Trending now and for a long time in the future – mobile payments! As if we had to tell you, smart phones are here for the long haul – no more flip phones!
Are YOU using your phone to pay for your purchases? If you’re a merchantA business that accepts credit cards for goods or services., does your business accept mobile payments?
If not, you’re already behind the curve.
The mobile wallet space is expected to reach $37 billion in 2015, a recent article by Invest Correctly reports.
Who are the major players? Apple, of course, as well as Google, Samsung, and PayPal, followed by lesser known (but covered in past NMA blogs!) CurrentC.
The concept behind mobile wallets is inherently, convenience. Why carry around a fat wallet stuffed with plastic cards that you might forget, or lose, when you can keep all of your information on your smartphone where it is protected?
The protection factor is what pulls consumers in. Tokenization, the encryption of the consumer’s sensitive information throughout the transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.... process, is the real trend. Consumers have been warned about card skimming, and forgery of plastic cards, and money laundering. But tokenization is the payment industry’s new defense against fraud, and mobile wallets help keep information close to the consumer, rather than out in the world for fraudsters to intercept and copy for their own illegal use.
Apple Pay™ and other mobile payments aren’t foolproof (as NMA covered in this blog), however tokenization is a stronghold that hasn’t been breached yet, and that fact is causing more and more consumers to use mobile payments.
Do you accept mobile payments? Upgrade to Apple Pay™ compatible terminals for FREE! Call an NMA expert at (866) 509-7199 or visit NMA on the web to learn more!