With mobile payments gaining in popularity every day, it’s becoming increasingly important for companies to know how to get the process right. After all, a confusing mobile payment procedure will result in no payment at all. So, which companies are getting mobile payments right and what techniques are they using?
The Ones Getting It Right
With the number of online retailers out there, mobile payments are becoming a widely used option. And, as with anything in business, some companies are doing things better than others.
Here are five companies that started mobile payments off on the right foot:
- PayPal – Created by one of the largest online retailers in the world, Ebay, PayPal has been a form of mobile payment for the better part of a decade. Because it’s not only an instant form of payment but also extremely secure, PayPal has over 120 million users in 200 markets worldwide.
- Visa – It’s no wonder the world’s most recognized form of payment is also recognized for its mobile payments. With the creation V.me, Visa allows customers to make mobile payments globally with secure transactions in any currency and anywhere Visa is accepted (which is practically everywhere).
- Google Wallet – Google Wallet isn’t as widely accepted as the companies above, but it’s gaining speed. With Google Wallet, a user can safely store credit and debit card information on their smartphone and simply swipe their phone at participating stores to make purchases.
- Western Union – Western Union has been around since the beginning and is transitioning to the mobile market arena. With mobile to cash, cash to mobile, and mobile to mobile payments, Western Union customers can send money from their phone to a WU location, a WU location to a phone, or transfer funds from one phone to the next.
- Serve – In combination with American Express, Serve offers customers the ability to balance their finances, send and receive funds, and setup monthly payment schedules through a single account and app. And, because it’s American Express, it’s backed by their data protection and security policies.
Mobile Payment Marketing
The only way customers will be aware of a company’s mobile payment option and furthermore, the only way they’ll actually get on board is with effective marketing. And, with something as innovative as mobile money, it’s all about taking the right approach.
- Buy it Now, Buy it Mobile – When a customer wants something, they want it that moment. By simply adding a “Buy it Now” option, not only will mobile sales increase, customers will also become aware that they can make mobile payments which will increase the likelihood of future sales.
- Market by Device – What’s the best way to market the fact a company accepts mobile payments? Through a customer’s mobile device. So, market with smartphones in mind and throw a few discounts in there for payments made by phone.
- Use a QR Code – Mobile tagging is everywhere and is becoming more and more recognized. Companies that use barcode readers increase their sales by increasing the ease of accessing information about their product or service. Not only that, a company’s marketing efforts are tracked every time a barcode is scanned giving them the ability to track which information is landing with which demographic.
As mobile paying expands, companies must better understand the way in which they market their mobile money option. In doing so, both businesses and their customers will know what it’s like to truly pay with ease.
About the Author
Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including personal health, online reputation, and the future of doing business.