile Payment?
Mobile payment applications have become more and more prevalent in recent years as technology continues to progress, making life easier and more efficient.
We’ll delve into how mobile payments are beneficial to your customer’s lifestyle in the digital age and increase the security of your business.
Different Mobile Payment Applications
Many popular companies have developed their own payment feature for ease of use by their customers. Applications like Apple Pay and Samsung Pay can only be used on the corresponding devices while applications like Google Pay and Paypal are more universal and can be used on a variety of different phones.
More and more shops are introducing a mobile payment method as an alternative to the conventional cash or card payment, ensuring there’s something for everyone.
Mobile wallets are an easy way to organise your money without the hassle of having to rifle through cards and cash in a physical purse.
Some wallets were mentioned above like Google Pay and Samsung Pay but there are other options that highlight the versatility of mobile payments and ensure you’ll never be out of options.
Cash App is a popular choice, available with the iPhone 6 onwards while Venmo is very similar to Paypal.
Alipay is another option though a bit lesser known. It was originally a Chinese bran before migrating over to Europe. Its global appeal makes it a very good mobile payment application for businesses that deal with overseas customers.
QR codes are the easiest way to carry out a contactless payment. Customers can simply open their mobile payment app and scan the code with their camera to process the payment. Conversely, you and the customer can open the app on your devices and scan the unique QR number.
Transactions are instantly smoother and more efficient though it should be noted that in most cases, card details will still have to be manually added during the process.
Paym transfers money using the recipient’s mobile number which doubles as a way to provide identification.
Customers will be able to select your number from a contact list on the app or input it manually and the payment will be easily completed. Activate Paym in your banking app or with your bank, so long as Paym is available with your bank (there are fifteen banks and building societies associated with the app including Barclays and Santander).
Benefits of Using Mobile Payment Applications
The importance of mobiles to society today means the technology that makes mobile payments work is constantly being improved upon.
1. Mobile Payments Enhance Organisation
Many in this day and age keep their lives on their phones, from shopping lists to social media to holiday pictures. Adding mobile payment applications is a smart way to keep life all in one convenient place and ensures that payments are always organised and accessible. This makes both yours and your customer’s lives easier to manage.
2. Quicker Payments
Mobile payments are a lot faster than the usual cash or card process. With a few simple taps, your customer’s payment is completed. This enhances the optimum flow of your business with shorter waiting times between customers which in turn can enhance your reputation and encourage returning visits.
3. An Eco-Friendly Payment Option
Digital payments are vastly more environmentally friendly than cash or card as the latter two need resources to be manufactured which inevitably leads to waste. Mobile payments are more sustainable and portray you as a trustworthy source as it assures your customers you are taking current social issues seriously.
4. Higher Level of Security
More steps of authentication are a key feature of mobile payments with such methods like facial recognition, eye scans and fingerprint scans. This shows your customer you’re taking their security seriously and builds confidence in your business.
Make sure your Wi-Fi is always secure and encrypted and that your mobile payment originates from a reliable and verified source to make sure customer data is protected.
5. Saving Money
Keep better track of transactions with mobile payment applications as well as save the money you would normally be spending on new tills and paper and ink for receipts as receipts can now be sent digitally via email.
6. Tracking Customer Trends
Track customer trends to keep on top of popular items and get a clearer picture of how your business is performing and use that information to help you optimise your business and make it that much more appealing to customers with schemes like incentive and loyalty programs to reward customers for their service and gain more awareness for your popular products.
Mobile payment applications are a secure way to bring your finances into the digital age and make your customer’s shopping and retail experience smooth and modern, increasing the influx of sales for your business.
Mobiles are an integral part of everyday life and your business responding to this increases your value and importance builds your reputation and reliability to your customer base.