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Digital payment advisors may help improve mobile payments

July 13, 2013

Mobile payment usage has many aspects that could help out businesses and may improve the volume of consumers who have the products.

Mobile payment usage has many aspects that could help out businesses and may improve the volume of consumers who have the products. This process could be sped up by a number of other options that help complement the stripped-down method. One of these choices may be digital payment advisors, which can help mobile credit card processing in multiple ways.

According to a report from Gartner, this type of technology works by giving customers the option of using more than just a mobile payment through their bank account. It also can help them use other rewards that can give them more reason to complete a transaction.

“By encouraging the use of alternate currencies – loyalty points and social currencies – for purchases of day-to-day products and services, DPAs may start to alter the very subtle psychological balance in place when customers make purchases using cash and payment cards,” said Alistair Newton, research vice president at Gartner.

While this has the potential to have an effect on the mobile payment landscape, the report noted that digital payment advisors may not become the norm for every purchase. Despite this, it could give many consumers looking for deals the know-how to improve their cost-effective transaction strategies.

This type of technology may help businesses improve their bottom lines if they include it as a part of their products. Meanwhile, many businesses feel they have already made strides in recent months, despite the economy still in a state of recovery.

A report from SunTrust Bank noted that close to two-thirds of smaller companies noted their finances are in a better state now than one year ago. That figure was significantly higher than last year, when approximately 38 percent reported this sentiment.

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