According to a global survey of 2.300 companies and consumers, fast-growing companies are more likely to embrace and accept mobile payments than those companies that experience slower growth.
43% of companies whose profits are growing by at least 11% offer a mobile app that supports payments. The same can be said about 34% of companies that have slower profit growth. Additionally, only 8% of companies that have zero or negative profit growth offer in-app payment options. The information is based on a new report from Ingenico ePayments, NTT DATA, Oxford Economics, and Charney Research.
The survey also revealed that companies that experience fast growth sell a bit more online than those featuring slower growth rates.
It became clear from the survey that companies underestimate consumers’ enthusiasm for mobile payments, so they put larger efforts in addressing their customers’ security concerns.
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As the authors of the report note companies that are financially successful are “ahead of the curve” regarding e-payment adoption. No matter what type of business they’re doing, they are well aware of the fact that people enjoy the payment component of a transaction the least. Customers like when the payment method is virtually invisible, and businesses want payment options that bring in customers without costing them too much in fees.
The report shows that success was based not only on mobile payments, but on cross-border e-commerce as well. 56% of companies that have annual profit growth that exceeds 11% sell internationally, and only 44% of slower-growing companies sell internationally.
The survey also found out that 48% businesses accepting mobile payments also accept crypto currencies, in contrast to 7% of businesses not supporting mobile payments. Mobile payments represent less than 8% of consumers spending globally, and only 9% of consumers said they own or use digital currency. 1 in 4 companies already accept payments from virtual currency, mainly in the field of technology and banking sector.
The study shows consumers in emerging markets are twice as likely to use mobile payments for travel, entertainment and shopping compared with those in the developed countries.