Are you building a mobile loyalty app? If so, mobile payment functionality will make your app much more enticing to users. Read on to learn more about mobile payments, why they're so popular, and how to implement them in your app.
Customers Love Convenience...
It's a simple fact of human nature that people will seek the most convenient option available to them. If something's too inconvenient for them, they may forego the option entirely.
Making a payment is no exception. If it's inconvenient to pay you, a customer may just forgo purchasing from you entirely, and choose another merchant who's more receptive to their needs.
This is why it's important to give customers every opportunity to pay you that you possibly can. You can't necessarily anticipate which means of payment they'll prefer.
...and Mobile Payment Is Convenient
Mobile payment allows customers to pay merchants via their mobile device. Rather than using a traditional payment option such as cash, credit card, or check, the customer authorizes a fund transfer using their mobile device (whether by tapping the device to a register or using an app). Google, Amazon, Apple, and PayPal are all well-known services that have mobile payment functions.
(Keep in mind that mobile payments are not in-app purchases. In-app purchases unlock certain features or content. This article deals specifically with users paying for physical goods, or services received.)
Especially if you're targeting younger demographics (including Generation X, Millennials, and Generation Z), mobile payment is a must: 72% of all mobile payment users fall into one of these three demographics. Statistics from Pew also say city-dwellers and people in higher socio-economic brackets are more likely to use mobile payment options than other customers.
What's more, the vast majority of the American public has a device in their pocket that can make mobile payments. Seven out of 10 Americans own a smartphone, and smartphones' market penetration will only continue to increase over time. You can expect more and more customers to request mobile payment options over time, so now's the time to implement that functionality.