A Quick Snapshot of the State of Mobile Payments

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It’s no secret that I believe mobile payments will rule. Even more important, mobile payments represent an increasingly large component of your customer’s overall experience when dealing with your brand and business both offline, online and via mobile (which, let’s be fair, ties those two together). Given that, it seemed appropriate to put together a quick snapshot of the state of mobile payments — and what they’ll mean for your business — for you. Enjoy:

1. Fortune provides a great look at how PayPal plans to get back on top in digital payments.
2. To get a sense of the size of the market (payments overall represents around $900 billion annually, by the way), Marketing Charts has a great infographic outlining mobile payment user demographics, top activities and incentives, and more that you’ll want to check out.
3. When we’re talking about mobile payments we need to make a distinction between in-store mobile payments (sometimes referred to as contactless or proximity payments) and payments in apps and on mobile websites. Both matter (assuming of course that you take payments at your physical locations). Regarding the former, Mobile Commerce Daily says that express checkout adoption is strong on mobile as options proliferate. That’s a really big deal, because incorporating mobile payments into your website and/or app will absolutely improve your customers’ overall experience. And even better, it will improve your conversion rate too.
4. Why do I keep talking about this? Well, as Deloitte Digital points out, the growth of mobile payments puts marketers front and center. Ultimately, mobile payments represent a key component of your customer experience. And, as marketers, we’re ultimately responsible for ensuring customers have a great experience with your brand. That’s what makes this so important.
5. By the way, this isn’t something that’s far in the future. Many companies around the world have made huge progress in this space. For instance, according to eMarketer, China boasts world’s largest proximity mobile payments market. They’re already there. And the Guardian reports that Sweden leads the race to become cashless society. If you work with customers around the world, this may represent a deciding factor in where your potential customers choose to shop — and buy.
6. A Far Too Quick Look at the Metaverse, web3, and the Future of Digital (Thinks Out Loud Episode 349)

Keep in mind that this round-up also ignores payment options such as loyalty rewards and blockchain payments, which we’ll touch on in a future update. Despite that, do you see why I’m bullish on mobile payments?

And if you want learn even more about how your customers’ changing behavior shapes e-commerce and marketing, be sure and register to receive a special report I’ve produced in conjunction with hotel marketing firm Vizergy, “Digital Hotel Marketing in a Multiscreen World.” While it’s targeted specifically at hotel and resort marketers, the lessons apply to just about any business. You can get your free copy of the report here.

You can also check out these slides and video from my recent webinar, “Digital Marketing Directions: Three Key Trends Driving Your Marketing Next Year”:

Finally, you might enjoy some of these past posts from Thinks to help you build your e-commerce strategy and your digital success:

• 6 Mobile Commerce and Strategy Insights: E-commerce Link Digest
• Content is Still the King
• The Digital Strategy Myth
• Why Mobile Payments Will Rule
• 2016’s Top Trends: Make Room For Mobile Video
• Driving Seamless Experiences in 2016 (Thinks Out Loud Episode 149)
• Mobile is So Much Bigger Than You Think (Thinks Out Loud Episode 140)
• It’s Not “Mobile First.” It’s “Customer First.”
• 8 Killer Entries About Improving E-commerce Experience: E-commerce Link Digest

If you’re looking to learn even more about how changing guest behavior shapes hospitality marketing, e-commerce, and distribution, be sure an register to receive a special report I’ve produced in conjunction with hotel marketing firm Vizergy, “Digital Hotel Marketing in a Multiscreen World.” While it’s targeted specifically at hotel and resort marketers, the lessons apply to just about any business. You can get your free copy of the report here.

You might also want to take a moment to review the slides from my recent seminar, “Digital Marketing Directions 2016: The Key Trends Driving Your Hotel Marketing Next Year” here:

Finally, you will definitely want to check out some of our past coverage of the mobile, local, social web and how to make it work for your hotel, including:

• Is Social a Waste of Time for Hotel Marketers?
• 5 Fantastic Insights Into 2016 Travel Marketing Trends: Hospitality Marketing Link Digest
• 6 Key Hotel E-commerce Tips: A Cheat Sheet to Drive Direct Business
• 5 Hospitality Marketing Trends You’ll Want to Keep in Mind: Hospitality Marketing Link Digest
• Expedia’s Accelerator Program: A Wolf in Wolf’s Clothing
• For Travel Marketers, Content is Still King
• Trends in Hospitality Digital Marketing for 2016
• 8 Great Posts About 2016’s Top Trends: Hospitality Marketing Link Digest
• 5 Key Facts About Mobile, Millennials, and Hotel Marketing
• How Safe Are Independent Hotels from Airbnb?