With the advent of varied mobile payment options, retail commerce has become a matter of taps and zaps on your mobile devices. Today’s price-conscious and busy shoppers have instant access to an assortment of information; shopping on the go and resorting to hassle free mobile payment options are topping every customer’s priority list. Mobile payment has given rise to a tremendous transformation in the buying behavior of retail consumers. Attracting and retaining these customers by incorporating mobile payments has become a merchant’s best bet.

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Photo credit: newsroom.mastercard.com

With a significant number of competitive players operating in the mobile payments marketplace, it is projected that by the end of 2015, mobile payments or NFC payments will become the “main channel” of revenue for businesses that have a powerful mobile strategy.

  • Convenience – Offering payment via an app instead of cash is what buyers expect these days; since they carry smart phones regularly than cash. Steady mobile payment options have the potential to convert an occasional visitor into a loyal customer.
  • A hassle free customer experience with a mobile payment jut out more prominently on blogs, brand reviews and the company’s fan page. Failing to meet these consumer expectations can prove destructive for a brand.
  • The Coolest New Thing – without a proper mobile payment structure in place, a business will be termed traditional and slow-paced. Position your business into the current fad by implementing a NFC payment system that is not only vogue but also works cheaper for businesses.
  • Transaction Costs Efficiency is derived by a merchant due to the mass adoption of mobile payment by the consumers. If you are able to achieve ubiquity with mobile payments, that is attach one payment application to all your outlets, consumer adoption of your brand also will increase to earn on your loyalty program rewards.
  • Mobile payments are made by downloading merchant’s app which requires a top-up from one’s credit card offering security and anonymity for the buyer. This encourages buyers to select only those brands that offer mobile or NFC payments; your mobile payment structure ensures you are among the filtered few.
  • Securing Consumer Confidence goes beyond the quality of your product, the service offered and the brand reputation. It is the value added services like mobile payment that will forge deeper relationship with your consumers increasing brand loyalty.
  • Guaranteed Consumer Action is ensured through your custom-made loyalty programs and the ease of use offered by your payment application; meaning your app works on the majority of smart phones since today’s consumers insist on a flawless mobile experience.
  • Mobile payment helps the merchant by saving on the banking admin task as a mobile payment application consolidates an entire days’ transaction showing the commission deducted for each transaction. There is no need of a separate reconciliation of accounts to get a real time view of your revenue for a given day.

Conclusion:

All in all, mobile payments are of ultimate convenience for both consumers and the merchant; a technology that is skyrocketing due to the growing rate of shoppers shifting their online purchases from the web to smart phones and tablets so they can shop while on the go.

Author Bio: This article was written by Preethi. She loves to read and write about latest technology news. She keeps herself updated about technology in every way. She regularly blogs at www.inbound.zone