Answering the Call of Mobile and Smart Solutions

Mobile technology is an indispensable part of consumers’ busy lives. From placing advance orders via big-box store apps, to paying for purchases wirelessly on their phone, consumers want mobile-friendly features from the businesses they shop with.

Trends Impacting the State of Mobile Pay

Consumer behavior shifts, new technology and an evolving regulatory environment are changing the mobile payment ecosystem. Currently, companies leveraging mobile must focus on security, speed and experience.

• *Security: In-app, one-click and mobile wallet pay are increasingly popular options for consumers. As IoT continues to develop, people will have even more mobile payment options. Businesses must deliver enhanced and varied payment experiences to meet consumer demand, but they must do so with an eye for security. Since the adoption of EMV chips, hackers are focusing more energy on the vulnerabilities of mobile pay.
• *Speed: Consumers are attracted to mobile payment options because of their convenience and speed, but they also want money to transfer in real time. Payments that take days to clear are frustrating. Real-time transactions don’t just make customers happy; they also offer more flexibility to the recipients and banks. Thanks to PSD2, there is limitless business potential for instant account-based payments, however, security is also a major concern for instant transactions.
• *Experience: Today, mobile orders and mobile payments account for 10 percent of in-store sales for Starbucks, and Walmart Pay is gearing up to become the most-used mobile payment option. Customers are happy to use a company’s app to make in-store purchases if it enhances their experience. For example, apps that allow customers to scan items as they go and checkout without touching a scanner can transform the retail experience. Companies can also add enhancements through artificial intelligence, and augmented reality offers greater opportunity to strengthen customer relationships through a better experience.

Keeping Pace With Consumer Demands

Mobile pay technology moves at breakneck pace. Companies that deliver secure, convenient mobile payment solutions need the right teams in place to ensure their technology is making it into the hands of their target customers.

If your payment systems or fintech company is looking for sales and marketing talent who will help you grow, MoneyTech Search can help. Our expert recruiters can connect you with the best and brightest talent in fintech. Contact us today to learn more about the ways we can help you achieve your growth goals.