Mobile Payments include all payments made via a mobile device, such as ones made by a payment app. Sometimes they are also referred to as mobile wallets and mobile money transfers. Mobile payments are projected to exceed $200 billion. In the payments industry, mobile payments are becoming more common, and the number of merchants accepting mobile wallets and online payments is increasing daily. New programs like ApplePay, SamsungPay, AndroidPay, and others are setting the pace in mobile payments innovation. For years we have heard about mobile wallets and online payment apps and how the mobile wallet will eventually replace physical credit and debit cards, and now we are beginning to see the first significant advances take hold.
Although we can expect growing pains, mobile payments are here to stay and projected by most to increase by 100% – 200% or more. Merchants can benefit by providing mobile wallet and online payment app acceptance options both in-store and online to their customers. Because of the growth in smartphone usage and the tight integration of mobile wallet programs in the most ordinary 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 wallet and the online payment app 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 plans to push customized coupons and incentives directly to consumers.
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Evolution of Mobile Payments