There will be exponential growth in mobile payments in the U.S. over the next five years.
– “The Mobile World of Retail,” a BRP Special Report
In the almost three years since Apple Pay was launched, the ability to make a mobile payment with a smartphone has become just one of several ways that a mobile device can impact the shopping experience of today’s consumers. BRP Consulting recently determined five key ways that mobile devices are impacting the retail experience: customer identification, customer engagement, associate training and task management, mobile POS, and mobile payment. For New York City vending and micro-marketing providers, the ability to make a mobile payment is something that cannot be ignored.
According to The Pew Charitable Trusts’ May 2016 report, 55% of the United States’ population were mobile payment users. 72% of those users fell into the Millennial or Gen X generations. While Millennials and Gen Xers enjoy the rewards, discounts, alerts, and electronic receipts that mobile payment solutions offer, they, 74% of Millennials and 70% of Gen Xers, are also very concerned about the risk of identity theft and loss of funds that might come with using mobile payment options. This block to using mobile payments results from a lack of understanding if mobile payments are faster, safer, or easier to use than traditional payment methods.
For mobile payments to be successful in the long run, there must be additional New York City consumer education about:
- the length and ease of a transaction using a mobile device as compared to a traditional transaction
- how loyalty rewards programs can be tied to a mobile wallet, and how that can improve the overall shopping experience
- the enhanced security features and faster checkout that mobile wallets offer
Consumer education about using mobile payment systems does not need to be long and drawn out. A recent USA Technologies study found “that call-to-action messages [on vending machines] underscoring speed, convenience and security of Apple Pay can act as an electronic gateway for consumers to learn about and use the mobile wallets already installed on their phones.” Not only did this information educate consumers, but it also increased mobile payment usage by 135.2% and increased overall sales by 36.5%. Knowledge really does make a difference.
Offering New York City employees the option of using mobile payments to purchase a healthy snack or beverage in the office break room not only educates them about mobile payments, but it also gives them an alternative way to purchase a much-needed meal, snack, or beverage. Taking a break to stay hydrated or eat something supports their physical and mental health, and in the long run, helps your bottom line. To learn more about mobile payments, and how our vending and micro-market services can benefit your organization, call Champion Vending at 800.558.5450.