Top 4 Reasons to Accept Mobile Wallets

When Apple revealed Apple Pay about a year ago, few merchants had the ability to accept this form of payment. Today, Apple Pay is widely accepted along with its counterparts: Android Pay and Samsung Pay. These types of payment options can be categorized as mobile wallets and are made possible by the use of NFC (near field communication) technology. To make an NFC payment, customers simply hold their smartphone a few centimeters from the NFC-enabled terminal to allow a data exchange between the two electronic devices.

Read on for the top 4 reasons to accept mobile wallets.

1. SpeedIn a traditional transaction, the customer may have to shuffle through his or her belongings to pull out their cash or credit card. With mobile payments, the customer’s credit card is connected to their mobile device providing a streamlined and speedy transaction process.

2. Customer LoyaltyThere is also the potential to build customer loyalty and engagement via mobile wallet use. Starbucks, for instance, not only provides its customers with mobile wallet functionalities via the Starbucks App, but also a loyalty program based off usage. This potential for customer loyalty programs will allow increased insight into customer trends and needs.

3. AvailabilityNow, consumers need not worry about whether or not their current credit card is supported on mobile wallets. Trends show that credit card companies, such as Discover, are making mobile wallets accessible across multiple platforms providing widespread availability for the consumer–no matter their smartphone service.

4. TrendsWith approximately $7.5 billion in mobile transactions in 2015, that number is only expected to increase over the next five years. The Aite Group, a research group focused on the financial industry, predicts that by 2020 mobile wallet sales could reach $487 billion.1

With increased availability for consumers, more widespread acceptance in the marketplace and trends predicting an explosion in mobile wallet use, merchants wishing to stay competitive, need to be prepared to offer NFC-enabled terminals for their customers.

Interested in accepting mobile? Talk to an Eliot representative today.