According to HMS (a registered ISO of Wells Fargo Bank), "mobile payments have never been more popular than they are now. Mobile payments are extremely valuable in the United States, with the mobile payments market valued at about $1.5 trillion in 2020. The industry will likely grow by more than three times that value before 2026.
Small businesses and franchises welcome flexibility when it comes to payments, as they strive to create a superior customer experience.
Many start-up's are introducing new software integrations allowing businesses and customers to use mobile payments technology. The payments industry has seen nearly $15 billion in annual investment money each year on average, a total that has been rising over the past few years.
No two business are the same, and individuality is important for business owners trying to stand out from the crowd.
Consumers have also been willing to adapt to mobile payments. They are interested in contactless payment solutions, including mobile payments that can be completed through their own iPhone and various smart devices.
Gone are the days of big black boxes on a messy countertop, with mobile payments, you can checkout customers anywhere in the store.
Mobile payments are exciting in that they make it easier for people to pay for things whilst reducing friction, allowing for increased 'cart' sizes. There are many emerging and future trends to watch, indicating that the mobile payment industry is evolving quickly.
The Impact of Covid-19
Emilie Casteran, CEO at YouTransactor writes in an article for Finextra - A survey conducted by Mastercard in 19 countries demonstrated that 79% of the people are now regularly using contactless payments. Another study by Ascent shows that $2 trillion worth of transactions are made using contactless technology across the world. Particularly in the context of this sanitary crisis, 82% of consumers regard contactless as a cleaner way to pay.
Not only consumers, but merchants too are driven by similar concerns to actively promote use of contactless payment methods. It allows them to protect their customers, as well as their staff, by discouraging cash-based or PIN-based transactions.
Additionally, governments, regulators and other stakeholders are pushing for “touchless” payments. Many countries have increased the upper limits of contactless payments. For instance, in the UK the limit was increased from £30 to £45, and more recently up to £100, in France from €30 to €50, and in Germany from €25 to €50. Public health bodies, Centers for Disease Control and Prevention in the US have also become involved by advising businesses to use contactless technologies whenever possible.
Our range of mobily payment solutions for Apple devices is ever expanding as we keep up with demand from the industry. Our range for iPhone 12 will be available soon - but for the meantime if you'd like to discuss this solution with us we'll be happy to help.
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