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Why businesses need mobile payment functionality

mobile money payments

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Consumers these days are accustomed to the mobile experience, and more and more people are using their smartphones for everyday tasks, from online banking to booking dinner at a restaurant.

Businesses can take advantage of mobile in many ways, for example by using smartphones as a platform for promotional campaigns via mobile marketing automation. Mobile payments are also becoming increasingly important, as systems improve and consumers catch on to the convenience.

If businesses fail to cater for mobile, including by not offering customers the option to pay for goods or services using their smartphones, they could be running the risk of driving customers elsewhere.

Here are a few reasons why businesses need to consider adopting mobile payment systems.

Meeting customer expectations

Remember how the 90s saw businesses try and fight the arrival of EFTPOS? Those who stubbornly clung on to an outmoded system of cash or credit card vouchers found it hard to keep their heads above the rising digital tide.

The simple fact is we are rapidly moving to not just a cashless society but a cardless society, and consumers prefer to pay in the easiest way possible. Businesses can’t afford to be digital dinosaurs – if the way customers want to pay changes, businesses have to change as well.

Fast and convenient

Online, direct bill services are one form of secure, convenient mobile payment. With direct bill, the customer makes a purchase on their smartphone with just a click, and the cost appears on their next phone bill – there’s no need to use a credit card, input their mobile number or sign up to a service.

Companies benefit from this type of payment system, as transactions are processed instantly.

In a bricks and mortar store, mobile payments in the form of digital wallets fast-track the customer journey, and help to do away with long queues and frustration.

Global and growing

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A report from BI Intelligence has projected an increase in mobile phone payments from $US1.8 billion in 2013 to $189 billion in 2018. With overseas projections of this scale, it’s hard to ignore the potential of mobile payment systems.

The report also highlighted how the millennial generation are engaged with mobile payments, and are likely to drive the uptake. As they are the customers of the future, it simply makes sense to keep up with their needs.

Mobile payments and your brand

The ideal mobile payment solution will work within your budget and be tailored for your specific needs. Look for a solution that doesn’t just organise and process payments, but can offer something more that facilitates the customer journey and promotes your brand in general. For example, if the system can also weave in loyalty rewards or exclusive offers as part of the transaction journey, this gives you another platform to communicate with your customers and can boost customer retention.

 

Mark Smith
Mark Smith
Mark is the Head of Digital and mCommerce of Oxygen8 Australia. He has developed his skills to facilitate mobile enterprise and mobile payment sectors across a range of verticals. Mark also has a strong knowledge of SMS messaging solutions for businesses. From a country town in Australia, Mark has a laidback, easy-going yet professional approach in client’s relationships. Outside of the office Mark enjoys swimming and participates in taekwondo.

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