By Blake Ng — 11 Jan 2021
Mobile wallets are expected to become the preferred method of payment in the world by 2025, overtaking card payments (Mordor Intelligence). In fact, in Europe, mobile wallets surpassed card payments at the end of 2019 (Statista) and it’s expected that by the end of 2020, mobile wallets will do the same in the United States (Bluesnap).
The long and the short of it is – if you haven’t yet, you should definitely consider enabling mobile payments for your business (PS. you can enable it with Rezdy).
Okay, but why?
There are four main reasons why more and more people are using mobile payments.
1) Faster processing.
2) Seamless user experience.
3) Higher security
4) Increased shopping on mobile.
Whether you take payments at point of sale or online, processing on mobile payments are by far the fastest.
It’s worth remembering that people are becoming more and more impatient, and every second matters in boosting your booking rate.
Put your site to the test with Google’s Test My Site, you’ll be able to see how and where each second adds up to in real-world revenue with a personalised report for your website.
There’s nothing worse than fiddling through your wallet, pulling out your card and keying the details onto your browser. Mobile wallets allow for one-click payments.
The key to boosting conversion rates is to remove any friction during the transaction, ie. make it as easy as possible for your customers to purchase.
But more importantly, users who have a negative experience on mobile are 62% less likely to purchase from you in the future, according to Google.
Take a look at how easy it is to make payments with GooglePay. That’s a great mobile experience!
It’s worth noting that this is not limited to just customers on mobile, plenty of users have GooglePay set up on their Chrome browser so they get the same checkout experience on Desktop.
And let’s not forget about your customers who pay at point of sale. There are plenty of customers who are ditching their cards in favor of thinner wallets, storing most cards on their phones.
Note: You can set up Square as your POS solution to take mobile payments at POS.
Fingerprint scanners, face scanners, new security chips and quicker technology updates are just some of the benefits of better and better phones that are released every year. When was the last time cards were updated?
Mobile is expected to dominate online sales and drive 54% of online sales by 2021 (BigCommerce). Furthermore, 70% of mobile searches lead to action within an hour. It takes desktop users a full month to reach the same percentage (Forbes).
To say that mobile shopping is a big opportunity is an understatement. So when travel comes back, and people are browsing your tours on mobile; you want to be ready, with the best mobile experience possible to maximise on those tours!
We’ve just highlighted the top few reasons why you need to enable mobile payments for your customers, but trust us when we say there are more, a lot more. You could spend a few hours doing more research, or – you could just enable GooglePay and ApplePay today.
Mobile wallets and payments are available on RezdyPay. It’ll take no longer than a few minutes and cost you nothing extra! Get started here.