Payments

[Video] Understanding Mobile Wallets and Your Business

By | 04.11.19

[Video] Understanding Mobile Wallets and Your Business

Did you know 54% of consumers have now used mobile wallets?

It’s not just millennials paying this way.

By 2020, in-store mobile payments are expected to overtake credit card purchases, at a whopping $503 billion. Mobile payments come in many shapes and sizes, with mobile wallets being the hottest new way to pay.

With stats like those, it’s time your business considers accepting mobile wallet payments.

How Mobile Wallets Work

Mobile wallets aren’t the same as mobile card swipers or credit card terminals.

They use near field communication (NFC) technology to sense a smartphone’s digital wallet and complete a payment.

Picture waving a smartphone, and completing a payment. It’s that easy.

The Benefits

Mobile wallets are vastly improving how businesses process payments.

  • Mobile wallets improve the customer experience by speeding up checkout.
  • They’re secure, so you don’t have to worry about losing credit card info.
  • They give you insights into consumer behavior and data.

The Costs

To get started, find a payment processor that accepts mobile wallet payments.

Make sure it works with the top mobile wallet mobile apps:

  • Apple Pay
  • Google Wallet
  • Android Pay
  • Samsung Pay

Don’t pay more than $500. Depending on your provider, it could even be free.

Curious how you could spend less time tracking money and more time making it? Learn how to implement online payment processing with Thryv.

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