Will Consumers Ever Be On Board With Mobile Payment Systems?

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We recently wrote about the landscape of mobile payment systems as we look ahead at payment trends for 2017. Omni-channel commerce is going to completely disrupt the consumer experience with mobile payment systems set to see global use increase in over 25% in this year alone, according to the analyst firm TrendForce. But, the question remains: will your customers get on board with mobile payments, too?

The industry of mobile payment systems will reach a value of $780 billion this year, more than 25% higher than last year’s value. This increase can be attributed to “continued competition between major smartphone and OS vendors to develop their ecosystems“, and the availability of NFC and related security infrastructures at businesses. Just because these payment systems are available, however, consumers remain reluctant.

Why is this the case? Your business security is the number one reason why consumers would have any reservations, which is especially true for businesses that rely on mobile payment systems to accept payment. With cybercriminals becoming more and more clever, any Internet-based activity presents a threat to security at your business.

Consumers expect strong authentication capabilities in place for your business to take payments securely. Is your customers’ data as protected beyond a simple, one-step password? If not, consider data encryption at your business to put your customers’ minds at ease in the event your business is hit by a cyber attack.

With consumers already attached to their smartphones, mobile payments may soon become the most convenient method of payment at many businesses. In a recent study done by Accenture, it was determined that customers are more likely to convert to mobile payments once they see how easy that first transaction is to make.

Give your customers a reason to try mobile payments at your business. Starbucks, for example, has had success in creating a customer experience around their mobile payment app – the convenience of using a smartphone to pay for a cup of coffee has provided a better method of accepting payments and has proven to be secure to consumers. This attention to the customer experience is how your business could be successful with mobile payment systems.

Get On Board

Looking for a processor that stays ahead of tech trends and news about mobile payment systems? Look no further than Payline. With our expert knowledge in how to accept credit cards, Payline is always looking toward the future.

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