Consumers want to make mobile payments, and if your business doesn’t accept them, you could be left behind.
By Rieva Lesonsky
We’ve talked a lot about being mobile ready—because mobile devices are increasingly how consumers look for and buy products and services. But new research from Mintel indicates small business owners need to adopt mobile payment options as soon as possible.
According to the survey, 28 percent of Americans say mobile payment is the payment method of the future, 40 percent of consumers already use or are interested in using mobile payment technology, and 18 percent would use mobile payments if more stores accepted it. Among Millennials, America’s largest generation, 56 percent already use or are interested in using the technology.
Of all the FinTech (financial technology) services, mobile payments are the most popular—and Bryant Harland, a senior technology analyst at Mintel, says they have the greatest future potential. Part of the challenge, adds Harland, is businesses must “clearly communicate to consumers exactly how and where FinTech services can be used.”
The Mintel survey also shows consumers have some concerns about mobile payments, mostly about security. Nearly 20 percent think mobile payments are “less secure” than traditional payment methods.
I wrote about mobile payments here a few months ago. Here are some of the mobile payment options you can look into, courtesy of my friends at SmallBizTrends: Apple Pay, Clover, Apple Pay, Android Pay and Shopify (affiliate link). Be sure to check with your current bank as well.
As with mobile searches and m-commerce, consumers are leading the way—expecting small businesses to offer mobile payment options. It’s important you don’t get left behind.