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Mobile Payment Hacks for Business

MOBILE PAYMENT HACKS for BUSINESSES THE RISE OF MOBILE PAYMENTS MOBILE PAYMENTS ARE TAKING OFF 200.8M 245.2M Mobile payments will rise globally by 44% this year from $163.1 billion in 2012 to $235.4 billion in 2013 Mobile payment users will reach 245.2 million this year, up from 200.8 million users in 2012 Before After O $11.3B O $19B $24B $29B US mobile transaction value will grow by 53% in transaction volume in 2013, up from $24 billion in 2012 Western Europe mobile transaction value will hit $29 billion in 2013 up from $19 billion in 2012 O $11.3B $24B 160B Asia-Pacific mobile transaction value will grow by 38% in transaction volume reaching $74 bilLlion in 2013 Africa's mobile payments total will hit $160 billion in 2016 AND WILL CONTINUE TO GROW There will be -340 million people worldwide using their mobile device to make payments totaling $245 billion in purchases and transactions 340 M O 2014 people 1,000,000,000,000 Global mobile transactions are predicted to reach I trillion 2015 2016 0 U.S. mobile payments alone will hit $31 billion U.S. mobile payments alone will reach $90 billion - a 48% compound 48% annual growth rate from the $12.8 billion spent in 2012 Up 2017.0 SMALL BUSINESSES ARE LOSING OUT NO! 66% 65% of the 34% who do not use of small businesses use mobile technology to conduct business from using a mobile device to utilizing text message marketing or mobile-optimized website mobile technologies, have no plans to in the future WHY SMALL BUSINESS OWNERS SAID THEY ARE NOT USING MOBILE PAYMENT 56% 47% 36% Don't know enough about how to best use Customers haven't Customers haven't expressed demand for mobile communications expressed demand for mobile payment solutions them 33% 31% 28% I haven't had time to implement any yet I don't have a work/business-related Mobile is not relevant to my industry/business smartphone Provides quick and hassle-free transactions Integration with incentive programs Capitalizes on peer recommendations and Convenient for traveling businesses reviews Enables customer trends and inventory tracking Captures impulse purchases BENEFITS Save money on credit card fees Eco-friendly RISKS SECURITY CONCERNS +41,000 2011 2012 NO Mobile, leader in smartphone security software, reported more than 65,000 new malware threats released worldwide in 2012 (up from 24,000 in 2011) **** 8% Only about 8% of Lack of technology standardization can lead to more attacks, especially if there are security holes between the mobile device and payment chips mobile market actually uses security products on phones Malware and fake app sites direct phone users to sites where they enter sensitive personal information PASSWORD: ***** TIPS FOR ALLEVIATING OR ADDRESSING SECURITY CONCERNS Use an app that issues an immediate electronic receipt Choose a method that gives you at least a 2 factor authentication Ensure all required Report security and payment problems right away payment-related security standards are in place Companies follow Payment Card Industry Data Software applications follow Payment Application Data Security Standards (PA-DSS) Use a mobile application that provides end-to-end encryption Security Standards (PCI DSSI CONSIDERATIONS FOR IMPLEMENTATION TYPE OF MOBILE PAYMENTS Mobile Payment Acceptance O Square phoneSWIPES Uses a card reader attached to a smartphone or tablet and connect to a merchant account Requires an internet connection to process the traditional magnetic stripe debit cards Allows small businesses to use personalized QR Codes to accept mobile transactions and promote loyalty campaigns QR Codes iLevelUp Allows small businesses to use personalized QR Codes to accept mobile transactions and promote loyalty campaigns NFC (Near Field Communications) Utilizes short range wireless technology to enable contactless payments and allowing it to be processed through traditional card processing systems Backwards compatible with existing payment and transit card contactless standards Google wallet Mobile Consumer App DWOLLA UUBER VISA Allows both businesses Utilizes in-app transfers of money or payments from merchant to consumer or individual to individual Requires an internet connection to transfer funds individuals to pay through linking their bank accounts or credit c lit cards CHOOSING A MOBILE PAYMENT SYSTEM Outline your small business' specific needs and goals Investigate each offer thoroughly Get ahead of the competition Check rates, read reviews, visit the competitors Helps pinpoint which option best Don't be afraid to be the supports your business plan first to implement a system CONSIDER ROI -20% COST OF COLLECTING AND DISTRIBUTING CASH Cost of collecting and distributing cash can be as high as 5% to 20% overhead in some markets and mobile payments can lessen or eliminate these costs -5% Gaps in cash flow can make it difficult for business owners to focus on expansion For consumer goods companies where cash can represent up to 75% of receivables this overhead is significant MAXIMIZE ROI Use mobile engagement to push your non-mobile offerings Consistent, recognizable branding is important Utilize consumer engagement by interacting with your users Use mobile offers to track engagement and build consumer base Add new offerings to customers ordering through mobile app (i.e. pickup and delivery) MOBLIZED) SOURCES st-mobile-stats ang-tools/at www.

Mobile Payment Hacks for Business

shared by robb.lejuwaan on Jul 09
Summary of where mobile payments are headed and how businesses can take advantage of the huge opportunity this technology provides.




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