Take a look around and it does not take long to realize that we are living in a different world than the one we were living in even ten years ago. Technology is changing the way we do things. One area in which this is especially true is in the changes to how we make our payments. Payments are gradually making the transition to digital solutions. This reality is clearly seen in the fact that more people are making the switch to mobile wallets. But is this just a passing trend? Will this solution to payment processing just prove to be a novelty, soon to be replaced by some other form of payment or are mobile wallets the future of commerce? Let’s take a look.
When faced with the question of whether or not mobile wallets are the future of commerce, a helpful place to look is at the considerable convenience that they provide. Mobile wallets are just a logical extension of the way we do life. Our mobile devices are central to nearly every daily activity. They can control our homes and our cars. We use them for entertainment and for social engagement. Mobile phones can even be used for cashing checks, paying bills and so much more. Or as Synchrony Financial SVP Sih Lee says,
“You already have a supercomputer in your pocket, so why not use it to make your payments easier and more secure?”
Our mobile devices are quickly becoming an all-in-one solution and that is no exception when it comes to how we process our payments. The point is, with the way in which so many of our daily activities center around our mobile devices, it just makes sense to use our phones for making payments. Mobile wallets truly make our lives more convenient and it does not seem that they are going anywhere anytime soon.
We have looked at mobile wallets from the perspective of the consumer, but what do mobile wallets mean for merchants? An article from Venture Beat states,
“Thirty-two percent of consumers indicated that mobile money was ‘convenient,’ showing how highly people value speed and immediacy when making a purchase. Payment providers are all too aware of the requirement to make services as friction-free as possible.”
With the growing demand of mobile wallets among consumers, merchants would do well to keep up with these demands by offering mobile payment as an option to their customers.
One way that merchants can keep up with the growing use of mobile wallets is by providing their clients with the option of Apple Pay. Apple Pay is a worthy solution to the needs of many consumers’ payment preferences. Apple Pay provides a convenient option for those times when you forgot to bring your cash or card.
It is also a great way to encourage customer loyalty with the way that it enhances their checkout experience with ease and convenience. There are many ways that mobile wallets are changing the way we make payments and Apple Pay is at the forefront of the payment revolution by offering a better checkout experience and technological innovation.
How is your business keeping up with the changing landscape of payment processing? If you are not already taking steps to keep up with the increasing demands of mobile wallets, it would be wise to do so. Consider the changes your company can make to offer convenience and an improved checkout experience by offering the option of mobile payments. The future of commerce lies in the ability to utilize our mobile devices at the checkout. Are you ready for what is coming?
Subscribe to our newsletter and get payment processing news & insights sent to your inbox.
You can unsubscribe at anytime.