More than a new payment method, the Mobile Payment technology allows for consumers to have a new experience with brands. There are many opportunities to expand services brands provide.
Identification of clients, loyalty rewards, promotions, client service and an easy purchasing experience are just a few examples. By leveraging the mobile payment experience, businesses earn a closer and more lasting relationship with consumers. This is mobile payment that goes way beyond the purchase.
At the point of sale
Consumers are becoming more and more discerning. They have done their research by the time they get to the point of sale, and, more and more, they are preferring the information garnered from social media over that provided by sales staff.
For the point of sale, offering mobile payment is a way of keeping up with the technological revolution, and attracting consumers who are connected to the trends.
Being able to tap a card, a cell phone, a watch or a wristband (the famous wearable payment methods) to a terminal makes the transaction quicker and more convenient. Security issues are a myth. For consumers who don’t know what to do in the event of loss or theft of these payment methods, for example, the answer to these dilemmas lies in the technology that manages the objects/equipment. Valid has security solutions hosted in the cloud, that make contact payment (NFC) a more secure method than payment via a chip card.
By cell phone
Telecommunications and payment companies are investing a great deal into turning cell phones into the new wallet for citizens around the world. A new age without cards or paper money has heralded a new frontier for businesses and for marketing: the maximum personalization of the clients’ relationships with brands.
Apps also offer other opportunities for entrepreneurs. Multi-channel sales (consumption that starts over the internet and ends at the point of sale), artificial intelligence for customer service, and augmented reality are just some of the trends that will change the way consumers interact with brands.
Mobile payment has already changed the purchasing experience in a few industries. Proof of this is that apps are now the preferred method for users to pay for transportation, according to a mobility study by Alelo. Without even needing to fill in much information, transactions made by cell phone are only going to keep increasing.
To get an idea, according to a report by TrendForce, a global provider of market intelligence, 620 billion dollars were transacted via mobile devices last year. The projection is for this number to increase globally to 780 billion dollars in 2017.
As a provider of mobile and payment solutions, Valid understands that the best experience is the one that is invisible to the consumer – one that is uncomplicated and completely secure, facilitating the purchase experience and enabling a more personalized relationship between brands and consumers.