Why Your Brick and Mortar Store Should be Optimized for Mobile Payments
It’s no secret that mobile payment acceptance is on the rise all thanks to recent innovations in payments. It’s estimated that by the end of 2020, in-store mobile payments will reach a whopping 150 million users in the United States. Apple pay and other mobile wallets have set the precedent for where we can expect to see mobile payment technology over the next few years. So make sure you stay up to date and take a look at these four reasons why you need to optimize your brick and mortar store for mobile devices.
Better Customer Experience
People hate to wait. In fact, if a customer sees a long line at your checkout they’ll likely turn the other way. Since mobile payments are much quicker than mag-stripe cards or EMV chips you’ll be able to cut down on waiting times significantly.
In order to take a payment from a mobile wallet the customer simply hovers their phone over a Near Field Communication (NFC) terminal and voila they’re done. The quicker your customers can make it through your checkout the more they’ll value shopping at your store.
Millennials Love Mobile
Millennials represent a staggering portion of consumer spending in the United States. It’s estimated that this generation accounts for an enormous $1 trillion in buying power. In addition, a study by Accenture found that about 23% of millennials are already using mobile payments at least once a week.
As both of these numbers continue to grow it becomes increasingly important to find a way to accommodate these customers.
More Secure Payments
Like EMV technology mobile payments are secured and encrypted by complicated tokenization methods. In fact, mobile payments are considered one of the most secure forms of payment. Many mobile wallets adhere to the PCI-DSS standard which ensures your payments are subject to the highest level of industry security standards. Security features like 256-bit SSL is very common which essentially means your data can’t even be deciphered if it’s in fact breached.
Additionally mobile payments are beginning to adapt biometrics which allow users to make payments using hand or fingerprints. This technology is still very much under development but we can already assume many of the top payments companies are working towards the common goal of keeping our information safe.
Not only do consumers prefer businesses that accept mobile payments, they are likely to spend more money there as well. Not only is this payment experience more convenient but it allows you to incentivize your consumers to spend more by leveraging their devices.
A study done by CreditCards.com estimates that about 77% of customers definitely would increase mobile payment usage if the store offered rewards points, 69% would if receipts could be kept on their phones, and 61% would increase if they were notified about upcoming sales at the store.
These rewards and loyalty programs are a great way to attract more sales. Mobile devices are a great way to store rewards points and receipts. That said, you should leverage that by baking as many of these features into your mobile shopping experience as you can. The more incentives you give the more your customers will spend.
Thanks to recent innovations in online and mobile payment technologies, we’re constantly provided with quicker and more secure ways to make payments. It’s very important that we stay up to date with these trends, especially if you own a store. If you haven’t done so already, you should definitely look into accepting mobile payments for your brick and more store if you haven’t done so already.