Telling the truth about SME life today

Five reasons you’re missing out on mobile payments

4. Because early adopters love the technology, and that’s contagious
Why are all of these surveys and statistical predictions so certain consumers will adopt mobile payments Essentially, it is because those who have already adopted it really love it. 

According to an eDigitalResearch survey, 52 per cent of respondents who have the ability to use contactless mobile payments have paid for something using their mobile, and they intend to keep using their mobile to pay for things. A full 65 per cent said they will use mobile payments again in the next three months.

As they continue to use their mobiles to pay for things, others will begin to see mobile payments as secure and trustworthy. Those newer adopters will then start paying for things starting with small purchases like sandwiches using their mobiles, as earlier adopters begin to use their phones to pay for bigger and bigger items.

5. Still, many of your competitors aren’t providing mobile payment options
Despite all the statistics showing mobile payments are becoming more mainstream and will only continue to grow in use, many businesses aren’t adopting mobile technology. IAB research showed that half of the Fortune 500 companies don’t even have a mobile site. 

This isn’t just a problem for international conglomerates, however. It’s a problems amongst SMEs as well. Although 83 per cent of SME owners expect mobile payments to become mainstream in four to five years, they aren’t bringing the technology into their physical shops. 

The eDigitalResearch survey found that not even half in fact, only 39 per cent of respondents had seen contactless payment points. This shows there is a large gap in the market, where business owners aren’t offering the payment options that more and more consumers want.

This slow adoption on the part of businesses, combined with the ever-increasing numbers of consumers who are adopting mobile payments, is why you should be offering mobile payment options now. 

After all, if your customers want it and your competitors aren’t offering it, that puts you in a unique position to take advantage of the gap between supply and demand. 

Taking advantage of that gap could be the thing that makes the difference to your business, giving you additional revenue and turning you from just another player to a market leader. 

Bradley Duke is European MD for Zapper.

Trending

Related Stories

Most Read

Trending

If you enjoyed this article,
why not join our newsletter?

We promise only quality content, tailored to suit what our readers like to see!