Ubiquitous mobile technology – from smartphones and tablets to smart watches and other devices – has forever changed the way people interact with each other and their environment. That is abundantly apparent in the retail sector, where consumers are using mobile devices to comparison shop, research purchases, access coupons, make online purchases, and pay for goods in person using mobile payment processing solutions.
In fact, mobile payments are poised to revolutionize the relationship between retailers and consumers. As use of mobile payments increases, retailers can potentially increase sales, improve customer loyalty, and generate more granular data that can be used for forecasting and enhancing the consumer experience.
Likewise, mobile payments are changing the retail experience for consumers by creating new levels of convenience and making it easier and more efficient to complete purchases.
According to Forrester Research, transactions on mobile devices are set to double by 2018, and U.S. transactions alone are projected to reach $293 billion. This growth is being driven by the ease and convenience of electronic shopping and mobile payments, as well as increasing consumer trust in mobile technology and payment security. For retailers that accept mobile payments, the result will be increased consumer spending and improved efficiency.