Request a Demo

Fields marked with an * are required

Mobile payments pundits expect big things

By: capturecode | Jan 9, 2014

Mobile payments have been a fascination of many forward-thinking companies for a long time, whether it's the financial service providers that create apps that enable these transactions or the end-of-the-line entrepreneurs who simply use them at their businesses. Although 2013 wasn't the year that mobile payments replaced cash and credit cards (that year is far off yet), many industry experts expect 2014 to build on the progress gained in the industry over the course of last year.

"I would say 2013 was the 'year one' of the modern mobile payments era, and so looking ahead to 2014 I am very optimistic," Jason Oxman, CEO at the Electronic Transactions Association, told Mobile Payments Today. "If we look at the $4.6 trillion in payments processed in the U.S. in 2013, most estimates suggest that around $150 billion – a fraction of one percent – were mobile payments. Although some would say that is cause for pessimism, I think we are on the flat part of a hockey stick adoption curve."

Oxman pointed to other digital trends that may have been slow to begin with, but exploded with popularity as time went on. For example, when retailers first began opening online storefronts, they accounted for only a small portion of sales. Nearly two decades later, however, and e-commerce has exploded, generating billions of dollars annually, and has become the preferred way of many people to shop.

Over the next decade, a similar trend may occur in the mobile payments space. More financial services providers will support the transaction type, more companies will create mobile payment apps, more mobile devices will include technology needed to support mobile transactions and more people will begin viewing their smartphones as a means to pay for goods and services.

Offering the mobile payment option
Businesses can jump ahead of the mobile payments trend by integrating a solution such as CaptureCode as soon as possible. At this point, offering mobile payments to customers may not be a necessity, but it can help businesses expedite point-of-sale processes and differentiate them from competitors.

As the mobile wallet continues to grow, more consumers will be using their phones as payment devices – jumping ahead of the curve allows brands to be familiar with the opportunities provided by smartphone-based payments while others are still just getting accustomed to them.

Of course, mobile payments have other key benefits as well. For example, they can be integrated into customer loyalty programs, where shoppers earn points for each purchase. These points can then be redeemed for a variety of perks, from discounts to better service. This is a simple way to bolster consumer engagement and can easily be done with a platform like CaptureCode. Moreover, loyalty programs tied to mobile payments give customers even more reason to use their smartphones as their primary payment devices, which can drive greater use of mobile wallets.

Write a comment

Recent comments

  • Sherlyn 4 weeks ago

    Wow, this post is good, my younger sister is
    analyzing these things, thus I am going to inform her.

    0mniartist
    asmr

  • Zora 4 weeks ago

    Hi there mates, how is the whole thing, and what
    you desire to say on the topic of this piece of writing, in my view its really
    awesome in support of me. 0mniartist asmr
    signup.com,

  • Cherie 4 weeks ago

    Hello! I’ve been following your weblog for a
    while now and finally got the bravery to go ahead and give you a shout out from Dallas Tx!
    Just wanted to tell you keep up the great work!
    asmr (bit.ly) 0mniartist

  • Efren 2 weeks ago

    I’ll right away clutch your rss as I can not find your email subscription hyperlink or
    newsletter service. Do you’ve any? Please let
    me realize so that I may just subscribe. Thanks.

    Feel free to surf to my web blog gamefly there

  • Caitlyn 2 weeks ago

    Hi, I do believe this is a great web site. I stumbledupon it 😉 I will revisit yet again since i have book marked it.

    Money and freedom is the greatest way to change, may you be rich and asmr continue to help others.

  • Lettie 2 weeks ago

    When some one searches asmr for his required thing, so he/she needs
    to be available that in detail, thus that thing is maintained over here.

  • Kate 2 weeks ago

    Thanks for the good writeup. It if truth be told used to
    be a amusement account it. Glance complex to more
    introduced agreeable from you! By the way, how can we be
    in contact?

    Stop by my blog post … when asmr

  • Esperanza 7 days ago

    Howdy, i read your blog occasionally and i own a similar one and i was just wondering if you
    get a lot of spam feedback? If so how do you stop it, any plugin or anything you can suggest?
    I get so much lately it’s driving me insane so any help is very much appreciated.

    My webpage: when gamefly

  • Lynette 6 days ago

    Hey! Someone in my Facebook group shared this website with us so
    I came to give it a look. I’m definitely enjoying the information. I’m book-marking and will be tweeting this to
    my followers! Excellent blog and terrific design and style.

    my website – asmr or

  • Twila 3 days ago

    This paragraph presents clear idea designed for the new people of blogging, that actually how to do blogging and site-building.

    my site … asmr – http://bitly.com/3trMl6L,

  • Thad 3 days ago

    Great post. I was checking constantly this blog and I am impressed!
    Very useful info specifically the last part 🙂 I care for such information much.
    I was seeking this certain information for a long time. Thank you and best of
    luck.

    Here is my page; when asmr

  • Kitty 2 days ago

    I’ve been browsing online more than 2 hours today, yet I never
    found any interesting article like yours. It is pretty
    worth enough for me. In my view, if all website owners and bloggers
    made good content as you did, the internet will be a lot more useful than ever before.

    Feel free to surf to my website: asmr was