Customers today live their life on the go. A good example is most people spend more time on the phone than in front of their laptop or desktop. The convenience of being able to read and reply to emails from anywhere as long as there is an internet connection, the availability of mobile-friendly websites are contributing factors towards time spent on the phone.
Apart from using mobile phones for emails, banks and financial institutions are using phones for money transfer too. M-commerce, Smartphone and e-commerce contribute to the increased need for convenient payment methods. Instead of customers walking into a banking hall to carry out transactions, they can now log in to their mobile phone app and carry out any transaction.
Financial institutions have two options; they can either ignore the new era of mobile payment solutions or adapt and make the necessary changes. For financial institutions that want to maintain a competitive edge in the market, then mobile payment is a perfect solution to maintain and attract new customers. By adopting mobile payments, a business sets itself up to enjoy lucrative opportunities that come with the payment strategy.
Improved customer experience
Mobile payment solutions provide an accessible, convenient and time-saving avenue to deposit, withdraw cash and make payments to customers as they can use their debit cards, mobile devices and credit cards when making payments. The service enables financial institutions to provide money-related services smoothly to many customers at the same time.
Easy to Track Inventory and Customer Trends
Mobile payments are not limited to either small or medium sized businesses as it can be used in any type of business. It takes time to track inventory for small and medium businesses and could create errors. When customers pay using mobile payments, it helps you in tracking the inventory and in studying customer behaviour. The information can be gathered through automated services so it makes tracking quite easy. As a businessman, you can use the information collected to improve your services. It is easy to manage the cash flow in the business as all the information gets collated at one point. The information will help you know which areas to focus depending on the customers’ preference.
More Sales Leading to Improved ROI
Since the payment method is so convenient, many customers find it easy to use it. As a result, businesses that accept the payment method will reap the most as their sales will increase. Customers will spend more on impulse buying, they will join loyalty programs, and they will find themselves spending more money on purchases.
Mobile payments are a long awaited solution which businesses demand and customers require. Businesses stand to save costs and to improve their profits and ROI by adapting to the technology. Giving loyalty cards is cheaper than coming up with a custom app. The payment method allows more people to pay conveniently and this increases your sales. As a reality, mobile payments have led to success and growth in businesses.
Contributor: Mona Singh, (Email ID: Monasingh8577@gmail.com, https://www.facebook.com/monasingh8577)
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