Mobile payment boosts the whole economy
27 November 2013
Research predicts that mobile payments are driving a revolution in convenience, security and reduced transaction costs.
The report by the Centre for Economic and Business Research (Cebr) says that mobile payment is set to boost the UK’s economy. Taking an holistic view of mobile payment, it predicts that 20 million shoppers will be using their mobile phones to pay for goods and services by the end of the decade, with the value of their purchases tripling to as much as £14.2billion by 2018. The study says that by 2020, mobile payments will represent 1.4% of total consumer spending.
The business benefits of widespread adoption of mobile payment methods in the UK will mean a reduction in fraud, lower transaction costs, the easing of cash flow problems and consumers regaining control of their finances, it concludes.
Recent research from the United States supports the findings that mobile payment will significantly boost the economy of any country that sees the adoption of the technology. Customer transaction consultancy Javelin estimates that mobile point of sale (mPOS) could expand payment card acceptance by up to 19million businesses, which could account for up to $1.1trillion in annual new-card payments.
UK-based mobile payment specialist Powa Technologies offers a system that uses a compact card reader, which communicates with a mobile device via Bluetooth, enabling merchants to accept payments on the move, boosting productivity and convenience for businesses and consumers alike.
Powa’s chief executive, Dan Wagner places mobile payment at the centre of a group of new approaches and technologies that can improve the customer experience and boost engagement in the High Street. “This is a crucial time of year for the retail industry. More than ever before it needs a technology-driven revolution to create new ways to engage with customers as they gear up for Christmas. . . some retailers like the Apple Store have pioneered a more informal, less linear shopping format that allows for browsing and purchasing to be interlinked using mobile payment strategies. Tailoring shopping to the preferences of the consumer with bespoke recommendations that mimic the online experience is also a key way retailers can improve engagement. Technologies like mobile payment are bringing shopping into the modern era.”
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