There are many reasons why consumers will increasingly use mobile payment technology when shopping in stores and online. Apps like Apple Pay are fun to use, convenient, offer enhanced security over traditional cards and also are just plain cool. Retailers that have not yet upgraded their point of sale systems to accept payment from apps like Apple Pay should do so sooner rather than later. The latest mobile payment products require devices that are equipped with near-field communications technology, representing a departure from the old fashioned magnetic stripe readers. Consumers are done swiping and here are 10 reasons why:
1. Mobile payments allow for contactless transactions
There are a few reasons why contactless mobile payment transactions are better than swiping a card through a magnetic stripe reader. Since all that is required is to make a payment is tapping the phone lightly on a sales terminal, nothing has to be handed over to sales personnel in the store. This reduces the chance that cards and devices will be damaged, misused or stolen. Also, because no physical exchange of devices takes place, germaphobic consumers can feel safer when shopping.
“Many popular retailers and restaurants accept payment from Apple Pay.”
2. Carrying a wallet is no longer necessary
Some consumers like leaving the house feeling light on their feet. As such, carrying a purse or wallet can be very annoying. For these consumers in particular, mobile payment apps like Apple Pay are an excellent option. All that they need to carry with them from now on is their smartphone when going for a walk around the neighborhood or in a shopping mall. TechTimes pointed out that many popular retailers and restaurants accept payment from Apple Pay. The days of bulky pockets and billfolds filled with receipts are finally over.
3. Thieves can’t use a stolen device
Consumers who worry about people stealing their phones to make purchases can rest assured that it wouldn’t be possible. Thanks to mobile two factor authentication – Apple Pay uses PINs and fingerprint scans – a thief would be unable to use a stolen phone to go shopping.
4. Hackers can’t steal confidential information
Apple Pay uses tokenization to encrypt payment information. The app generates unique tokens for each transaction. Accordingly, even if a hacker were to get their hands on a token, it would be useless to them. Apple also is not privy to transaction information – it is transmitted directly to the financial situation. With these measures in place, consumers don’t have to worry about being the victim of credit card breaches similar to those that took place in 2014.
5. Paying with a phone is a modern way to live
Many of the innovative ideas presented in popular films of previous decades are now a reality. Hover boards, video conferencing, cloning and retinal scans are no longer just fiction. Only 20 years ago, someone paying a bill with their smartphone would have seemed ridiculous, but now it is not only popular, it is becoming mainstream. Mobile payment apps allows consumers to modernize their look and take part in cutting edge technology.
“There are no superfluous items to the process of making transactions.”
6. No need for coins and receipts
When debit and credit cards were introduced, consumers liked the idea of not having to walk around all day with pockets of loose change. However, they still had to keep track of paper receipts. With mobile payments, there are no superfluous items to the process of making transactions. Receipts are stored electronically on the device and there is no loose change to speak of.
7. It works with various devices
Just because consumers want to use mobile payments does not mean they are limited to one device. They can still choose their preferred smartphone, whether it is Android or iOS. Additionally, for Apple fans, Apple Pay can be used with the company’s smartwatch as well. This flexibility is sure to be appealing for consumers.
8. In-app and online purchases are made easier
While purchasing items through e-commerce catalogs online is a convenient way to shop, consumers are often frustrated by how often they have to repeatedly enter in the same card information into the online forms. With mobile payment apps like Apple Pay, that is no longer a problem. Consumers can use their apps to make their shopping experience more streamlined and never have to enter in payment information again.
9. Mobile payments are not limited to retail and restaurants
For consumers who like to travel, they will be pleased to discover that gas stations, government offices and airports are equipped with mobile payment technology. When traveling, having all expenses accounted for on one platform is greatly beneficial – it will result in less time managing finances while on the go.
10. People love their smartphones
Perhaps the most important thing to point out is that consumers already love using smartphones. Some even experience anxiety when separated from their device for too long. This is why mobile payments will become very popular with consumers over the coming years. Many people already carry their phone with them at all times. Having the option to pay with a smartphone only augments other features like GPS, alarm clock and camera. In the same way that countless consumers rely on their phones for directions and for taking pictures, the same thing will happen with regard to making purchases.
Ultimately, mobile payment technology is here to stay because customers like it. And as the old adage goes: The customer knows best.Back To Blog