Mobile payments are ready for the limelight
March 05, 2013

If businesses aren't already offering their customers the flexibility of mobile payments, now is the time. While many companies actively accept mobile payments to bolster the convenience of the shopping experience, new data from Research and Markets suggests the payment medium is ready to become truly mainstream.

Findings from the survey reveal that approximately one-quarter of American households have completed at least one mobile payment in the past, whether it was via a contactless transaction or through external attachments that accept credit card payments. Mobile payments are especially popular among Millennial consumers between the ages of 18 and 34, who grew up with technology and are more prone to embrace it.

Genie M. Driskill, chief operating officer at research firm Synergistics, likens the rise of mobile payments to that of credit and debit card usage. As the payment solution becomes even more popular, consumers will be more apt to expect the transaction option from retailers and companies.

"Current usage of mobile payments among Internet households, at one-fourth, is impressive, and our findings seem to suggest that the channel may be leaving the early adopter stage and entering the point at which a business case for the service can be made," Driskill added. "With mobile payments there are multiple services that can be promoted beyond just bill payment. Furthermore, the degree of usage and receptivity among younger consumers in the market is very promising."

Any business owner can quickly and seamlessly offer mobile payments by attaching hardware to the smartphones they are already using. In that sense, mobile payment acceptance is an easy way for companies to maximize the mileage of equipment they are already using on a daily basis to get even more done. Mobile payments offer retailers and organizations greater flexibility to conduct transactions whichever way their customers desire.

Nexus: G-WEBCD4