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Consumers continue to demand social and mobile payment processing capabilities

April 28, 2014

A number of recent studies continue to confirm what many retailers and service providers have long known: mobile payment processing terminals and other mobile payment capabilities are integral to maintaining consumer goodwill in the current marketplace.

A number of recent studies continue to confirm what many retailers and service providers have long known: mobile payment processing terminals and other mobile payment capabilities are integral to maintaining consumer goodwill in the current marketplace. 

For example, a recent Capgemini survey – reported on by Mobile Commerce Daily – found that banks in more than 25 percent of the world’s countries are reporting average nationwide decreases of more than 10 percent in consumer satisfaction. It’s apparent that the reason for the drop in goodwill is a lack of social and mobile-linked payment applications. 

“One of the biggest concerns we noted was the gap between what customers claim they are looking for in terms of social media banking capabilities and that which banks say the plan to implement in the future,” Bill Sullivan, head of global financial services market intelligence at Capgemini, told Mobile Commerce Daily.

The study’s conclusions suggest that banks – and all other organizations – need to begin offering mobile functionality in the same way that they currently offer online functionality for transactions, account information and other services. 

“For example, customers ranked access to account information via social media as most important, but less than 1 percent currently receive that functionality,” Sullivan continued, while speaking with the news outlet. “And in fact, 58 percent of banks interviewed noted they have no plans to offer account information through social media.”

Mobile credit card payment processing terminals prove successful for one retailer
Lux Beauty Boutique offers more proof that mobile payment capabilities can help to boost sales in all sorts of organizations. According to a different Mobile Commerce Daily study, the company has increased its sales by more than 20 percent this year – and it’s crediting the use of in-store mobile point of sale terminals, which help to speed up checkout times, for that increase in revenue. 

“We have a massive, in-store event and we set very high sales goals, and we have a very small space,” Jennifer Grimm, owner at Lux Beauty Boutique, told Mobile Commerce Daily. “We hit last year’s sales goal, and then this year we knew that we wanted to do even more. The only way that we could smash it and make those extra sales was to have an increased turnover because the lines at the tills were what was slowing everyone down.”

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