Moving Towards The Mobile Wallet

Does it seem that less people are paying for goods and services with cash? Use of paper checks also seems to be on the decline (but, they always seem to be in front of me in the grocery checkout line). It wasn’t that long ago that consumers weren’t that sure of making e-payments and electronic banking, but the mobile revolution looks to make payment by smart phone or tablet a sooner, rather than later, reality.

• Over half of US consumers have a smart phone. By 2016, nearly 200 million adults nationwide will have a mobile device.  Over 70% will own smart phones and 40% will
have tablets

• Over 40% of current mobile device owners say they would
be interested in using a
mobile wallet

• 30% of consumers said they used their mobile phone to make a purchase

• Last year, mobile payments totaled over $360 million, less than .01% were from point of sale.  By 2015, mobile payments are expected to hit nearly $750 million, but point of sale is still expected to represent just .02%

What Does This Mean To You?

Mobile technology has become important to consumers because of the convenience it offers.  That is what will drive the mobile wallet – not having to reach for your credit or debit cards, or even worse hold up other shoppers by writing a check. While the point of purchase aspect of mobile payments is going to take a while for adoption to take hold, the real opportunity lies in contact-less payment forms such as QR codes.

• Nearly 20% of smart phone owners say they have made some form of contact-less payment and other 20% are interested in the technology

• Over half of iPhone owners and more than 40% of Android phone owners say they have scanned a QR code in the past year

• 12% of iPhone owners and 14% of Android owners say they are interested in scanning activities in the future

Contact-less payment can help you increase your value to consumers by making it more convenient to shop physical or virtual stores than your competitors.  Many consumers have not made an in-store purchase because of long lines at check out.  Imagine if consumers could scan a code located in the store, skip the checkout and then pick-up the item at customer service or have it shipped to them.  Placing QR payment codes in your advertising messages turns a simple print ad into a powerful point of purchase tool.  Imagine how easy you could make holiday shopping for customers by placing payment QR codes in you Black Friday ads.  For more information on how your business can optimize and maximize mobile commerce, please contact:
Al Fiala
amfiala@gmail.com

Source: Mobile Commerce Daily; Javelin

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