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Why all industries Benefits to consumers

While mobile payments offer multiple benefits, many
should embrace consumers have stated they prefer mobile payments due
to their convenience and ease of use. Most consumers
mobile payments have a smartphone they already use daily for shopping,
organizing and banking.

It only makes sense for businesses to utilize a mobile app
as well and allow customers to make payments using their
phones. It's a simple solution that is easy for consumers to
understand and meets them at the most convenient place.

Consumers often point to the security associated with
mobile payments, as consumers feel confident their
data won't be compromised by using mobile technology.
The increase in biometrics (both fingerprint and facial
recognition) employed on almost every mobile device also
adds an additional layer of security to mobile payments that
consumers don't experience with other payment methods.

Benefits to businesses
Implementing mobile payments has clear benefits to
consumers, creating a path for them to make payments in
the most simple and convenient way imaginable. However,
mobile payments have a clear benefit to businesses as
well. By offering mobile payments, businesses introduce
By Chris Arnette an example of how they listen to consumer feedback to
REPAY improve their solutions. This starts an opportunity to
establish a new touchpoint on the path to solidifying a
s recent developments have shown, businesses long-term loyal customer.
have realized many benefits in investing their
time and resources into strengthening their Overall, mobile payments are no longer an abstract
A payment stacks and finding new solutions to concept that could potentially make for a better payment
make the lives of their customers better. experience. It's clear there are many benefits in employing
mobile payment technology.
Mobile payments have been one of the most requested
methods for those looking to pay, touching on convenience, Mobile payments prioritize safety, allowing consumers
ease and speed as key factors. Increasing the number of to be able to make payments without worrying about
desirable payment methods a business offers to customers their information being compromised. Mobile payments
makes it all the more likely the business will be set up for capitalize on consumers' desire for more convenient ways
long-term success. to do things in their life, reducing potential stresses by
making the payment experience easier.
The rise of mobile payments
It's only a matter of time before mobile payments become
While the wider acceptance of mobile and digital payments the leading payment method, so companies should take
was happening prior to the start of the COVID-19 pandemic, the opportunity to lay the groundwork now and introduce
lockdowns accelerated the adoption in record speed, mobile payment technology.
heightening the demand to new levels.

Even after lockdowns ended, many consumers continued to Chris Arnette serves as senior vice president, head of product manage-
use the digital services they'd grown accustomed to during ment for REPAY, where he is responsible for the strategic direction and
the worst of the pandemic. While many across the industry delivery of new product features and functions across the REPAY plat-
thought consumers would return to their old habits, it was form, including all omnichannel payment services such as online bill
clear that cash was no longer king, and swiping a payment payment and presentment, text pay, IVR, and mobile apps. He brings
card was an act of the past. more than 20 years of experience in financial services in areas including
product strategy and product management, enterprise application soft-
ware management, professional services, client support, and operations.
Connect with him at www.linkedin.com/in/chrisarnette/.

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