One thing I really miss about China was the mobile payment apps WeChat and AliPay. Run out of cash when shopping? Pop out your phone and scan the QR. Need to pay rent? Send it online. Want to buy a plane/train ticket? Buy it all on WeChat. Practical, fast and simple. It was absolutely amazing. Which got me wondering why the West is so outdated and not catching up on this huge tech development?
Yes, we do have Apple pay, Samsung and Android Pay, Google Wallet and even one for Starbucks. But that’s the issue, having too many means we don’t know which one to choose and they’re not all available in each shop. According to BlueSnap, in Sweden only 2% of all payments are made with cash, so it won’t be long before the rest of Europe and other countries catch on to the boom. When the time comes, whether you own a business or not, be prepared to using mobile payments on a regular basis. Here are some ways you can prepare:
1. Adjust your business
If you own a retail store or a small business, you have to keep up to date with the technological advances. Mobile payments are trendy and practical, and will benefit both you and your customer, make sure you have devices which allow the mobile payment apps active nowadays. 39% of Americans say they would use mobile payments more frequently if more stores and apps accommodated it, meaning the more up to date you are, the more people will use mobile payment. Why is that a good thing? Check out point 3.
2. Start using it yourself
Experiment around with the different mobile apps available for you. This could be Apple Pay, Android Pay, Google Wallet, Samsung, etc. Because of the different number of apps, people aren’t sure which one to use and so don’t try any. Don’t be scared of experimenting and trying, and get used to whipping out your phone each time you make a purchase and maybe even hearing a ‘woah’ (especially in restaurants).
3. Analyse Payment Patterns
I’m planning on writing a separate post on this because of the HUGE potential of costumer targeting with online payment. Think about it: Each time someone buys with their phone, every single movement is recorded: the time, date, amount, place, etc. This will bring a huge amount of rich data for marketers to analyse their customers and therefore target the products effectively. People like Newsosaur are predicting that marketers ‘will vector ever more of their advertising dollars into direct connections with consumers, instead of mass media’, so less focusing on the masses and more on the individuals. For you, this means you get to track a ton of data on your customers as soon as you implement mobile payments in your business. This amazing resource means better targeting and therefore more sales which means more $$$. Yes, I’m excited too.
4. Buddy up with possible winners
At the moment, Paypal is the boss of mobile payments. However there is another generation coming, and as I said before, we’re not sure who will come on top. By experimenting with the different apps you’ll get to choose which ones could work best for your business. However, keep a close eye on who could be the winners and make sure to buddy up with them.
This tech advance is particularly mind blowing. Can’t be bothered to reach into your back pocket for your phone? Simply pay with a flick of the wrist. We know Apple Watch and some others do this, but it hasn’t reached all mobile payment users. Just think how easy it will become to pay and spend money (whether that’s good or not is another discussion), and how that could benefit your company or yourself. You could set up a system where you only use your watch to pay for certain things and your card for others to work around your budgeting system. There are endless possibilities!
I’m seriously pumped about this mobile payment advance and really can’t wait to not have to carry my wallet around each time I go anywhere. Think of the great advantages when traveling, going on a night out or simply doing some errands. I might forget my wallet, but I rarely forget my phone. Although it does mean your phone becomes much more valuable, the security systems in place are very secure and so highly unlikely to get hacked. Just make sure your phone doesn’t run out of battery and you’re good to go!
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