Mobile payments are great! It is now getting so easy to make or receive payments and people are able to manage money in their most preferred way. Whether you are using your banking app on your mobile to just tap and pay at a till. Maybe you are embracing Apple pay or Google pay by adding your credit or debit card in their mobile wallet.
It is now so easy to spend your hard earned cash, but is it safe and are your payments secure?! As we started shopping online one of the biggest hurdles was keeping people safe. Initially people were scared providing payment details over the world wide web. This is where the most popular online method Paypal became pioneering as they protected the details provided by your bank.
Merchants have had a really hard time in the last few years keeping up with the changing trends of consumers. First there was the internet and how you got your products noticed. Then how do you get payment for your products. There has even been the same challenges in face to face retail, people have started using debit and credit cards then they were made more secure with chip and pin and now we are seeing more and more contactless transactions it has been hard for retailers to ensure they are always able to make a sale by accepting the payment the customer wants use to pay.
Businesses have always preferred cash as it has always been a little easier to save a few quid here or there on the tax. But as consumers are now using cash less and less they need to find the best way to ensure they are able to accept payment for their good or service in the way the consumer wants to spend. This is not getting easier as every week there seems to be a new payment created by these aspiring Fintech firms.
Conclusion
Going forward your business must perform good research into who their customers are and how they like to spend. For the next year or so I think they are safe with accepting card and contactless payments via a mobile card reader. Be aware customers will start to use new methods and I think businesses will benefit by using mobile payments to offer customers extra loyalty to obtain good repeat business from customers. Whether this is point based rewards or a simplified checkout saving having to enter any payment details. The world is changing fast so make sure you keep on top of payment trends by knowing what mobile payment is best for your business