A Silent Cha-Ching: Virtual Currencies, Mobile Payments, and Your Business
When is the last time you paid a toll in cash? Many people nowadays use E-ZPass, so they might not even remember. Digital payments aren’t just a fact of life on the roads. Maybe you’ve set your bills to autopay, so the money automatically comes out of your bank account. And if you’ve got Apple Pay or Android Pay on your mobile device, you don’t need to take your wallet out of your pocket – all you do is tap your cell phone against the terminal. Digital cash isn’t going away any time soon, so read on to learn how it will impact your business.
How Big Is the Mobile Payment Industry?
By 2019, mobile payment industry analysts predict that the value of the industry will hit over $1 billion. Why are they forecasting that the industry will be worth so much in just a few short years?
People love paying with their mobile phones. It’s convenient and simple. Mobile device manufacturers realize there’s a huge opportunity in the mobile payment space, which is why they’ve been working hard to offer this service on their handsets and platforms.
Moreover, in places where the banking industry is quite underdeveloped (such as large parts of Africa), mobile payments make it easy for people to transfer money to one another.
What’s in Store for Digital Currency and Mobile Payments?
Given that analysts predict the value of the mobile payment market to continue on an upward trend, it’s a safe bet to say that mobile payments and digital currencies will become mainstays.
For example, Sweden has become a largely cashless society. The government phased out its largest denomination bill in 2013, and demand for its second-largest denomination dwindled shortly thereafter. Many banks don’t allow withdrawals or deposits in bills anymore. A large number of retail outlets and restaurants won’t even accept cash any longer.
The Ecuadorian government introduced its own digital currency in early 2015. While its government didn’t state it as the reason, many analysts believe that it has to do with Ecuador’s desire to stop using the American dollar as its currency.
What Do Digital Currencies and Mobile Payments Mean for Your Business?
With these facts about digital currencies and mobile payments in mind, companies need to be aware of their impacts on their businesses.
They need to begin accepting mobile payments and digital currencies in order to stay competitive. Their customers want the flexibility and convenience to pay with their smart phones or networked devices such as smart watches.
In the coming year, what are you going to do to satisfy your customers and improve your business?
PowerPay Payment Processors: We Help You Accept Payments on Any Device
If you want to accept mobile payments, PowerPay Payment Processors has the technology to help you do that. Moreover, we can get you set up in as little as two days. When you choose PowerPay, you’re getting some of the lowest payment processing rates in the industry. Call us at 1-800-483-8815 to learn more about credit card merchant services.