The evolution of money looks like this: barter, coins, paper, plastic and now, phones.

The evolution of money looks like this: barter, coins, paper, plastic and now, phones. With the help of NFC (near field communication), companies are going to revolutionize the shopping experience and replace cash and credit cards with smartphones. People use smartphones to complete daily tasks including paying for goods and services. That’s why small businesses are encouraged to embrace mobile payments so that the customers can pay as easily as possible. Mobile payments encompass mobile wallets and mobile money transfers, both taking place through your mobile device. With the help of mobile payments, there is no need to fumble for cash, write out checks or wait for invoices. As the growth of Apple Pay and other NFC payment methods isn’t slowing down, adapting to mobile payment technology is extremely valuable for your business.

From the data below, we can see that the mobile payments market is gaining momentum. According to Business Insider, the usage of mobile payments among millennials will continue to increase. By 2020, it is expected to reach $503 billion. It is also suggested that by 2025, 75 percent of all financial transaction will be cashless. We can be sure that the times of searching for your wallet will no longer exist as all payments will instead be possible with a single touch. According to Statista, the total global revenue from the mobile payment market will reach $930 billion in 2018.

A report conducted by Mobile Payment World suggests that by 2020 the number of mobile payment users could increase up to 150 million. Among the most popular mobile payment systems are PayPal, Stripe, and Braintree. In 2016, PayPal processed 102 billion mobile payments.

If these numbers haven’t convinced you, here are the top five reasons why small businesses should adopt mobile payment technology.

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https://www.entrepreneur.com/article/310726

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