iphone - John Karakatsanis

Mobile Wallets Open Revenue Doors for Retailers

June 17, 2015         By: Thadeus Geodfrey

Payment solutions have made major strides in the 21st Century. The mobile wallet is perhaps the most significant development in payments among consumers in 2015.

Consumers have been tentatively adopting this technology, and now many cannot imagine life without it.

According to a study conducted by Interactions, 30 percent of all shoppers now use mobile wallets to pay for their purchases. This includes both in-store and online purchases,  such as Apple Pay’s NFC and in-app transaction capability.

Retailers need to make sure they have this facility as 64 percent of mobile wallet users prefer shopping at a retailer who offers this payment option. This provides retailers with excellent opportunities including a chance to increase productivity with a seamless, secure payment service option.

This means that mobile wallets are especially sticky among consumers, and they’re more likely to show loyalty to retailers who offer mobile payments acceptance. On the flip side, the study also shows that 62 percent of shoppers are not using a mobile wallet for their purchases.

However, if consumer trends are anything to go by, the mobile wallet is here to stay. Millennials make up the largest mobile market users, with 58 percent of them using this technology.

Retailers need to grab on to this opportunity, and maintain their grasp as the buying trends of the younger generations continue to move towards mobile.