Given mobile payments, the public attention has mainly been focused on POS solutions such as Apple Pay and Samsung Pay. However, Jane Cloninger, director and owner at Edgar, Dunn & Company, notes that most mobile advancements have been in the sphere of apps and mobile Web.
During the 2016 CNP Expo, Leon Majors, founder and president of Phoenix Marketing International, and other professionals in the field expressed their opinions in this concern. Majors thinks that although eCommerce is used on mobile mostly by millennials, the reality is that many baby boomers get smartphones and just don’t use them. So if you want your business to cover more market segments, you should focus on making it more attractive and relevant to the target segment.
Majors believes that people use the largest screens for financial purposes. Millennials mainly use their phones and are likely to so some research on mobile, then continue on a larger screen. Anyway, mobile is the part of millenials’ purchase process.
Taking into account the importance of mobile payments in the modern world of eCommerce, merchants should find a reputable payment processing company like EMB to get the best for their business needs. Emerchantbroker.com, the #1 high risk merchant account provider in the US has an A+ rating with the BBB. With eMerchantBroker, you can excellently protect your business from CNP payment fraud and minimize your chargebacks. EMB offers a fast application and makes everything simple for you.
According to Nathan Hodgen, mobile product manager at the Federal Reserve Bank of Cleveland,
the question of spending time in an app is rather tricky. Hodgen notes his team is focused on taking advantage of a critical tool for consumers, that is mobile. He thinks the most important issue is to ensure consumers they can get what they need there and provide a quick purchase. Importantly, if you do not offer a place for consumers to meet you on mobile phones, you are going to lose.