Mobile payments have been increasingly adopted since the launch of this new technology back in 2015. By the end of 2016, mobile payments are expected to reach up to $180 billion, and, according to a report entitled ‘Mobile Payments Convergence: Opportunities at the Intersection of In-person, Online and P2P Payments’ (http://nnw.fm/obqQ9), the number of people using mobile wallets in the last 30 days has grown from 12% to nearly one in four people in 2016, approximately 40 million people in the U.S. Experts expect this type of payment to reach a huge $410.5 billion by the end of 2020. So what is shaping the future of mobile payments for 2017?
With new mobile applications and payment wallets inundating the mobile world, consumers are valuing the added simplicity and convenience of storing their card details on their devices. 2017 is said to be the year for ‘invisible payments’. This means that mobile devices are allowing us to become closer to acquiring a seamless in-store experience where initialization and authentication are no longer a concern, but it’s not just about making the payment process easier for consumers.
With ‘tap and go’ payments becoming more and more popular, customers expect this service to be available to them. As a result, simply paying via mobile is no longer the key driver for adoption of this relatively new payment method. The focus for mobile payments “is shifting from changing the payments process into a ‘buying experience’,” according to Mobile Payments Today (http://nnw.fm/Y4ktf). With big data readily available to merchants, customers are valuing specific, intelligent value-added services, some of which include gifts, rewards, loyalty points, and coupons.
Unified Payments, a TOT Group company owned by Net Element, Inc. (NASDAQ: NETE), which provides seamless and secure mobile payment acceptance without the investment in expensive and complicated hardware or services, offers integrated loyalty card solutions that allow merchants to boost sales and increase customer loyalty with personalized incentives. The company works on the basis that customers appreciate being rewarded and earning something back for their loyalty.
The NETE subsidiary offers registration and reporting solutions that allow merchants to retrieve valuable demographic information to improve their marketing initiatives by targeting their consumers with personalized rewards. The company is in-line with the 2017 predictions of offering customers experience-based payment solutions, and does so by giving its clients services with versatile and flexible features that directly target and identify existing customer trends.
For more information, visit the company’s website at www.NetElement.com
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