Building loyalty isn’t just about gaining new customers but providing an experience for the existing ones to keep coming back for more. Mobile payment applications have created a tech-savvy way of engaging customers while providing a range of benefits for both them and the retailer.
Mobile wallet adoption in the U.S. is steadily growing, but it is lagging in comparison to some Asian and European countries. China specifically is reported to have very high consumer adoption for mobile wallets, while in the U.S., less than one-third of smartphone users are on board with the trend.
There are a lot of theories about why mobile payments haven’t caught on faster in the U.S. Some analysts say they might not be user-friendly enough — people have to unlock their smartphones and open apps to use them. Others say that consumers are concerned about the security of their payment and personal data. And there are always questions about how data from mobile payments could be used and whether it could cross the line and become an invasion of privacy.
You probably didn’t realize it, but the future of payments is already here. While you may not be able to ride a hoverboard Marty McFly-style to work each morning, you can use your smartwatch to pay for your coffee on the drive-in. Wearable technology – some of the most futuristic consumer technology innovations – is here, and is enabling nearly invisible payments.
Do you remember the wonder in your eyes when mobile wallets were first introduced? The idea of just simply tapping your smartphone on a payment acceptance device to pay seemed magical and in many ways, it was! The fact that you didn’t even have to take your credit card out seemed like a dream and it made you think that someday you could leave your wallet behind at home.
