These days, people are always looking for new ways to simplify their lives. If there’s a product or service out there that can help them to do this, they’re going to jump on it — and fast. For many consumers, the mobile wallet is just that, an innovative new payment solution that makes their lives much easier. No more having to weigh their pockets down with cash and credit cards. Instead, with a quick swipe or wave of their smartphone, they can pay for their purchases and be on their way.
People are beginning to discover that the mobile wallet exists and they are more than ready to get started with it. In fact, a recent survey found that 29% of Canadians have shown interest in a service that sends coupons to their cell phones based on location and 18% are interested in swiping or waving their phones for a purchase. This information is huge for business owners as it indicates that the mobile wallet is indeed the payment of the future. So if this is how customers want to pay, it’s time to give them what they want.
Business owners who choose to become early acceptors of the mobile wallet will benefit by attracting those tech-savvy consumers who are eager to use this as their preferred payment method. When these people have to choose between businesses, they’re going to opt for the company that allows them to pay with their mobile wallet. If mobile wallets are imminent anyway, they’re no point in delaying the inevitable.
One of the most popular mobile payment apps is Google Wallet, which works with both credit and debit cards, accepting payment from Visa, MasterCard, and American Express. Some of the other popular mobile wallet apps include ISIS, Square, Amex’s Serve, PayPal, and MasterCard’s PayPass.
Mobile Banking Trends
If the number of customers choosing to engage in mobile banking is any indication of those who wish to trade their bulky wallet in for one of the digital variety, businesses that choose to ignore this new technology will soon be forgotten themselves.
Currently, 22% of Canadian smartphone users do some of their banking or shopping on their mobile phones. Mobile banking is most popular in Ontario, with 25% of users engaging; followed by 23% in Alberta; 22% in British Columbia%; 21% in Quebec%; 18% in both Saskatchewan and Manitoba; and 9% in Newfoundland and Labrador, Prince Edward Island, Nova Scotia, and New Brunswick.
The Ultimate Mobile Wallet
Although cash and credit cards may be the main items in a person’s wallet, that alone does not make them bulky and heavy to carry around. That’s why people don’t just want to be able to pay with their mobile wallets — they want to be able to do everything with them. Topping the wish list for the contents of the ideal mobile wallet is membership cards, with 31% of people wanting digital ones, followed by transit passes at 29%, loyalty cards at 27%, and gift cards at 25%.
The world has gone mobile, so it’s time for businesses to adapt to operating in a digital manner before they get left behind.