Mobile Payment Trends: Part 1

Mobile payments have been a hot topic for a number of years now, and our team of App Developers have compiled some information about the next trends mobile payments will take. Keep yourself updated and thinking about how you can prepare your mobile e-payments and be more current in the market for your consumers.

In this first installment of a two-part series, we will check out some major points of success with mobile payments and highlight some examples of how to keep current with today’s ever-growing and competitive mobile app markets.

Mobile Bill Payments Are Easier Than Ever

Being able to pay your bills using your smartphone, has gained significant popularity over the past few years. It’s reported that of the 83% of Canadians who own a smartphone, 47% have used them to make a purchase either in-app or in-store, and more than 70% of Canadians are using their mobile devices to send and receive e-transfers (source). Even mobile banking apps have made it easier for their customers to conduct tasks that would have seen them heading into their local branches for specific functions like transferring funds and depositing cheques, all the way up to getting pre-approved for loans or mortgages.

Mobile Wallets Are Everywhere

Due to the popularity of available payment platforms, such as Apple Pay, competitors were soon following this trend to make their own platforms available. This market for mobile payment software is predicted to net around $500 billion over the next few years. With insights shifting to virtual payment methods more and more every day, it makes sense to think about how you can utilize this trend throughout your apps and online stores.

Loyalty Programs = Increase Mobile Purchases

Giving incentives to customers for purchasing your products isn’t a new marketing trick, in fact, it’s one of the oldest tricks in the book. Leveraging it for mobile, however, has upped the ante. Offering rewards and discounts are some favourites, but with emerging technologies such as push notifications and GPS location-based targeting, the realm of possibilities is at a whole new level. Examples of these newer features can include using device data to target the user’s location and send appropriate push notifications that could include discounts or bonuses for your nearest store location, or offering a discount on their next purchase after completing their transaction.