In recent years, the market for mobile payments has grown remarkably. Mobile payments generated $1.7 billion in revenue in 2021 and are expected to reach $4.8 billion by 2025. It’s not surprising that people consider it convenient to make online purchases using their phones given the significant forces driving mobile consumer expenditure, such as improved digital content and general technology usage.
Mobile payments are becoming more and more common, but there are still many misconceptions about how convenient they are that prevent widespread use. We need to expose them now!
5 Misconceptions We Want to Expose…
# 1 Making Purchases with Your Phone Isn’t Safe
Presumption: Compared to cash transactions, many consumers believe that mobile payments reveal too much personal information, raising concerns about their security. Additionally, the sporadic panic brought on by security breaches isn’t helpful.
Actuality: Technology improvements like tokenization, encryption, 3-D Secure, and other protection techniques, however, are incredibly effective at reducing the risk of a cyberattack. Additionally, organizations that handle mobile and online payments are required to adhere to the PCI-DSS compliance norm, a stringent set of security guidelines developed by the largest card issuers to safeguard cardholder data. You may be assured that your personal data is safe if you use the solutions of m-commerce enterprises that are PCI-DSS certified.
Bonus info: According to MasterCard, physical cash is in fact less secure than digital ones because, in the event of theft, anyone can access your funds without requiring any kind of identification.
# 2 Mobile App Implementation and Use Are Challenging
Presumption: Due to the perceived complexity of digital wallets, many businesses are hesitant to include them in their selection of client payment options. In fact, a lot of people think that making mobile payments available necessitates a complicated setup and ongoing IT department upkeep.
Actuality: The only thing needed to integrate a digital wallet into your e-commerce system is a simple API integration unless you wish to build it yourself, which is uncommon. Many of the available mobile payment options are simple to use and intuitive, making it quick and simple for businesses to set them up and maintain them. And if you’re a customer, all you have to do to get started is download the store’s app or wallet!
# 3 Your Sales Won’t Increase That Much Because of Mobile Payments
Presumption: It’s simple to think that mobile payments won’t have a beneficial impact on your sales if you’re unaware of their widespread use and the advantages associated with their use. Some businesses fail to recognize the business potential of mobile commerce due to their being too preoccupied with protecting their physical or online store.
Actuality: By enabling mobile payments, you may reach a completely new group of potential customers who prefer to make purchases using their smartphones because it’s quick and simple. In fact, only in the USA this year, mobile payments reached 48% of all online sales on Black Friday compared to 44% in 2021, demonstrating a remarkable uptake throughout all age groups.
Bonus info: Users spend 3 hours and 15 minutes daily on their smartphones, according to eMarketer. Yet one in five smartphone owners spends more than 4.5 hours every day—on average—on their devices. It’s a big chance that shouldn’t be passed up with 6.92 billion users of mobile phones globally!
# 4 Apps and Mobile Wallets Are Only Practical for Purchasing Items
Presumption: Many businesses feel that because a mobile wallet only allows purchases for consumers, it’s not worth the effort to adopt one. On the other hand, customers couldn’t be persuaded of the necessity of downloading the merchant’s app because it will merely occupy space and not offer any added value in addition to completing payments.
Actuality: In reality, mobile wallets have advantages for both the businesses that use them and their customers.
On the one hand, businesses gain from:
- increasing brand recognition due to the ability of certain mobile solution providers to customize the wallet with both the corporate colors and logo;
- an increase in conversion rates as a result of the users’ being given a convenient and time-saving alternative;
- a reduction in the number of carts abandoned;
- implementing loyalty programs in a simple way;
- analytics that makes it easier to comprehend how mobile users behave.
There are yet more advantages to mobile payments.
Users receive the following in addition to the obvious alternate payment method:
- linking many payment options in one location;
- the benefits of loyalty programs;
- time-saving, efficiency, and convenience;
- payment history to enable them to review all of their past payments;
- a protected setting where their cardholder info is safe.
These are the general advantages that almost all mobile wallets will give you, albeit features may range between various mobile solution providers.
# 5 The Cost of Implementing Mobile Payments Is High
Presumption: There’s a widespread notion that mobile solutions are pricey. It’s natural to assume that since they are the most recent innovations available on the market, they will be expensive, as is the case with many other cutting-edge technology goods and services.
Actuality: Payment methods for mobile devices don’t have to be pricey. In reality, some businesses give pricing that’s incredibly reasonable for the value they deliver, producing a fantastic ROI (return on investment).
Mobile payments are expanding quickly, and both businesses and customers who choose to use them either for online shopping or depositing funds for later gains, such as on betting sites that accept Jeton Wallet at Bookmaker-Expert.com, can benefit greatly from doing so.