Mobile Payment Systems For Small Businesses

Mobile Payment Systems For Small Businesses – Today, 95% of Americans own a cell phone, and 77% of those are smartphones. The number of mobile phone users will reach almost 5 billion by 2020.

Today, 95% of Americans own a cell phone, and 77% of those are smartphones. The number of mobile phone users will reach almost 5 billion by the year 2020. With these numbers, it is easy to understand why the future of mobile payments is feared. The reality is that the mobile payments industry is not as disruptive as previously thought.

Mobile Payment Systems For Small Businesses

For example, adoption of mobile wallets has been small and slow. PYMNTS.com research found that Samsung Pay has the highest usage among mobile wallets. This has always been at 4.5 percent. Apple Pay came in second with 4% usage.

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Karen Webster, CEO of PYMNTS.com, said in a press release, “Mobile wallets are not attracting consumer interest so far. “Apple Pay is the oldest mobile wallet, always closing in on 4-5% of people who can use their wallets. use it. The lesson, however, is not in the little sunnies, but suppliers and manufacturers really need it. focus on identity. People are looking for identity and work. This innovation will make buyers and sellers happy. “

Many merchants and payers are seeing the power of mobile payments. For example, in 1,200 of its locations, Starbucks now receives 20 percent or more of their orders through the use of phones and payments.

“The tremendous growth of mobile and payment systems has created a new operational challenge at our flagship store that has been under construction for many years – massive hand-held traffic,” said Kevin Johnson, president and chief operating officer of Starbucks. .

Merchants, Visa and MasterCard finally accept mobile payments. “E-commerce with mobile devices and other formats represents a significant opportunity and we are investing in supporting it,” said Visa CEO Alfred Kelly.

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There’s also an elephant in the room that the findings listed above don’t take into account: millennia. These are the biggest customers who are well connected, educated and refuse to have credit cards.

Mobile wallets have been in use for nearly half a millennium. Instead of turning to traditional payment methods and providers, they choose Google, Apple, Amazon, PayPal or Square. These businesses provide them with digital services, personalization and instant access to data.

Scott Blum, who leads Marketing, Business Development and Integrated Payments for Total Merchant Services, believes that “payers will find new ways to differentiate themselves and provide customers with more value than cost.” .

This includes using new technologies to create loyalty programs, manage mobile wallets, offer rewards and reduce time and level of entry.

Competitive Advantage With Mobile Payments

Due to usage among millennials, Business Insider expects mobile payments to grow. It expects a compound annual growth rate (CAGR) of 80% by 2020 to reach $503 billion.

Also, other reports predict that by 2025, 75% of all transactions will be cashless.

In short, the future is bright for mobile payments. But let’s take a closer look at why businesses and consumers are adopting mobile payments.

Cash might be king now. We may not see it disappear anytime soon. However, money is just an incredibly evil thing that doesn’t work.

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Frequent trips to the bank or ATM can take up a lot of our time. Walking around while checking out the grocery store instead, discovering how dirty money is, it’s no wonder people accept the lack of money in society.

According to a 2015 study by Business Insider, 40 percent of millennials surveyed would give up money entirely if they could. Such studies show that it will be true.

In Europe, Sweden expects to go cashless in the next five years, and Denmark has committed to eliminating cash by 2030. Countries such as Singapore, Canada, Australia and the US are increasing the percentage of bankruptcy transaction validity.

You usually don’t get a receipt when you pay with cash. This is not a problem when you are only buying personal items, but it is a problem if these things are things that can be removed from your business.

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Finally, according to Angela Ruth from Due, it doesn’t save money like paying by phone, you can’t get paid, and it’s not fast or convenient. Cash can’t budget, monitor and track your spending.

“Many millennials not only prefer a paperless future, they envision a world where all money will be digital,” writes Ruth.

The most popular mobile wallets, including Apple Pay and Samsung Pay, rely on near field communication (NFC) technology.

This technology allows customers to make purchases simply by holding the phone to a credit card terminal. Not only is it convenient, but it also reduces the time customers spend in the checkout line.

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This also explains why the global NFC market is poised to grow at a CAGR of around 17.9% over the next decade to reach around USD 49.5 billion by 2025. Furthermore, as many mobile wallets small requires two-factor authentication, payment processing using NFC is secure. for customers.

For consumers, accepting mobile wallet payments is faster and cheaper. Because, for example, you charge a small, flat 2.8 percent transaction fee, regardless of where the payment originates in the world.

Similar to NFC is Bluetooth Low Energy (BLE). As previously explained, BLE “occurs on consumer or consumer devices, where data is stored in mobile payment accounts. Examples include PayPal and iBeacon”.

“Customers use BLE and NFC to connect mobile devices to NFC beacons or tags,” says Rampton. “With BLE, delivery is continuous and can be used over a large area. Customers can receive notifications and coupons. NFC works quickly from the client and is convenient for one-to-one relationships.”

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Thanks to this technology, experts predict that mobile payments and mobile wallets will be widely accepted. Businesses of all sizes and consumers will gradually move away from the use of plastic.

Consumers can ditch physical cards, but they won’t have to rely solely on their phones.

As wearables evolve, devices such as smartwatches have begun to function as mobile payment devices. These devices can support contactless payments using NFC as well as mobile wallets.

The wearables market will expand into devices such as battery-free and water-resistant smart rings. Wireless software designed to process NFC payments was tested by users participating in the 2016 Summer Olympics.

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There will also be video clips attached to users’ belts, bracelets and clothing to support NFC mobile payments.

A wearable wristband can use a person’s heart rate to identify ownership and confirm NFC purchases now. All these options and other innovations are coming to support secure mobile payments.

Some of these are presented. Merchants are ready to retain business when transactions are cardless for a seamless payment process. These tools will increase revenue by improving the customer experience and can provide insights and build loyalty programs.

Walmart launched their own mobile payment platform in 2016. Their app allows customers to enter an in-app PIN from their mobile device when they’re ready to pay. The customer has the option to pay for the purchase with a major credit or debit card, or a Walmart credit card or gift card.

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Instead of waiting to print a receipt, the receipt can be sent to the customer digitally. Having that receipt in their email will create a better customer experience.

Digital receipts also allow you to keep them close at hand so you can find them quickly when recording expenses or filing taxes.

There are also environmental impacts. According to Square, we waste 1 billion gallons of water, 10 million trees, and 250 million gallons of oil in the US alone.

Another feature offered by mobile payments is to allow consumers to pay for purchases and access money in their accounts via a debit card.

Why Your Small Business Should Accept Mobile Payments

They will also allow users to withdraw money from ATMs. In May 2016, Bank of America launched mobile technology for ATM users. They can access their cardless cash just by tapping their mobile device. All this thanks to NFC technology.

As mobile devices and cameras go hand in hand, it’s no surprise that the ‘selfie’ will be part of the mobile payment experience.

In 2016, MasterCard discontinued “selfie payment” for payment verification. Amazon has filed a patent that would allow customers to change passwords by taking a selfie. In both cases, this technology can reduce identity theft or unauthorized transactions.

As technology continues to improve, more merchants and payers are accepting payments for selfies. We can expect this to increase over the next few years.

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Additionally, companies like Flint are revolutionizing the credit card processing industry by analyzing customer credit cards. Instead of touching a credit or debit card, the customer takes a photo of the card. The smartphone has hidden information. Since the card information is not stored on the device, security should not be an issue.

What’s stopping people and businesses from fully adopting mobile payments?

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