The future of mobile payments

Digital payments are transforming our daily lives. Imagine a world where you would never think of withdrawing cash from the ATM. As startups such as Coin and Plastc push the envelope of digital payments, it is little wonder that people would think that cash could become obsolete.

According to Entrepreneur, by 2017, digital payments are expected to reach $90 billion in the United States. Of that amount, $41 billion will come from mobile payments. This mean that technologies like NFC (near field communication) will be a standard in smart phones and devices. Therefore, to leverage on mobile payments and keep your business innovative, DSGNLAB recommends the following:

1. Implement mobile payments.

Mobile devices are here to stay. By being the first adopter of mobile payments, you will provide more convenience for your clients. Additionally, by staying ahead of the curve, you will have an edge over your competition that could lead to revenue growth and better market positioning. Additionally, your clients will less likely to switch over to a competitor once they've locked in on your mobile payment services.

2. Incorporate mobile payments.

If you have a product or a service that could benefit from mobile payments, you could think of incorporating that function into your platform. With the rise of delivery and services-on-demand applications in the market, mobile payments will eventually become the norm.

3. Encourage mobile payments.

One way of encouraging clients to use mobile payments would be the creation of loyalty programs. Consider rewarding them for utilising the system through deals and discounts. Additionally, you could look at gamification to incentivize users for larger purchases. In order for your business to continue innovate, adopting a new feature like mobile payments could put you ahead of your competition.

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