Choosing a mobile payment method

September 2016

Choosing a mobile payment method

Mobile devices (smartphones and tablets) are part of our everyday life and many businesses support this new trend by adapting their content and offers. Mobile payment represent a new challenge for businesses - meet the expectations of customers for both online and physical stores.

Mobile payment - the new challenges for professionals

According to study conducted in September 2014 by the french FEVAD (fédération du e-commerce et de la vente à distance), the complementarity between physical trade and ecommerce is becoming stronger, 76% of the customers finalized their purchase (in physical stores) after consulting a website. The FEVAD also notes that mobile devices are increasingly being used to make purchases.

Mobile payment thus represent a new challenge for companies, which involve several aspects:
- Website tailored to mobile devices.
- Specific content for mobile (dedicated application ....).
- Payment methods adapted to mobile devices.

Why offer a mobile payment method?

The establishment of a payment solution must address several issues: how will the mobile payment system improve customer experience? What are the advantages of using mobile payment?
The advantages for the company:
- Improve customer satisfaction by offering a convenient payment method in physical stores.
- Improve customer loyalty.

How to choose and implement a mobile payment method

The company can choose to integrate an existing mobile payment solution or opt for a dedicated application.
  • NFC (Near Field Communication) or QR codes can be integrated mobile payment solution.

Payment in stores

Payment in physical stores can be achieved through the use of QR codes or NFC (Near Field Communication).
- This type of payment avoids the transfer of cash, especially for small amounts.
- Accessible through a dedicated application: Apple Pay, Google Wallet ...
- This type of solution also requires special equipment (NFC terminal or QR code reader).

Online payments

Online shopping websites must make sure that the payment interface is easily accessible from a mobile support (tablet or smartphone).
Some solutions can meet the demand of users who wish to pay online without using their credit card (through a special module connected to PayPal, Google Wallet, Bank application ...).

NB: Mobile payment can also be offered for application purchases or in-app purchases. This is especially true for a company willing to monetize applications on Google Play or iTunes.

The company can also opt for the creation of a custom application for payment and loyalty.
Several parameters must be taken into consideration:
- Database Security and customer bank details.
- Adaptation to mobile devices used by mobile users (Android, iOS ...) and their characteristics (with or without a NFC chip).
- Promote the application.
The use of a dedicated payment application can help to improve customer retention/loyalty:
- Special offers accessible through the app
- Loyalty program rewarding buyers using the app.

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