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Top 6 things you need to know about mobile payments

Yoav Elgrichi, CEO, YuuPay Secure Pte Ltd | Nov. 3, 2014
Mobile payment is about to reach its tipping point of rapid growth, and merchants running trading platforms and e-commerce shops need to allow such a service to flourish.

2. (screen) Size Matters
For consumers, making a payment on a mobile device has traditionally been cumbersome. More than 23% of cart abandonment on mobile is attributable to clunky and un-optimised payment pages.

A good point to ponder for businesses, that by ensuring professionally optimized mobile payment pages, merchants can increase the success rate significantly. Above all, merchants should always avoid copying the desktop payment experience into the mobile environment. Bear in mind, that the ease of use required by desktops vis-à-vis mobile devices are two separate stories.

3. Is Mobile Payment Less Secure?
It's time to bust the myth and change your perspective. Let it be known that the answer is NO. Mobile payment is not less secure and in fact, even more secure than traditional desktop payment.

Mobile devices have security features that far eclipse those of their non-mobile counterparts. Among the reasons mobile payment is more secured are:

  • Application Provenance - Applications must be signed by their creator. For example, Apple (iOS) only permits applications onto the device that are signed by an Apple-issued digital certificate.
  • Application Isolation -One application cannot access or negatively impact another application or its data.
  • Encryption -By default, mobile systems support the encrypting file system. Needless to say that all data and applications on the mobile device are all encrypted to start with. However, you can't say the same about most desktops.

 

4. Mobile Web Payment Versus In-App Payment
Mobile web payment refers to a payment page that is hosted remotely — similar to the payment experience on a desktop — while mobile in-app payment is a payment module embedded within an application. Take for example an app can be downloaded onto the device for free, but specific content or capabilities are then charged should the user decides to access other parts of the said app.

5. Tablet Users Spend More Money
A new report from Adobe Digital Marketing Insights suggests that tablet users spend over 50% more per purchase at online retailers when compared with smartphone visitors, and 20% more when compared with traditional laptop and desktop visitors. At this point, let the numbers do the talking and consider this as you grow your businesses.

6. Do I Need Mobile Payment?
Quite simply — yes, because your customers are already mobile, and the sheer number of your customers using mobile phones to access your website are increasing by the day. "By 2015, more people will use their mobile phones than PC's to get online." Yes, you read that correctly, more customers and potential customers will be accessing YOUR site from their mobile phones than their desktops. With the proper payment solution, you ensure high conversion of potential customers into paying customers.

 

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