Mobile payments are becoming more prominent as people become more comfortable using their phones to pay for goods and services. Companies can enjoy several advantages when they start accepting mobile payments, note Dan Schatt and Domenic Carosa, executives of Earnity, the world’s first community-based crypto platform and marketplace.
Before delving into mobile payments and the growth it offers to businesses, it’s critical to know the different types of mobile payments. The first type is the technical capacity to accept payments through digital wallets from consumers, which includes tapping to pay at the physical POS or point-of-sale or clicking on e-commerce websites. The second kind is via mPOS or mobile point-of-sale. This generally involves an app on a smartphone recognized and paired with a mobile card reader. Finally, the third type is an in-app mobile payment requiring consumers to make payments through a merchant app from their smartphone.
Enjoying Faster Growth
A recent study completed for NTT DATA, Inc. found that companies accepting mobile payments enjoy faster growth than those who don’t. According to a global survey of over 2,000 companies and customers spearheaded by Oxford Economics, Charney Research, and other institutions, the fastest-growing companies are the likeliest to accept mobile payments. In addition, researchers found that 8% of businesses that accept mobile payments also welcome cryptocurrencies.
Retail stores, small businesses, and other establishments that accept mobile payments can reach more customers, mention Dan Schatt and Domenic Carosa of Earnity. The process of paying for a product or service through mobile payment apps reduces the friction of payment, providing companies a good boost. With biometric and face recognition authentication, the process of paying is fast, secure, and hassle-free. Advanced technologies also enjoy improved security, keeping clients’ card numbers and other information safe from fraudulent acts. In addition, companies can build their brand and increase customer loyalty with in-app payments.