Half of Fast-Growing Companies Offer In-app Payment Capabilities
Recent studies have shown that it will be the companies that are growing at a rapid rate to accept mobile payments with open arms. This is according to an only recently published global survey of 2,300 companies and consumers.
The study was dubbed the “Future of Money” study, and was conducted for NTT Data, Inc., and Ingenico ePayments by Oxford Economics and Charney Research, resolved that among business participants with annual revenue growth of 11 percent or more, 43 percent have a mobile app that supports purchases and payments, compared with 32 percent of slower-growth businesses.
Mobile payments are in addition closely tied to rapid increases in profit margins. The online format poll surveyed 2,000 customers and 300 business executives in 10 developed and developing regions across the globe. They found that 43 percent of businesses whose profits are increasing by a margin of 11 percent a year offer some kind of payment app. Beyond that, among firms with zero to negative profit growth, only 8 percent offer in-app payment capabilities.
“These survey findings reinforce the need for companies to make payment innovation an integral piece of their larger growth strategy,” said Peter Olynick, Retail Banking Senior Practice Lead for NTT DATA Consulting, Inc. “Companies should be working to provide a frictionless payment experience by bringing consumers innovative new products and processes. Their efforts will help improve customer satisfaction, facilitate cross-border commerce and allow for a more efficient shopping experience.”