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Benefits of mobile payment
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Challenges of mobile payment
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Impact on consumer behavior
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Impact on consumer loyalty
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- Mark Johnson
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1 Challenges of mobile payment
However, mobile payment also poses some challenges for consumers that can vary by location, industry, and culture. Firstly, it requires a reliable internet connection and a compatible device, which may not be available or affordable for everyone. Secondly, it involves sharing personal and financial information with third parties, which may raise privacy and security concerns. Finally, it creates potential issues with refunds, disputes, and fraud due to the lack of regulation or protection for mobile payments in comparison to traditional payment methods.
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In my experience, while mobile payments has offered many benefits to consumers and businesses, it is also fragmenting the market in regard to the many choices that are available in the form of many digital wallets, bank payments, credit, debit cards, several e-commerce checkout options etc. It requires customers to register and have their financial information shared with all the options they may be forced to use. This creates consumer friction in the long run. The US payments landscape is especially problematic due to fragmentation. Consumers in India (UPI) and Brazil (PIX) have attempted to solve this issue by creating interoperability among the different payment systems while still striving for real time funds availability.
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2 Impact on consumer behavior
Mobile payment can have a significant impact on consumer behavior, as it can affect how, when, where, and why they shop. For instance, it increases the impulse and frequency of purchases since consumers can pay with a tap or a scan without cash or cards. Additionally, it influences the choice and preference of brands as users can compare prices, reviews, and offers from different merchants and platforms. Furthermore, it encourages the use of mobile devices and apps for shopping as consumers can access a wider range of products and services, as well as receive personalized recommendations and notifications. Finally, it fosters the sense of trust and loyalty since consumers can enjoy a seamless and secure payment experience while benefiting from rewards and incentives.
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3 Impact on consumer loyalty
Mobile payment can have a major influence on consumer loyalty, as it can affect satisfaction, retention, and engagement. Consumers can appreciate the convenience, speed, and ease of mobile payment, leading to improved satisfaction. Additionally, customers may be more likely to stick to brands that offer mobile payment options and avoid switching to competitors. Moreover, with mobile payment apps consumers can interact with the brands and participate in loyalty programs, feedback surveys, and social media campaigns which can further increase customer engagement.
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- Mark Johnson
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Brands know that each additional channel they add to their customer loyalty offering can add significant engagement with the disparate customer segments, and the more frequent you can induce digital engagement, the more like that customer will be less likely to attrite, more profitable, less price sensitive as well as other beneficial / measurable metrics.
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4 Tips for businesses
To leverage the potential of mobile payment, businesses should offer a variety of options, such as QR codes, NFC, or SMS, to meet customer preferences. Security and privacy should be ensured by using encryption, authentication, and verification techniques, and complying with relevant regulations and standards. Mobile payment should also be integrated with marketing and loyalty strategies, by offering discounts, rewards, and coupons. Additionally, customers should be educated on mobile payment through clear instructions and highlighting the benefits.
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