Mobile Payments

Mobile Payment Statistics

Over 87 percent of American adults own or have regular access to a mobile phone
Over 40 percent of consumers have used a mobile payment application in the past year
Over 12 percent of all online sales are made using a smartphone
Over 41 percent of U.S. consumers have used their phone to pay at a merchant location
Over 52 percent of millennials use their smartphone as a payment device

We Also Provide

Merchant Services – Credit Card Processing
Business Loans
ATM Machines
Deregulated Commercial Electricity
Ecommerce Solutions

Mobile Payments include all payments made via a mobile device. Sometimes they are also referred to as mobile wallet and/or mobile money transfers. Mobile payments are projected to exceed $200 billion by 2019. In the payments industry, mobile payments are becoming more common and the number of merchants accepting mobile payments is increasing daily. New programs like ApplePay, SamsungPay, AndroidPay and others are setting the pace in mobile payments innovation. For years we have been hearing about mobile payments and how the mobile wallet will eventually replace physical credit and debit cards and now we are beginning to see the first major advances take hold.

Although we can expect growing pains, mobile payments are here to stay and projected by most to grow by 100% – 200% or more in 2016. Merchants can benefit by providing mobile payment acceptance options both in store and online to their customers. Because of the growth in smart phone usage and the tight integration of mobile wallet programs in the most common phones running iOS and Android operating systems, the gap between awareness and adoption should begin to close at an increasing rate. Most of the new credit card acceptance terminals and hardware used in the transition to chip based EMV cards also include an NFC reader, so merchants that upgrade are positioning themselves to take advantage of these new payment forms

It is impossible to predict what the future holds but the mobile payments landscape is generating tons of excitement. Many new ideas and potential benefits for merchants and consumers alike are on the horizon. These include built in loyalty programs, partnerships with major companies to add additional rewards, as well as programs to push customized coupons and incentives directly to consumers.