The Mobile Payment RevolutionSource: Cayan
Imagine the ease of walking into your favorite coffee house, store or restaurant and paying with just your smartphone. And imagine the ability to take advantage of the loyalty programs and discounts offered by your preferred credit or debit cards by just tapping your screen or passing your phone near a checkout terminal. Can you fathom a world where you aren’t fumbling with your wallet, looking for that right credit card, loyalty card and/or coupon? That is the promise – and increasingly the reality – of the mobile wallet.
Now just imagine what an experience like this can mean for your business. The mobile payment revolution isn’t just about giving customers a trendy new way to pay. It’s about finding solutions that will deliver new value for the consumer (discounts or rewards for loyalty, for instance), improve their experience and, in turn, drive new and repeat business for the merchant. The mobile wallet is redefining the relationship between consumers, merchants and financial institutions.
According to the Nilson Report, over $15 trillion was funneled through the major credit card networks, including debit cards and prepaid cards. And analysts are predicting a major uptick in the number of people planning to use mobile devices to make payments. Forrester predicts that mobile payments will reach $31 billion by 2016, up from just $6 billion in 2011, a major shift for the credit card processing industry. And IDC is predicting that consumers and businesses worldwide will make more than $1 trillion in purchases from mobile devices by 2017.
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