Preparing Your Business To Accept Mobile Payments

Many factors contribute to a shift in the payments landscape that is moving all parties involved — including consumers and merchants — towards mobile payments. For starters, the global adoption of smartphones and other mobile devices, and their seemingly endless variety of apps, continues at a record pace. Consumers have become accustomed to relying on these devices to manage practically all aspects of their lives, including banking, budgeting and shopping.

Mobile phones are also changing the way consumers make payments, according to the Federal Reserve’s Consumers and Mobile Financial Services study released in 2015. It reveals that 22 percent of all mobile phone owners reported having made a mobile payment in the 12 months prior to the survey, up from 17 percent in 2013 and 15 percent in 2012. Additionally, 39 percent of all mobile payment users with smartphones had made a point-of-sale payment using their mobile phone in the 12 months prior to the survey.

Online payments made using mobile devices are also on the rise, now accounting for 27 percent of the total online payments made in Q1 2015, according to the quarterly Mobile Payments Index (MPI) which tracks mobile payment data from web-based transactions.

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