With many competing mobile payment methods on offer to customers you can encourage customers to shop with your preferred method by offering rewards or vouchers whilst completing a purchase and advertise offers when they return to your business again in the future.
Mobile payment are embracing the latest encryption and technical security standards so you can be confident customers are protected and your business will be getting paid for the goods or services delivered.
As mobile payment are looking to simplify to movement of money between people and businesses this ultimately makes it much cheaper for all involved. They also make it easier for people to make a purchase when they see your products advertised.
In the most basic form mobile payments allow the transfer of funds between a money sender and a money receiver, either being a person or a business. There are a number of different mobile devices, mobile apps and mobile networks that can be used to facilitate and settle that payment.
Apple are currently the only manufacturer to produce their own phone and operating system but Samsung have market share with approx. 25% of global phone sales. There are also some fine offerings from Nokia and Sony. Google has formed partnerships with LG, Motorola and HTC for their Nexus range but each manufacturer still have phones outside of this partnership.
The market share is currently dominated by 3 players Google’s Android (84.6%) having largest market share, followed by Apple iOS (11.9%) and Window’s (2.7%) There are some small challenges from Mozilla’s Firefox OS and there are rumours that Facebook are also trying to develop a mobile operating system.
In the UK there are 3 mobile telecommunication network operators; O2 owned by telefonica, Vodafone and EE (a merger between Orange and T-mobile) there are also the following brands utilising these networks; 3, Talkmobile, Virgin Mobile, Asda Mobile, Tesco Mobile, Lebara and GiffGaff.