If you continue to carry your credit cards or a wad of cash around on all your shopping trips, it’s time to pause and consider the option of mobile payment. Chances are, you may already own a smartphone, a tablet even, but you may have never used the device to pay for a lot of the stuff you buy. Here are five reasons why the switch from plastic makes so much sense in today’s fast-paced and on-the-move world.
1. Save time
Most mobile payments are completed in less than 10 seconds. It beats the frustration of waiting for the cashier to crunch the numbers or the temperamental payment processor to start working properly. You will also have a record of the transaction you have just made almost immediately.
2. Make use of exclusive offers and deals
Well-known retail trade publication Retail Gazette claims that 58% of consumers shop with coupons. Many of them don’t walk around with paper coupons bursting out of their wallets, but store them on their phone, where they remain secure and immediately accessible 24/7. Payment apps from well known brands, in particular Starbucks, which processes more than a million mobile transactions per week, double up as your loyalty card.
A payment app tracks the number of times you have visited a store and what you have purchased, so that the store can keep sending you more offers and coupons. Many merchants have special offers targeted exclusively for mobile payment customers. Not only can you make the most of offers and coupons but also redeem them instantly and conveniently.
3. Do more with social check-ins
Many mobile apps have social check-ins built into them, allowing you to announce your location, keep track of friends and share special offers with a single click. You have the opportunity to make your shopping experience more enjoyable and interactive.
4. Transfer funds to individuals
Serve from American Express and PayPal are just two of the many P2P or person-to-person mobile payment platforms you can use. They are linked to your credit card or bank account, which means you can conveniently send cash from your mobile phone to your friends or family in need.
5. You don’t have to be reliant on your wallet
You may leave your home without a wallet, but rarely without your phone! Phones have become our constant companions for a multitude of reasons. From serving as a communication tool for emergencies to facilitating immediate, real-time and even constant conversations, the practical benefits of smartphones are recognized by consumers across demographics. The attachment to your phone also pays itself when you have forgotten to carry your wallet along, misplaced it or been the victim of a pick-pocketer when you’re out and about in the busy downtown. With your phone equipped to make payments, you can deal with contingencies without breaking a sweat, and importantly, never have to berate yourself for forgetting your wallet at home.
To top all this, mobile payments are more secure than using a credit card. For one, your phone rarely stays away from your line of sight, lowering the risk of it being taken away. A credit card, on the other hand, gets moved around and increases this very risk. Also, payment providers can verify the legitimacy of a transaction and determine who you are very quickly. In this way, the data surrounding mobile transactions can be used to effectively to protect people opting to pay through their digital devices. Mobile payment is the future! So, if you are still sticking by your plastic, it’s a good time to re-consider.