Consumers Reaching For the Mobile Wallet

In yesterday’s post, we looked into some factors that may lead to more consumers’ making mobile point of sale payments. Today, we’ll delve into the types of things that consumers are currently paying for via mobile wallet and some tactics you can use to be more mobile.

shutterstock_86160289● Currently, nearly half of all mobile point of sale payments are between $20 and $30,
● Nearly 60% of the items bought by consumers who frequently pay via mobile wallet are less than $10
● 35% of mobile wallet users by items such as coffee, drinks and snacks, 32% buy apparel items such as clothes, shoes and jewelry
● 20% buy groceries and just roughly 18% buy books, movie tickets and games & apps
● Just under 15% use it for fast food or general retail
● Other items are electronics, flowers & gifts, health & beauty services, automotive related services and travel products

What This Means To You

Most mobile point of sale are items are small, inexpensive items that consumers probably don’t spent a good deal of time making a decision on (not counting the guy at the fast food place, who stares at the menu board for 5 minutes and eventually gets the #3 like he always does).
If your business is one that retails smaller items, mobile payments could make sense for you.  Also, if you sometimes have remote locations such as a farmers market, fair or craft show, event.
The first step is promoting the fact that you accept mobile payments. Not many people will think to ask, letting them know you take payment mobile-ly could encourage them to pay that way. Some mobile payment vendors provide signage and also will bonus customers with account credit for signing up.
When signing up with a vendor, do your research. Check them out on social media and see what the reviews say. You need to do your due diligence because your customers will also. Look at the process, from the customer’s point of view. What to do they need to do to sign up? How long will it take? How much information is needed on their part to sign up? Mobile is all about convenience. It not only needs to be easy to use, but easy to sign up as well. The fact is that mobile could be a viable alternative for some customers who may pay with cash. For many organizations, this means easier accounting and less loss. For more information on utilizing mobile to make your business more efficient and effective, please contact:

Al Fiala
amfiala@gmail.com

Sources: BrightLocal

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One response to “Consumers Reaching For the Mobile Wallet

  1. Pingback: Roadblocks to Mobile Payment | Research That Delivers Results

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