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How can you capitalize on the future of mobile payments?

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Mobile payments are not just a convenient way to pay for goods and services, but also a powerful opportunity to grow your business and reach new customers. Whether you are a small business owner, a freelancer, or a digital entrepreneur, you can leverage the benefits of mobile payments to increase your revenue, reduce your costs, and enhance your customer experience. In this article, you will learn how to capitalize on the future of mobile payments by following these four steps:

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Juuso Paulasuo

Payments & e-commerce development at SOK
Kavitha Murali

Head of Strategy and Business Planning, India and South Asia at Visa
Dr. Vivek Agrawal

Digital & Transformational Leader | Cards & Payments | Partnerships & Alliances | Fintech & Martech Blogger | Perennial…

1 Choose the right platform

The first step to capitalize on mobile payments is to choose the right platform for your business needs. There are many options available, such as mobile wallets, QR codes, NFC, and biometrics. Each platform has its own advantages and disadvantages, depending on factors such as security, speed, convenience, and compatibility. You should consider your target audience, your business model, and your budget when selecting a platform. For example, if you want to attract younger customers who value convenience and innovation, you might opt for a mobile wallet that integrates with social media and offers rewards. On the other hand, if you want to cater to older customers who value security and simplicity, you might prefer a QR code that can be scanned with any smartphone.

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Dr. Vivek Agrawal

Digital & Transformational Leader | Cards & Payments | Partnerships & Alliances | Fintech & Martech Blogger | Perennial Learner | People Leader | Neuromarketing | Islamic Banking | Biomarketing
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I would like to add the significance of Real time payments (RTP) like UPI in India or, PIX in LatAm, which is going to be the real driver behind the growth of mobile payments. As per a recent study of Pymnts, 55% of the digital payments are done via RTP across major economies. Gen Z & Late Millennials are the major segments leading this uptake. Another driver of mobile payment growth has been the availability of payment modes for the customers.

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Eric Novinson

Freelance Writer at Self Employed
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Some businesses have created their own mobile wallets to keep control over their customer data and avoid paying additional fees to tech companies. But customers may also expect to be able to use the mobile wallets that they're already using at other stores at your business.

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2 Optimize your website

The second step to capitalize on mobile payments is to optimize your website for mobile devices. This means ensuring that your website is responsive, fast, and easy to navigate on a small screen. You should also make sure that your website is secure, compliant, and integrated with your chosen mobile payment platform. You want to provide a smooth and seamless checkout process for your customers, without any glitches or delays. You should also test your website regularly and monitor its performance and feedback. By optimizing your website, you can improve your conversion rate, reduce your bounce rate, and boost your customer loyalty.

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Juuso Paulasuo

Payments & e-commerce development at SOK
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It is essential to follow your business' payment trends and customer behavior, and act accordingly. For example, if you notice that mobile payments are growing in popularity and card payments are declining, increased conversion rates and customer satisfaction can be reached by simply presenting mobile payments before card payments in your checkout. If you are operating internationally, you should pay attention to payment trends in different market areas. Accepting local mobile payments such as Swish in Sweden, Vipps in Norway or MobilePay in Finland and Denmark can result in increased sales volume and increase trust towards your brand with local customers.

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3 Promote your mobile payment option

The third step to capitalize on mobile payments is to promote your mobile payment option to your existing and potential customers. You should communicate the benefits of using mobile payments, such as convenience, speed, security, and rewards. You should also create incentives and offers that encourage customers to try or switch to mobile payments, such as discounts, coupons, or loyalty points. You can use various channels to promote your mobile payment option, such as social media, email marketing, SMS marketing, or in-store signage. You should also track and measure the effectiveness of your promotion campaigns and adjust them accordingly.

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Eric Novinson

Freelance Writer at Self Employed
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Many customers already want to use mobile payments so you may not need to convince them to use this payment option by listing features and benefits. You just need to let them know that your business supports mobile payments.

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4 Enhance your customer service

The fourth and final step to capitalize on mobile payments is to enhance your customer service. Mobile payments can help you create a more personalized and engaging customer experience, by allowing you to collect and analyze data, offer recommendations and suggestions, and provide feedback and support. You should use mobile payments as a tool to build trust and rapport with your customers, by offering them value-added services, such as receipts, refunds, tips, or donations. You should also be ready to handle any issues or complaints that might arise from mobile payments, such as technical errors, fraud, or disputes. By enhancing your customer service, you can increase your customer satisfaction, retention, and referrals.

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Kavitha Murali

Head of Strategy and Business Planning, India and South Asia at Visa
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Payments can be a great tool to drive insights on customer behaviour. The data on when a consumer checks-out and makes payments (time of the day, day of week / month), the variation in payment mechanism basis the transaction size / type of product), are some examples of how data captured from payments can help drive a better experience and more traffic.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Eric Novinson

Freelance Writer at Self Employed
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Mobile payments still have relatively low adoption in the United States although they've been gaining popularity in the last few years. In the future, support for mobile payments is likely to become much more important.

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How can you capitalize on the future of mobile payments?

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2

3

4

5

1 Choose the right platform

2 Optimize your website

3 Promote your mobile payment option

4 Enhance your customer service

5 Here’s what else to consider

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How can you capitalize on the future of mobile payments?

1

2

3

4

5

1 Choose the right platform

2 Optimize your website

3 Promote your mobile payment option

4 Enhance your customer service

5 Here’s what else to consider

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