Mobile Payment Solutions: The Key to Customer Retention

Digital payments aren’t limited to online businesses or e-commerce platforms. Regardless of the industry under which a business comes, mobile payments make up a foundational component of financial strategies. Especially since the global pandemic, remote working and operations have become widely accepted. When all physical stores and businesses remained inaccessible, online experiences thrived and more businesses were forced to accelerate their digital transformation journeys. 

In the new normal, all mobile platforms for payment experienced rapid and exponential growth in terms of adoption rate and unique customers. This made a mobile payment platform the hottest trend in the FinTech and finance domains. 

Today, a wide range of mobile payment apps exist that are easily compatible with all imaginable digital platforms. These platforms and payment solutions help customers complete payments without looking at their payment cards or requiring any additional authentication. Having convenient mobile wallets and digital applications has reduced the friction that traditionally exists between the mobile payment platform and the customer. Reports show that more than 78% of customers shopping online use mobile payment platforms. Even so, most e-commerce portals design payment pages and solutions with a desktop or computer system browser in mind. 

With the significant growth in mobile-first consumers, businesses of all sizes need to implement smart mobile payment methods and mobile payment platforms. They allow users an added level of convenience so that they can pay using methods that they are comfortable with. The rapidly growing mobile payment platform technology increases payment versatility and simplifies usage like never before. 

However, there’s a lot more to mobile payment platforms than payments themselves. 

What is Mobile Payment Technology?

To complete a mobile payment, there are several parties involved. It starts with a mobile payment platform like a credit storing app, banking app or mobile wallet app. The consumer downloads this app and enters and validates their debit and credit payment card information. Once this is over, the platform provider stores the data securely and ensures ample authorisation protocols so that users don’t need to re-enter all their data before every transaction. 

How Do Mobile Payment Platforms Aid Customer Retention?

Several fundamental features of mobile payment platforms make them strong tools for customer retention. 

1. Seamless transactions:

Mobile payment platforms eliminate almost all friction between the customer and their bank account, which is one of their identifying traits. Mobile payments ensure smooth transactions and enable customers to store their personal data conveniently and securely for an effortless payment process. 

1. Convenience:

A mobile payment platform comes with a simplified UI and experience. All consumers are wary of websites where they need to enter sensitive data. If the page seems over-complicated, they won’t take a chance trying to complete their payment. The simple interface of mobile platforms ensures a superior customer experience.  

1. Simple UI:

Every customer looks for a straightforward, simple and seamless journey from the time they enter a website till they are done shopping. A lengthy transaction process generally results in customers abandoning their shopping carts and reduced trust in the brand. 

1. Advanced technology integration:

Every experience consumers have in a single day involves technology in some form or other. From fitness bands and smartwatches to GPS tracking, geo-locations, voice assistants and more, customers are more open to adopting platforms that can easily integrate with their existing platforms and lifestyle. Their ultimate objective is increased efficiency and reduced time taken, both of which mobile payment platforms fulfil.

1. Cloud compatibility:

Everything around us is based on a cloud platform. Google Docs, data storage, email accounts and smart wearables all interact with a wide range of cloud networks as they function each day. The finance and payment industry has also seen a growing cloud dependence. With mobile payment platforms easily integrating with cloud platforms, customers are no longer restricted by their hardware and can carry out transactions from wherever they are. 

1. Financial analysis:

A mobile payment platform is more than just a medium for transactions. Other features like invoicing, spend analysis and transaction and lifestyle analysis help users to better manage their finances and understand their common behaviours.

1. Transaction security:

Any online platform must have a high level of security that adheres to industry standards. This is all the more critical for platforms where money and financial tools are exchanged. Leading mobile payment platforms provide high levels of security in line with EMV protocols such as EMV 3DS 1.0. 

Benefits of a Mobile Payment Platform:

All types of businesses including grocery stores, retail stores, gyms, salons, cafes, bars, schools, automobile rentals and gas stations have some form of mobile payment solution in place. This means customers can make instant payments which reduces the time taken per transaction. Other benefits include:

• Tracking customer behaviour
• Integrated loyalty programs
• Reducing checkout time
• Reducing additional charges and credit card fees

Every business today can adopt a mobile payment platform to give itself an edge in the competitive market. It proves to customers that businesses care about creating a seamless customer experience.