The Rise of Mobile Payments in 2015

Shortly we’ll be making our New Year resolutions, whether they are to enjoy life more, strike a better work life balance, go to the gym or get healthier…. but what about our professional ambitions? What have you considered changing in 2015? Have you thought about developing a new mobile strategy?

If you’re active on Twitter, LinkedIn and G+ then you’ll have noticed a significant increase in the volume of posts and articles from suppliers and thought leaders predicting the evolution of Mobile payments in 2015.

At Oxygen8 we commissioned some research ourselves in November 2014 which found 47% of people are interested in using mobile payments. This is backed up by the fact that 4m people are already using them to pay for parking and 12.6million have made a purchase through eBay using their phone.

Whilst businesses are striving to increase revenue and further improve their customer experience, it stands to reason that we will see mobile payments becoming more widely adopted as the appetite from a consumer point of view grows.

Specifically this applies to businesses that have a proportion of customer millennials (18-25y/o).

We put this down to several factors;

1. first and foremost millennials are mobile savvy and use their mobiles to shop around,
2. they seek instance gratification which mobile offers,
3. mobile payments use charge to mobile technology which isn’t reliant on a credit or debit card,
4. the payment process is slick and easy to use, with features such as enhanced single click becoming available, the purchase from a consumers point of view just became far simpler.

Take incremental steps

Start preparing for mobile payments with these simple steps:

• Collect more mobile data – it sounds obvious doesn’t it? And by creating an inbound SMS campaign using short codes and keywords it’s really easy. You can also include fields on your web forms to increase data capture too.

“Text MENU to XXXXX for healthy eating tips – ideal for informative engagement which adds value
Text OPEN to XXXXX for more information on opening hours – fantastic for providing information that matters.
Text OFFERS to XXXXX for promotional codes – great for immediate dynamic campaigns to increase bookings during quiet periods or to drive footfall immediately in store and so simple to set up!”

• Familiarise your consumers with the mobile channel by engaging with them to earn their trust. This will be beneficial when you begin accepting mobile payments.
• Learn about what your consumers want to receive from you through mobile surveys, this helps you to build more relevant comms to further improve engagement.
• Set up relays using short codes and keywords to automate some of your campaigns. These are activated when a consumer texts in to the service and because they are automated, once you’ve set it up they’re low maintenance to manage.
• Keep in regular dialogue with your consumers and ensure that your mobile data stays current. This isn’t resource heavy either as mobile campaigns are quick to set up and manage. It’s also essential as your data needs to be contacted a minimum of every 6 months.

Quick Tip – don’t be perturbed when consumers opt out, it’s much better to have an engaged audience that will recommend you to their friends and family as this builds your reputation and brand presence.

You could also consider requesting feedback from your opt outs via a mobile survey, this gives you the opportunity to get the answers you need much in the same way that we use preference centres within email marketing.

Reach a ReSolution

To get help with your mobile strategy and to begin facilitating mobile payments contact Oxygen8.

We have a wealth of experience, providing mobile business solutions for almost 15 years. Since 2000 we have seen the mobile payment landscape develop significantly and we are confident that as more and more businesses offer mobile payment solutions to their consumers, they will see a significant increase in the revenue they generate.