Hispanic shoppers drive mobile payment adoption
May 23, 2013

Small- and medium-size enterprises employ integrated payment systems to offer consumers multiple transaction options. With the number of cashless customers increasing, it is more important than ever before for SMEs to accept credit card payments. The implementation of mobile payment processing is on the rise throughout much of the U.S. and customers are starting to get on board with the purchasing platform. A new study on smartphone adoption found Hispanic consumers are leading the trend in mobile device utilization at the point of sale.

Mobile payments enhance shopping experience 
According to a recent study by The Integer Group and M/A/R/C Research, 16 percent of Hispanic shoppers use mobile payment processing compared to 12 percent of total consumers. The study found Hispanic customers tend to experiment more with technology while shopping, with 25 percent saying they value enjoying the shopping experience compared to 18 percent of the overall respondents. Forty percent also reported their family and friends influence how they shop. This number may grow as consumer adoption of mobile payments increases. 

This study follows previous research by White Horse, an interactive web marketing company, and Sensis, a digital advertising agency, which also found Hispanic consumer use of smartphones in stores tended to be higher overall than that of the general market.

Both studies found Hispanics tend to prefer a social shopping experience more than other consumers.

According to Forbes, Hispanic buyers have stronger purchasing power than other ethnic groups due to the influence of their personal networks. 

Enrique Marquez, senior vice president and director of strategy for Chicago-based Lapiz, told the news site Latinos are set to drive consumer adoption of mobile technology.

"With Latinos, the consumer is not boss, culture is boss," Marquez said. "For brands and marketers to succeed with Latinos, we must fully understand and embrace their unique mindset and pay close attention to the cultural relationship they have with categories and brands."

It is important for SMEs to understand that most Hispanics - about 56 percent - walk through a store with a smartphone in hand, and 43 percent with a tablet. Connecting with each other and with favored brands continue to be important to them.

Mobile devices are reshaping the consumer landscape. SMEs can get on board with the trend by adopting mobile payment solutions.

Nexus: G-WEBCD2