Mobile Payment Solutions
3 Musts When Marketing Your Mobile Payment Solutions in 2016
If the steady growth of mobile payment technology over the past couple years is any indication, 2016 may very well be the year that mobile payments really take off. So, make sure your company is poised to accept and profit from this relatively new payment technology. Read on for some tips on marketing your mobile payment solutions in the new year to help encourage adoption and usage.
Show your customers how mobile payments are convenient
More than likely, your customers already carry their smartphone with them everywhere they go. Show your customers how using their mobile devices to make payments is more convenient than having to fumble for wallets in pockets or purses. Plus, they can use their mobile devices or mobile payment app for small-dollar transactions, eliminating the need to carry paper money or coins as well.
Assure your customers that choosing a mobile device or app for payment won’t tie them to a single payment choice. In fact, with some variety they can link general purpose credit, debit, prepaid cards and even store-specific cards to most mobile payment apps. Let them know they’ll still have many of the choices of their traditional wallet when they pay with an app, without the hassle.
Show your customers how mobile payments can be rewarding
Make it worth your customers’ while to pay using their mobile device by offering incentives and exclusive offers for mobile payment users. Market to your mobile users with targeted ads based on their spending history with your business. Send relevant SMS/text offers to specific groups of customers based on their spending habits with your business. Sending the offer directly to their smartphone ensures that customers are already engaging with your brand from their device, making it even easier and a more natural fit for them to also use mobile payments.
Take advantage of the built-in functions of today’s mobile devices—a database, GPS locator and compass—to build a location-aware loyalty program that you can use to offer specials and club and membership perks to your most loyal customers, right when they’re best positioned to use them. Of course, your customers will need to opt-in to allow you to accept their data, but many will if there's an valuable offer for them in return.
Assure customers that mobile payments are secure
The transition from using plastic cards in a leather wallet to using electronic versions of those cards from a mobile device can trigger security concerns for some people. They worry about their sensitive card data flying through space and across networks. But in reality, mobile payment solutions are quite secure; it’s just a matter of proving this to your customers in order to boost adoption of the technology.
When a customer swipes his plastic card in a traditional terminal, a static set of data—card number, expiration date, CVV code and more—is transmitted across the network, to the processor and eventually to the issuing bank for payment. On the other hand, as with EMV chip cards, the chip in a mobile device generates unique data with each transaction conducted using a mobile payment app. If this mobile payment data is intercepted in transit by fraudsters, it will be useless because the data is unique to that single transaction.
One can argue that mobile payments are, in fact, more secure than using a plastic card, since the payment app requires an extra layer of verification before performing the transaction. The major players in the mobile payment space certainly have security top-of-mind, and are continually coming up with new innovations in this space. For example, Apple Pay uses biometric Touch ID that requires the user to verify their identity using their fingerprint. American Express has been experimenting with facial recognition technologies for security.
Another security concern when it comes to mobile payment solutions is the worry about physically losing the smartphone—or even the device being stolen. With added layers of security that allow only one user to use a mobile payment app using fingerprint verification or facial recognition technology, a stolen smartphone cannot be used for payment by an unverified user.
Making mobile payments a first choice for your customers
The majority of savvy consumers today are aware of mobile payments, but most haven’t yet grasped the benefits of using mobile payments. That's why they’ve been slow to adopt the technology. For many, they just don’t understand why they should choose mobile payments over traditional payment methods, like credit or debit cards. Use your marketing efforts to show customers how mobile payment solutions are more convenient, rewarding and secure than other payment options.
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