Conference attendees consider the future of mobile payments
April 17, 2013

Small businesses who accept debit and credit card transactions through mobile payments processing already understand the value of integrating the purchasing option at the point of sale. The 2013 Mobile Payments Conference, recently held in New York, addressed the long-term potential of mobile payments and conference attendees projected an increase within the next few years in the number of companies using the purchasing method.

Mobile payments may become commonplace
Over 150 senior mobile technology leaders attended the conference and presented findings about the future of the mobile payment processing market. The purchasing method is quickly growing among consumers as a payment option. With more smartphones and tablets entering the market and larger businesses beginning to use mobile payment processing, research presented at the conference predicts the number of customers using the transaction method will increase from 68 million to 174 million by 2016.

The research also reported mobile payments will have the highest compound annual growth rate of all the purchasing forms within the next five years.

Merchants who attended the conference agreed convenience is the main reason why the purchasing platform may grow rapidly among consumers and small businesses. Mobile payment processing allows for quick transactions, easy account monitoring and increased data security for companies who use the software. The purchasing method also provides organizations the ability to increase revenue, as many customers prefer to carry plastic rather than cash with them for financial security. 

According to one conference attendee who is head of their company's strategic development division, technological advancements may prove an asset to the mobile market and accepting cards and checks will only become easier. With a rise in commerce regulations and national bank laws, the mobile payment industry may become more complex, but investing in mobile transaction software will help businesses stay ahead of competition.

Mobile payment processing increases customer loyalty by offering companies the opportunity to accept digital coupons from their email marketing campaigns and product manufacturers.

As more consumers invest in smartphones and tablets, mobile payment processing has become a long-term option for accepting plastic purchases. Organizations looking to increase their revenue and stay up to date on the latest technology may want to adopt the payment processing solution. Many customers are beginning to feel more secure about the transaction method, and businesses who already accept plastic can boost consumer satisfaction by employing the payment option. 

Nexus: G-WEBCD2