Today, many large businesses accept mobile wallets – but grocery, in particular, is seeing slower growth in mobile wallet usage. Many stores have the tools and technology in place, but customers still don’t see the value in changing their payment behavior. The faster POS experience driven by mobile wallets may help lead to shorter lines and increased customer satisfaction, proving to be great incentives for grocers to push mobile payments.
Here are three reasons mobile payments are a mainstay in the future of grocery:
1. Increased security: Today’s customers have heightened data security concerns, especially when it comes to mobile wallets. However, they can breathe a little easier knowing a unique series of numbers is assigned to each virtual credit card stored within a mobile wallet. This means that even if a transaction is compromised, the card number won’t end up in the hands of fraudsters.
2. Customer preferences: More than 87 percent of credit card users reported being frustrated that chip cards are slower to process than those with magnetic stripes. And although Quick Chip technology can help alleviate this pain point, major chains are welcoming mobile payment platforms to speed up payment processes and cut down on checkout wait times.
3. Room for innovation: Mobile presents the opportunity to get creative with new ways to reach customers. For example, mobile platforms enable retailers to capture data for better-targeted ads and coupons. Whole Foods Market capitalized on the trend with its SmartTap technology, which allows customers to “clip” and add digital coupons to their mobile wallet. Other stores have opted to allow loyalty program participants to earn and redeem points through an app on their mobile devices.
Long lines are a top frustration in grocery stores, and a faster, more convenient payment experience may be the deciding factor for customers who are considering where to shop. With more customers adopting mobile payments – and increasing incentives to support this modern payment method – grocers who harness the power of mobile can stay ahead of the game.
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