Mobile Wallets: The Future

Canadians are steadily increasing their mobile purchases these days. With mobile wallets becoming more popular, we thought it important to explore the topic. Our app development team has come up with a few key points about this mobile payment revolution to keep in mind through your app development process. 

In 2016, a survey was conducted of Canadian smartphone users and almost 30% have used their mobile devices to pay for something, with a little over half of this group stating they used their phones to purchase on a daily basis. About 75% of this group also said they would solely use their smartphones to pay if the ability to use mobile purchases was more widely accepted by vendors. If three-quarters of your consumers would be willing to pay via their mobile devices, this should most certainly be a consideration for you and your business app.

Reasons Why

Here are just a few benefits to mobile wallets and the mobile purchases revolution:

• Enhanced Security: No currency to lose or have stolen! You can avoid credit card fraud and keep transaction information private. Mobile devices have safety features such as password protection, encryption and biometric authentication.
• Relevant Currency: You can pay in a local currency, get current exchange rates and reduce conversion fees. This quick and efficient conversion makes travel more efficient.
• Flexible Payment Options: Digitally change payment options from one card (app) to another This makes it easier to manage your spending over different cards. 
• True Convenience: Everything is all in one place. Your finance options and loyalty points are in one spot.

Safety is Key

Mobile payments are safe, secure and can be trusted. The world is changing, and adopting mobile wallets. Information is protected and all information regarding your payment choices are not passed along to any vendors throughout the process. 

With that said, it is always smart to have some spare cash or a credit card with you. This is especially important when a vendor does not accept mobile payments. Hopefully in the near future, we will see more and more retailers and businesses adopting the mobile purchasing options, to keep up with the demand. Rewards programs and loyalty points can even be worked into payment systems to keep your consumers engaged, and returning in the future.

Going Forward

Out with the old and in with the new – gone are the days of visiting your local ATM to make sure you have enough pocket cash, and no need to fret if you’ve forgotten your credit card at home. These days, mobile purchases are taking over and increasing in popularity; and this payment option is likely here to stay. If you’re interested in discussing further, Contact us! Vog is proudly Canadian and ready to help you!