Summary: The rise of mobile technology as paved the way for increased consumer interest in digital wallets.
Due to the success of digital wallets in 2017, it wouldn’t be farfetched to think that this payment trend will only exponentially become more popular. Now that the smartphone has become the cornerstone of everyday functionality, many businesses have adapted new types of Internet credit card processing and payment methods with more efficient POS systems to cater to the mobile frenzy.
Leading the Charge
With established names like Google and Apple jumping into the digital wallet game, smaller companies will be at an advantage. The reason behind this lies with one word: trust. Consumers feel more comfortable trying out new types of payment methods when they see big names like the aforementioned already at the forefront. So case in point, expect plenty of merchants to utilize mobile wallets and merchant account providers from companies like Charge.com for example, within their system.
Fewer Steps Equates to a Happier Consumer Base
With a mobile payment system in hand, like a credit card merchant account for example, purchases can be made with just a few taps on a mobile phone. The only thing the user needs is a secure device to make the transfer. The lack of steps only makes this process easier, leading the way to instant consumer gratification.
It’s likely that sooner or later, services and personal assistants like Siri will start alerting consumers of deals and coupons as soon as they walk by a retail store. You can already sign up with a variety of companies to receive coupons and special offers. These offers could even be saved directly to your smartphone so you won’t have to shop around manually.