You may have noticed out and about in the world that paper and plastic payments are becoming (at least marginally) less common. Sure, the average customer walking around the mall this holiday season probably has some paper money in his or her wallet, and not many of us are forsaking credit and debit cards just yet. But with the emergence of Apple Pay and other similar systems that allow us to use our credit cards through mobile devices, we are slowly but surely beginning to rely on physical cards and money a little bit less.
Mobile Payment Adoption
Even looking past simple observations in our day-to-day lives, Mobile Payments Today delved into the evolution of how we pay and suggested that even on a global and government-based level, we’re about to see a specific shift toward electronic payments. For one thing, governments are eager to move past paper and metal currencies that cost money to produce; for another, there is the idea that mobile, electronic representations of currency hold better potential to be inclusive of and beneficial to poorer populations and developing countries.
This implies that the transition to electronic payment methods isn’t simply representative of changing and improving technology. In part, it’s the result of efforts from governments, financial institutions, and independent companies looking to help the world.
This will be an interesting transition to keep an eye on, but on a much smaller level, it’s turning into a vital consideration for pretty much anyone operating a business that has a brick-and-mortar location. In other words, if you have a company and it doesn’t operate exclusively online, you need to equip yourself to handle mobile and electronic payments with the ease that consumers are quickly beginning to expect.
What are the benefits
If you haven’t experimented with this sort of thing in your business just yet, relax: it sounds a little more complicated than it actually is at this point. There are actually a number of different systems and technologies you can use to begin accepting electronic payments (and even digital currency such as Bitcoin), but WorldPay explains that even countertop card machines can work by way of employing built-in contactless payment options. These options can allow customers who are transitioning to electronic payment methods to use those methods in your store (or restaurant, etc.), and it can also make things more efficient in general.
In addition to improving efficiency and accommodating customers who want to pay via electronic technologies and programs, PC World argues that contactless pay can also benefit your company’s reputation. The idea is that allowing one customer to pay by swiping his or her mobile phone paints you in a tech-savvy light; other customers will take notice, and word will gradually spread that at this business, you don’t even need cash or cards. That may sound like a slightly unrealistic talking point among consumers, but given all the natural transitions mentioned previously, this really is something people are interested in. Getting ahead on mobile and electronic payments helps to sustain your reputation as a fresh, modern company, and as one offering the height of convenience.
In short, the transition to this sort of payment is quickly becoming less of an edgy option and more of a clear necessity. Accepting mobile payments can keep your business ahead of the curve.