Businesses need to adopt mobile payments in 2014
Many businesses around the world are making mobile payments available to their customers to enable them to purchase products and make payments more conveniently.
Australia is one of the world leaders in the adoption of mobile card payments, but a significant percentage of businesses in the country have yet to realize the benefits of offering this form of payment.
Here is a look at why it is important for Australian businesses to adopt mobile payments in 2014.
Adoption of mobile card payments in Australia
According to a whitepaper published by PayPal, more than 52 percent of Australians own a smartphone.
In 2012, Australians were spending about 6.5 hours online every week, more than the citizens of any other country, and they are increasingly accessing the Internet with smartphones and tablets instead of personal computers. This means that mobile payments have a huge potential in Australia.
Additionally, Australians are becoming more confident in making purchases with a mobile device, with one out of three of them having done so. They spent an average of about $1,275 through their mobile devices in 2012, a 26-percent increase from the previous year.
Read related articles in Business Review Australia
- Implementing and 'Apple inspired' point of sale system
- Retail firms need to embrace and omnichannel mindset
- Effectively managing mobile monetization
- What's next in shopper engagement?
Why more Australian businesses should offer mobile card payments
There are still many businesses in Australia that have not optimized their websites for mobile commerce.
PayPal found that three out of four mobile users will spend more if more websites are mobile-optimized, and about 61 percent of consumers will not revisit a website on their mobile devices if it is not optimized for mobile browsing.
Here are some reasons why Australian businesses should start adopting mobile payments next year >>>
Boost customer service and sales
One of the main benefits of offering mobile card payments is that it enables customers to make purchases and pay their bills anytime, anywhere, as long as they have an Internet connection. Making transactions easier for customers does not only enhance customer service; it can also lead to an increase in sales. When customers find that it is easier and more convenient to purchase products, there is a greater likelihood that they will spend more. Many Australian businesses have seen an increase in sales after making mobile payments available to their customers.
Stay abreast of competitors
Businesses that have embraced mobile card payments will have a significant competitive edge over those that have not. By offering mobile payments, they will be able to provide a better shopping experience for their customers and gain a reputation as cutting-edge companies. It is especially important for Australian businesses that wish to stay competitive in the Asia-Pacific region to adopt mobile payments, as some Asian countries are already using mobile commerce technology extensively, such as Japan and South Korea.
As mobile commerce continues to gain prevalence around the world, it will not be long before mobile payments become a mainstream payment method.
More businesses in Australia need to start adopting mobile payments now or in 2014 in order to stay relevant and competitive.
About the author
John McMalcolm is a freelance writer who writes on a wide range of subjects, from small business marketing to finding the right mobile card payment.