What the Rise of Mobile Payments Means for Business

The more opportunities a customer has to purchase something, the more likely that person is to open his or her wallet—or in this case, digital wallet.

As smartphones and tablets become increasingly pervasive, more customers are turning toward the devices to make mobile payments. According to recent research conducted by Nielsen, 37 percent of smartphone owners in the United States have made mobile payments, while 27 percent of those who own tablets have done the same.

And apparently, despite situations like the recent debacle at Target where the sensitive information of 40 million customers was compromised, more than half of all consumers have no problem shopping on mobile devices so long as their data is protected.

So what does all this mean for businesses? That as people get more comfortable making payments via their mobile devices, businesses stand to gain financially and grow. In fact, research indicates as much as $617 billion will be spent via mobile payments by 2016.

Offering mobile payments provides customers with yet another customized option as to how to pay for something. Customers love choice, and when it comes to billing, might think that writing a check, grabbing a stamp and sending a letter seems a little outdated. Mobile payment functionality modernizes your business while at the same time making it even easier to collect revenue.

What’s more, mobile payments allow customers to leverage their smartphones throughout the purchasing process. Prior to opening their digital wallet, customers can compare prices, read product specs and shop around. Once they’ve done their research, they can then choose what to buy—all without necessarily having to leave their couch.

Has your business considered accepting mobile payments?