Just when we thought plastic cards are here to stay, comes another bouncer from the IT industry. This time, it is an even better extension of existing payments modes that will make better use of smartphones, or perhaps, in a way, put them to best sue possible. Mobiles have become smarter. With mobile phone payments, they will also become richer.
Imagine carrying around your wallet in your smartphone. Not as an app or not as a web url where you can access your bank’s website for payment processing. But the smartphone itself as a device which can be swiped or processed for paying your shopping bills, utility bills or anything that was previously paid using plastic cards. Say ‘Hello!’ to mobile phone payments.
And here are some major benefits that they are bringing in to retailers and businesses:
Integrate incentives and loyalty programs with better precision
Mobile credit card processing just makes it easier for brands and retailers to know how much exactly a customer is spending. They can devise better loyalty programs that will be accurate and more targeted towards the customer buying behaviour.
Understand customer buying behaviour with more depth
With effective data mining of loyalty programs and buying behaviour it is possible to draw trends that indicate what kind of products a customer is ready to buy, how much he or she is ready to pay and on what occasions the sales reach new heights.
Reduce check out time drastically
Nothing can put off a customer worse than a lengthier payment processing time. Although plastic cards have helped cut down the queues at retail stores to a great extent, with the help of mobile credit card processing systems, the time can be further reduced to a fraction. Consequently, it will result in better customer services and customer satisfaction.
Save credit commission costs
For businesses, credit card commissions payable to transaction processing entities is a significant cost that eats into their profitability. But with the help of mobile payment processing systems, it is possible to save on credit or debit card commissions and thus improve profitability significantly.
The benefits of mobile based payment systems does not end with this. The world is inching closer towards an economy where cash will go obsolete. Credit cards will be used only when mobiles stop being around. The future will be a cashless world with more of mobile payment systems.