Friday, September 28th, 2018
To deal with the increased demand from its smartphone-dependent society, more U.K. small and medium-sized businesses are giving customers the opportunity to pay with mobile apps, according to an independent report conducted by Verve Partners Research and commissioned by Verifone.
Triggered by the popularity of mobile payment apps, like Google Pay and Apple Pay, 29% of small and medium-sized businesses give customers the option of paying with an app. To meet customers’ need for quick, convenient transactions, 17% of micro-businesses also are accepting payment apps.
About 22% of UK smartphone owners used their devices to pay for goods in 2018, according to the research company, eMarketer. Though this is clearly not widespread adoption, that number is expected to grow to 28.8% in 2021. This means that a greater number of businesses in the UK will need to offer mobile payments to keep up with customers’ demands for simple, convenient transactions.
It’s Good for Business
The best way for UK businesses to remain competitive is to ensure they are embracing any type of technology that takes payments faster, such as mobile payments. As customers increasingly become more interested in becoming a cashless society, businesses will need to follow their cues and give them what they want.
Already a Step in the Right Direction
As the numbers show, the UK retail scene already does not look much like it did a decade ago. Part of the change has to do with the Faster Payments Scheme, which was launched in 2008. When it began, UK customers hadn’t really embraced online banking and similar technologies until the introduction of the Faster Payments Scheme. People did end up embracing it, growing from 13 participants to 21 in the last 10 years.
Customers and merchants have learned to trust these technologies and depend on them, so now is the time for merchants to consider pushing the envelope. Adopt more cutting-edge payment technology and other systems that provide faster solutions to customers. The merchants who can provide the most seamless, quickest, safest transactions will come out the winners.
Mobile payments are definitely the avenue to get businesses there, but they also need to keep their eyes out for other developments. Hints of new ones show themselves all of the time. The best ones to embrace in the UK would be quicker, more customer-friendly systems that deliver on both speed and security.
The UK has already surpassed the US in terms of mobile payment adoption and use, but place in Asia have gone even farther to become an almost completely cashless society. Since the UK seems receptive, it is probably best to keep going with it.
Final Thoughts on Mobile Payments
Mobile payments are here to stay, and UK businesses need to keep up with customers’ demands. The best way to keep up with the demand is to ensure you have a merchant account that meets your needs.
For the cheapest merchant account UK, you need to turn to a reputable payment advisor, like Best Payment Providers (BPP). BPP is a seasoned comparison company that takes the guesswork out of finding a cost-effective merchant account. BPP charges no fees to guide you the process, reviewing contracts, rates, and fees to ensure you get the cheapest merchant account UK. Most importantly, Best Payment Providers will work to ensure you don’t get trapped into bad, lengthy contract or spend too much due to confusing language, hidden costs, and deceptive sales tactics.