New trends in mobile payments
January 23, 2013

In 2012, the mobile payments industry experienced exponential growth, regarding both the popularity and the volume of transactions. This trend has been largely driven by the rapid proliferation of smartphones and tablets capable of conducting mobile payments, along with the increasing consumer preference to carry out transactions using their personal devices.

Merchants need to adapt to these preferences to keep pace with consumer trends, and those that accept credit card payments through the largest number of platforms will capture the most potential revenues at the point of sale. Integrated payment systems can make the process of creating a cohesive transaction ecosystem more efficient and affordable, and can be especially helpful for small and medium-sized businesses (SMBs).

Mobile payments evolve
Computer Business Review recently made several predictions for mobile payments in 2013, explaining that this year will likely differ dramatically from 2012. Though the source projects the industry to continue experiencing exponential growth, it stated that the most popular types of mobile payments around today might begin to lose some ground to other market segments.

For example, the news provider asserted that mobile wallets will not experience the same level of growth this year as last year, and other mobile payment processing options will become far more commonplace. As a result of the increasingly demanding consumer landscape that looks for maximum convenience and the mass popularity of smartphones and tablets, merchants will adopt these systems more rapidly.

Computer Business Review noted that there will be some tensions in the industry, which remains more or less unregulated at the moment. The source suggested that the industry will not reach its most complete maturity until some sort of oversight organization emerges to build and govern mobile payments standards and best practices.

Still, competition in the market has already yielded some standards, as well as more preferable products for SMBs.

BBB issues recommendations for SMBs
The Better Business Bureau (BBB) recently offered SMBs several suggestions regarding the procurement and launch of mobile payment processing, all of which specifically relate to platforms that use smartphones and tablets as the point of sale device. The department explained that the first step for SMBs is researching the potential options on the market.

The BBB added that SMBs should always offer customers the conveniences they expect, such as automatically emailed receipts. Finally, the organization said that integration is crucial to ensure cohesive and efficient payment processing capabilities.

Nexus: G-WEBCD6