Mobile payment technology is becoming more common. Paying for your purchases or sending money to your family via a mobile device is a lot safer and more convenient than carrying cash. It eliminates the risk of cash being lost or stolen, and it also means that you don’t worry about getting the correct change.
The difference this new technology has made in parts of Africa and Asia is revolutionary. It empowers rural families who depend on financial help from relatives employed in the cities. It deters corruption by literally keeping money out of the wrong hands because cash isn’t being passed from person to person to pay wages or other expenses. But what is mobile payment technology doing in Ireland, and what difference does it make to your business?
While not every form of contactless, digital payment is available in Ireland, a survey by Visa last year suggested that we are eagerly embracing the options that we do have here. Nearly 80% of us are managing our money digitally. It isn’t just the younger generations who are going digital with their finances. According to Visa’s survey about a third of those in the 55 – 64 age bracket regularly transfer money digitally. And we know that people love to use their mobile devices to find local businesses and shop online.
If you have a brick-and-mortar shop, it is high time to get on board with contactless payments. And no matter what kind of business you have, you might want to stay on the cutting edge of digital payments because people are ready to embrace them as soon as they can. Information about your payment options is important content to have on your website, which should of course be mobile-friendly. We’re embracing all sorts of apps to make life more convenient. We want to buy movie tickets and make restaurant reservations on our devices. Watching the previews and previewing the menu isn’t enough anymore. The more interactive and practical an app is, the more people are going to embrace it.
By Irene Hislop
By Conor McCaffrey