Around the world, there has been a steep decline in the number of cash payments used for transactions. More purchases are now being made with mobile payments now than ever before. The COVID-19 pandemic is partially to blame, but other factors such as convenience have played a huge role.

Mobile payment solutions can be an essential part of your business. The convenience and efficiency of mobile payments have led many to use them as their preferred method of payment. Continue reading to find out more benefits of mobile payments and why your business should adopt them.

Benefits of Mobile Payments

There are a number of benefits to adopting mobile payments for your business, the following are just a few of the many.

Convenience

Mobile payments are one of the most convenient ways to complete a purchase. Almost everyone has a smartphone, and it can be much easier for a customer to simply scan a QR code or tap their phone than to pull out their wallet.

Efficiency

Eliminate the need for paper invoices and checks with mobile payments. This cuts down on the waiting time that other payment methods require, such as waiting for a check to arrive. Mobile payments also allow for automatic data and statistic tracking, making it much easier to track your customer’s purchasing habits and history.

Lower Cost

Credit and debit card readers can be expensive. So can computers. With mobile payments, all that is needed is a mobile device such as a tablet or smartphone. This makes mobile payments perfect for small businesses that can’t afford expensive equipment.

Greater Earnings

If a customer only uses mobile payments, then you’ll be forced to turn them away if you aren’t equipped to handle them. As more people stop carrying cash, adopting a form of mobile payment has been increasingly important for businesses. Mobile payments make it easier for customers to make a purchase and therefore lead to greater revenue generated. 

Addressing Security Concerns

The largest concern that consumers face with mobile payments is security. With the technology being relatively new, it’s natural that people are a bit hesitant to trust these types of payments. That’s why it’s important to inform your customers and make sure they’re aware of both the risks and nature of mobile payments.

With no physical cash, mobile payments can be more secure than an actual wallet. The ability to lock one’s phone and delete data can be comforting, but keep in mind that 38% of consumers believe that mobile payment security is subpar.

Types of Mobile Payments to Implement

There are four types of mobile payments that make up a majority of transactions on mobile devices. 

They are:

• QR Codes: QR codes have become more visible in restaurants and other businesses since the COVID-19 pandemic.

• Google/Apple Pay: Over 900,000 apps on the Apple app store use Apple Pay for their transactions.

• Mobile Wallets: Mobile wallets, unlike Google and Apple Pay, only store financial information like a physical wallet does.

• Cryptocurrencies: Cryptocurrencies have become a popular method of payment, with over 75 million people owning a crypto wallet.

Each one of these types of mobile payments has its own pros and cons. They have different uses and can be fit for different types of businesses. However, don’t be scared to use them in conjunction with each other. Consumers like to have options when it comes to payments, even if they prefer to use only one payment method.

If you’re looking to learn more about mobile payments and how your business can benefit from implementing them, check out the infographic from CleverTap below.