The aftermath of the pandemic has brought about a significant change in the way we handle payments.Gone are the days when accepting mobile payments was as complicated as deciphering ancient hieroglyphics.
Thanks to technological advances, it’s now easier than ever to hop on the mobile payments bandwagon.Mobile and contactless payments have become an enduring legacy, with people around the world embracing digital wallets which according to global research by Accenture, more than half of consumers surveyed (56%) now use digital wallets, making mobile payments the preferred choice for many.
Consumers and businesses are seeking streamlined, convenient, and secure ways to transact, driven by factors such as the surge in card-not-present transactions, online shopping, and omnichannel options like buy online and pick up in-store.
Simplifying mobile payments
You don’t need a PhD in rocket science to embrace mobile payments. With all these advancements, businesses are expected to offer easy payment options . To meet these expectations, businesses must be payment chameleons, adapting to your customers’ preferences.
As some are all about the newfangled scan-to-pay mobile solutions, while others still swear by their trusty cards or crisp cash. Then there are those who love the convenience of instant bank transfers, and the die-hard locals who want to support their neighborhood retailers
To stay ahead of the game, businesses need to be as flexible as a yoga master on a summer retreat. Supporting various payment options is the name of the game.
A significant progress has been made in standardization and ensuring wallet interoperability. Accepting QR code payments has become simpler, eliminating the need for specialized payment terminals, complicated integrations, or excessive fees. . Embracing mobile payments means speeding up the checkout process, bidding farewell to those crumpled notes, and cutting down on those pesky errors.
Mobile payments security and efficiency
With mobile payments, customers enjoy the protection of banks and card companies without the need for physical cards. Removing the physical card from the transaction reduces the risk of card skimming..
Mobile payments aren’t just a win for customers; they’re a major boon for businesses too. A seamless checkout experience encourages customers to complete their transactions, while attracting tech-savvy customers who value convenience and efficiency. By accepting mobile payments, they are opening doors to a whole new market of convenience-loving, efficiency-seeking customers.
Today’s fintech solutions enable merchants to streamline their money flow, from billing and payroll processing to accepting payments through various channels and instruments. This gives them a competitive edge in a world where digital payments have become a way of life.
Payments play a crucial role in the customer journey, helping companies attract and retain customers which is why Netcash is here, to make your payment dreams come true. Offering top-notch payment solutions, from debit orders to salary and creditor payments, to businesses and organizations in South Africa.
//Staff writer
expertstrides