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Embracing Mobile Payment in Retail

4th May 2017

In today’s market, retail and technology are becoming more inseparable. As technology continues to evolve, there are more tools available to help retailers run their business. One of the most popular buzzwords in technology over the past few years is mobile payment. According to Small Business Trends, the mobile payment adoption has been steadily rising. It is becoming more common and widely understood by both merchants and customers.

A growing number of tech-savvy retailers rely on mobile payment technologies such as Apple Pay, Samsung Pay, or Android Pay to take in-store payments. Such “proximity” payment technologies use near-field communication (NFC), which allow devices with an NFC-enabled chip to exchange data. When it’s time to check-out, customers can wirelessly pay by holding their phone up to the NFC readers – saving significant amount of time used to process transactions.

Based on a study conducted by Javelin Strategy, mobile proximity payment volume has tripled since 2013 and is expected to increase up to $92 billion by 2019. Technology has progressed to the point where completing transactions and exchanging money are easier and more efficient for both merchants and customers. Every year, new payment trends will spring up and businesses that can adopt quickly will thrive. Customers will soon expect to be able to pay by the way they want and retailers need to evolve based on the change of customer expectations. Thus, the brick-and-mortar retailers should start harnessing mobile payment technologies to improve checkout and fulfill customers’ need.

Going to 2017, businesses implementing a customer-centric approach will adopt comprehensive mobile solutions including mPOS systems. Point of sale systems are now doing more than just tracking sales. They arm retailers with real-time information and tools necessary to run a more efficient business. The tablet-based POS systems come with great flexibility – allowing merchants to easily plug in/out hardware (mobile receipt printer, payment terminal, or cash drawer) that suits their needs. The seamless integration among these systems has helped businesses to deliver a superior in-store customer experience.

Providing a top-notch customer experience is one of the key ways to differentiate in saturated markets. Customers are more cautious than ever and they will turn away from brands that do not meet their expectations. By adopting to the mobile POS system, merchants are not only able to perform quicker and safer checkouts but also have a chance to reach a larger audience through convenience. It is no secret that convenience is a key to a top-selling retail environment.

As in-store experiences become increasingly important to the customer, retailers who can provide excellent services will be king. After all, the only way to encourage customers to visit the physical store rather than shopping online is to give them an experience they cannot get from anywhere else.

In the next few years, mobile payment technology will transform the customer experience as we know it for the better. Accepting mobile payments will once and for all become absolutely essential. Retailers who are not soon implementing mobile payment solutions will fall behind and risk losing out on sales.

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Alifa Shabrina, Marketing Specialist at Countr POS