In the emerging age of tap and click, payments through mobile offer the promise of greater convenience and security for customers, as well as it has brought forth new ways for customer and brands to engage with one another. Going cashless has made it easy to buy most products and services online these days via our smart devices. Moreover, it’s easy to link our phone number to our bank accounts and online payment processors like PayPal. Mobile wallet provides the facility to access from any remote location and it’s handy to carry a mobile phone and pay anytime and anywhere.
According to a report by Mobile Payment World, by 2020, the number of mobile payment users could increase up to 150 billion. The prominent players are Braintree, PayPal and Stripe, among these, PayPal processed nearly 102 billion mobile payments in 2016.
What are the factors enhancing the customer’s experience?
Several global and regional factors are driving the growth in mobile payments such as the global emergence of smartphones, especially in developing economies. A number of international smartphones technology makers are making their mobile wallets available in more countries, partnering with a great number of local financial institutions. Furthermore, developers are building mobile payments apps more attractive with added features such as messaging and chat.
Every consumer is a digital customer, and to be in mobile app payment, means you have to be in digital economy. Going digital is no longer an expense; it’s a mandatory expense that can deliver real returns to the fintech suppliers. Considering, the benefits associated with mobile payment wallets include:
- It is the most convenient option for customers:
- It is more secure and reliable
- It is an opportunity to stay updated with new and latest technology
- It makes bookkeeping easier
- It Improves the Customer Experience
With this, it can be summed up that mobile payments provide a better customer experience and set up a better and stronger relationship between customers and suppliers. Additionally, the convenience of transacting money or managing money anywhere and at any time. Therefore, it has become more secure and customer-oriented, and mobile payments will play a significant role in the future of finance and customers.