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Mobile payment: Smartphone as sales driver

Mobile payment is the new driver at the point of sale.

This was the conclusion of a 2015 study from eMarketer on omnichannel trends. 33 per cent of those surveyed use their smartphone to look for coupons for the store where they’re currently shopping. 32 per cent look for a coupon for a product or brand they would like to buy. And 14 per cent would like to pay with their smartphone as well.

By 2018, half of all consumers in markets such as North America, Japan and parts of Western Europe will make contactless payments with a smartphone or wearable, the market research company Gartner has predicted. According to business consulting firm Arthur D. Little, the transaction volume of mobile payments will nearly triple to over US$800 billion by 2017.

Comprehensive services for mobile payments
Wirecard identified this trend very early on and offers all the necessary services across the entire supply chain: from the provision of accounts and cards including the necessary e-money and issuing licences for MasterCard and Visa, to the technical infrastructure. In addition, Wirecard offers a number of value added services – including in the area of Couponing & Loyalty – which give the customer and the retailer added value, since they provide tailored incentives to purchase.

Merchants and companies benefit from actively supporting mobile payment: for one thing, they can reduce the higher costs associated with cash payments. For another, digital cash flows facilitate faster transactions, greater liquidity and added transparency, since they make it possible to check finances in real time.

On top of that, a prepaid solution, that is a licensed prepaid payment card, guarantees a high level of payment security. Contactless payments create a true win-win for buyers and sellers: customers who don’t pay with cash tend to make impulse purchases. Furthermore, customer data obtained through mobile payments can be used to advertise in a more targeted fashion and generate additional sales.

Money transfer and other transactions with a mobile device

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Banking will increasingly be done on smartphones

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(Source: Global Mobile Money Report 2015 / Mobile Ecosystem Forum LTD.)