A new payment system in the name of ‘mobile wallet’ is gripping the new age shoppers across the world and in India, with huge penetration of smart phones and customers constantly looking for improved shopping experience, it’s no surprise that mobile wallets have become the most favoured payment option among customers, whether they pay at physical stores or on-the-go.
According to a recent survey by eMarketer, in the days to come, more consumers are likely to pull out their smart phones to pay for services and goods they receive from retailers.
The year 2016-17 will see the total worldwide mobile payment transactions going up at $27 billion from last year’s $8.7 billion with shoppers expecting to spend an average of $720 compared to $376 during 2015-16, the report said.
Increasing acceptance by tech savvy consumers will push the total mobile payment sales and have great impact on the average spend per user.
“Mobile payments are fast and secure and enhance payment experience for customers at Point of Sale (POS),” says Bhaskar Venkatraman, Founder and Director of JusTransact.com, an e-commerce arm of Millennium Group dealing with Point Of Sale (POS) technology products of several leading brands.
“Mobile wallet payments are gaining traction among shoppers in India, so retailers who could integrate mobile payment facility into their POS system can attract new age consumers who find payments through mobile wallets are convenient and safe,” adds Bhaskar, a POS technology expert who has more than two decades of market exposure.
Apart from being secure, mobile payments have lot of benefits as they are seamless, fast and convenient.
Mobile payments can make customers’ shopping experience secure and enjoyable as they need not have to carry backpacks, bags or briefcase to keep money or credit/debit cards, which can be misused if lost.
Great Customer Connect
Tracking loyalty programs and make good use of them are pretty simple and easy. Consumers can simply link merchant’s app and tap the app to find their purchase history and reward points. These days, merchants are pretty smart to enhance customer experience by connecting their apps to in-store beacons so that customers get reward points details, product offers and discounts the moment they enter into the store.
Mobile wallets are fast compared to traditional cash and card payments. Mobile payment through mobile POS can be an ideal match for any retail environment as it helps quick checkouts and bust queues efficiently during peak hours or special occasions.
On security point of view, mobile wallets are safe for transactions even for on-the-go types of payments. Retailers would rather tap into the benefits of a chip-grade transaction if they accept mobile wallets, which integrate all security features.
Power of mPOS
Many a times, we see customers intend to purchase an item, but put it back on the rack seeing the long checkout line. Some may even leave the store without purchasing anything because the shop doesn’t have advanced queue busting mechanism and customers don’t have time to check through inventory. By accepting mobile wallets at checkouts, or enabling payments apps, retailers can also consider using mobile point-of-sale (mPOS) systems, in which store executives can interact with customers anywhere in the store and allow them to select the goods and pay for them at the same point.
“Mobile POS are used by retailers to help customers pay for the purchased goods instantly anywhere in the store. Rather than wasting time in the payment counters, shoppers can approach store executives carrying mPOS devices to do a quick checkout. For shop owners, empowering staff can be helpful to drive more business which also can bring in more customers,” Bhaskar quips.