How Mobile Payments Play A Key Role For Businesses And Customersby Pranab Bhandari Content marketing Manager
The global mobile payment market size is predicted to be worth an astounding $ 8.94 trillion by 2027. The ongoing pandemic has sped up the adoption of mobile payments. As per a survey conducted by MasterCard, almost 80% of consumers globally were using contactless payment methods to ensure good hygiene. India’s mobile payment market is among the most vibrant in the world. It is estimated that there will be 800 million consumers using mobile payments by 2025.
As mobile payments grow into a defining trend across the globe, they are poised to offer several benefits for businesses as well as consumers. Let us take a look at the advantages of mobile payment solution and how they are transforming the digital payments market.
How are mobile payment systems benefitting the businesses?
Be it the top malls or the local retail shops, several brands and businesses have accepted mobile payment solutions as the primary transaction method.
Here are a few benefits that businesses can enjoy from mobile transactions:
- Customer engagement: Since people are becoming more inclined towards using digital platforms, they rely on applications and related technologies to make life easier. By introducing mobile payment methods, a business can not only retain customers but also attract new ones.
- Reduced cost: For cash transactions, a business needs to maintain several logs and other essential accounts. In the case of card machines, a lot of money needs to be spent for maintenance. This is where the mobile payment barcode scanner helps businesses overcome such costs and add to their profit margins.
- Increased business efficiency and productivity: With mobile payments, a business doesn’t have to hire many employees for managing the cash counter. Also, the work is done faster, thereby making financial operations more efficient.
How are mobile payment systems advantageous for consumers?
For consumers, mobile payment solutions are making shopping options better, quick and more convenient.
Here are some of the reasons which will explain how mobile payments help customers:
- Ease of paying bills: Consumers simply have to scan the bar code and make payments. There is no more carrying of cards and cash and limiting the items one wishes to buy. This also eliminates long waiting times at the checkout counter.
- Highly Secure: Getting pickpocketed while carrying cash or cards is not uncommon. This is one of the reasons why having mobile payments is highly appreciated by many as it is more difficult to steal a mobile phone. Even if stolen, the thief would have to crack multiple passcodes to use the mobile payment functionality.
- Best for emergency situations: Forgot your wallet at home? No problem. Consumers can simply use their mobiles to pay using their mobile wallets or card information stored on the phone.
It is essential for every business to adopt mobile payment solutions. Consumers today look for ease of transacting. If you own a business, implementing mobile payments into your into your business as soon as possible can help you scale up operations like never before.
Created on Dec 29th 2020 22:51. Viewed 177 times.
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