Mobile payments industry poised for growth
February 04, 2013

As a result of the massive popularity mobile payments have garnered in recent years, many experts are beginning to project where the industry might be heading in the future. More consumers are using smartphones and tablets to make purchases and carry out other shopping activities such as price comparisons, representing an opportunity to merchants of all kinds to turn customer interest into higher profits. 

Luxury Daily recently reported that on-the-go mobile payments will likely see the strongest compound annual growth rates in the coming years. The most successful players in the mobile payment processing industry are those that offer the most intuitive and convenient methods of accepting credit card payments from a variety of sources. 

The website explained that certain components of mobile payments should always be paired with loyalty and gift card programs to drive customer engagement through convenient and quick shopping processes. According to the news provider, the hospitality and service industries are likely the ripest for mobile payment growth because of consumers' behaviors when frequenting these establishments.

Integrated payment systems can help companies ensure cohesion and interoperability among mobile transaction processing and loyalty programs, improving the customer experience in the process. 

Nexus: G-WEBCD3