{"id":13476,"date":"2017-03-20T00:00:00","date_gmt":"2017-03-20T05:00:00","guid":{"rendered":"https:\/\/centricconsulting.com\/post\/why-invest-in-mobile-payments_digital\/"},"modified":"2021-12-15T00:13:43","modified_gmt":"2021-12-15T05:13:43","slug":"why-invest-in-mobile-payments_digital","status":"publish","type":"post","link":"https:\/\/centricconsulting.com\/blog\/why-invest-in-mobile-payments_digital\/","title":{"rendered":"Why You Should Invest in Mobile Payment Technologies"},"content":{"rendered":"
Blog three of a series<\/a>.<\/em><\/p>\n With millions of apps in the Apple iTunes and Google Play app stores, every day presents new challenges and opportunities for breaking through the clutter to reach customers on their smartphone or tablet.<\/p>\n To compete in today\u2019s mobile market, you must adopt a strategy that focuses on creating and maintaining customer engagement.<\/p>\n This is where mobile payment technologies are becoming an ideal option. Why?<\/p>\n Because giving customers the ability to purchase products and transfer money from their phone – where they spend more of their time – creates stickiness and increases customer loyalty.<\/p><\/blockquote>\n There are three types of mobile payment technologies – mobile wallets, mobile commerce, and mobile payments. To users, they might look the same, but the technologies are different and require varying levels of investment. Here are some examples:<\/p>\n For companies that are simply looking to get started, I recommend mobile payments.<\/p>\n Mobile payment readers have been widely deployed at grocery stores and fast food restaurants for several years now, enabling faster, easier purchases at the point-of-sale. Yet mobile payment features can be added to almost any type of mobile app, without a credit card terminal or dongle.<\/p>\n In a previous post, we provided some best practices for identifying whether your mobile app is obsolete or needs improvements. Now, we\u2019ll explore how to build a business case for investing in mobile payments to breathe life back into your app.<\/p>\n Mobile payments and in-app purchases are becoming a “must-have” for monetizing your digital strategy and creating loyalty with customers. Consumer brands like Starbucks and Uber have realized this, and their success provides a path forward for the rest of us.<\/p>\n Here are seven reasons why you should add mobile payment features to your app:<\/strong><\/p>\n Mobile now represents almost two out of three digital media minutes. Mobile apps usage continues to outpace websites by a 7-to-1 margin in time spent – a ratio that has held constant for the past two years, according to comScore\u2019s 2016 Mobile App Report.<\/p>\n And, since 2015, we have seen year-over-year increases in the adoption of mobile payments, largely driven by big technology companies such as Apple and Google, financial services providers such as Chase Bank and Wells Fargo, retailers such as Walmart, and fintech specialists such as Square and Venmo.<\/p>\n\n
7 Reasons to Use Mobile Payments<\/h2>\n
Reason 1: It\u2019s the Future<\/h3>\n