A recent study of over 2,000 companies has shown that companies which accept mobile payments are growing much faster than those which don’t.
It found that among businesses with an annual revenue growth of 11% or more, 43% have an app that supports purchases and payments. This is compared with 32% of slower-growth businesses.
Many companies have been hesitant to accept mobile payments. Most often, the main concern appears to be security, but despite scare stories in the news from time to time, the future of secured mobile payment appears to be bright.
Consumers are wanting this change. They want the ease of payment through a mobile phone. It’s the companies that are slowing the process down and if they’re not quick off the mark, they’ll end up losing out.
There’s no doubt more and more consumers are wanting the ease of payment through a mobile phone. The demand is there. It’s fast, it’s simple and it’s a quick way to close the deal. Customers want the easiest payment method possible and a growing number are choosing mobile payments as their preferred option. No-one lines a queue and knowing you can pick up your items in a shop and not have to wait in line for a great length of time is a big incentive.
Sales which have been lost in the past due to the friction of time spent in a queue will be be regained.
The survey also found that 8% of businesses that accept mobile payments also accept cryptocurrencies. It also found that companies which sell internationally grow faster.
Among companies with annual profit growth of 11% or better, 56% sell to international markets, compared with 44% of their slower-growing counterparts. Payment guarantee companies make it easier and safer for companies to accept cross-border electronic payments.
Developing countries are eager users of mobile payments — 58% of consumers in developing countries make mobile payments at least once a week, compared with only 39% in developed countries, the survey found, with China leading the way in active use of mobile.