Soon enough, cash will be replaced by credit. The transformation has come alive with the financial technology changing in sync. Evolution of money looks to be quite evident with the digital channels doing so well amongst buyers. Earlier, it was cash/credit and now its virtual money. A totally different shopping environment will soon be experienced by buyers to fulfill their daily needs and more! Smartphones are being used to pay for almost everything if not emotions. This is why even small vendors can bring to use mobile payments for convenience and instantaneity. When we talk about mobile payments, we also talk about mobile wallets and transfers.
With such payments, all contingencies can be easily tackled at the very instance. No manual work goes into mobile payments like physical visits to the individual, waiting in long queues for cash, etc. Since the reign of large players is going for a toss, mobile technology can be inevitable for businesses.
A few numbers talk clearly about how the market is looking from cash to mobile payments. It has been estimated that mobile payments will continue to increase in 2020. By the year 2020, the number will reach $503 billion. It is also being said that 75% of the financial transactions will be propagated, independent of cash. Companies are stiffly working on creating a touch formula for customers, where the screen can help with payments. The numbers may or may not persuade your decisions, however, the reasons underlined below will.
Reasons why businesses should adopt mobile payment technology and build a tech world for future:
It is the most convenient option for all individuals. When cashless will be realizable, transactions will turn super quick. Just not that, the transaction cost will be substantially reduced. Such level of service will also impact customer experience and encourage a larger volume of transactions. Individuals can easily keep multiple accounts without the need to carry wallets.
Security can pose to be the biggest concern for cash and credit transactions. All cashless payments have security concerns, however, they are better over cash/credit usage. Alas, the mobile payment companies recognize the security issues and are dedicatedly working on strengthening it. Brands like Apple have three superior layers of security to encrypt data and preventing fraud.
Read More: Top Trends in the Digital Payments World
Staying ahead of Technology-
A new study reveals that customers spend more on online platforms compared to physical stores. They can view more options and keep adding to their shopping list. This obviously leads to increased mobile payments as well. Most brands who adopt mobile payments have already created a concrete market for themselves.
Whenever businesses start something new, a ledger account is well maintained. When it’s mobile payment, the mechanism already facilitates automatic tracking of transactions. Infact, the invoices, bills, and payments are to meant to be shared with the teams. This, in turn, helps easy maintenance of cash inflows and outflows.
Customer experience- Whoever uses mobile payments takes it to the future. They happily use mobile payments, for all their daily transactions too, avoiding the manual hassle. Enhanced customer experience will enable more and more transactions using mobile devices.
To conclude, mobile payments can completely transform the digital and payment scene. Mobile payments will further push the commerce industry with its improved speed and technology. The money will now be available anytime, anywhere, at the fingertips of the customer!