Adapting to the new POS: The Consumer
Not only has the mobile payments boom helped consumers but developers and merchants, as well. When using biometric payments and other micropayment options, consumers are willing to make larger payments or make smaller purchases more regularly from their devices, increasing merchants’ profits. Developers who are applying simple mobile payment options to their solutions are now in the position to create new relationships with merchants.
The success of mobile payments and these relationships prove that consumers truly are the new point-of-sale and merchants must continue adapting their strategies to reflect this. For starters, their developers should keep trends in consumers’ digital payment preferences in mind when designing new solutions. According to the Worldpay 2015 Future of Digital Payments report, developers should take these three trends into consideration:
- Location: Rising economies, such as India and China, are more likely to purchase social content than established economies like the U.S. For example, 28 percent of respondents in India have invested in paid social media services, while only 12 percent of U.S. respondents have.
- Payment method: Overall, credit/debit cards are the most popular payment methods used for buying tech and software content. Online wallets are a close second, followed by mobile payments.
- Billing model: More than one-third of consumers prefer one-off payment billing for digital technology goods and services because it helps them stay in control of their finances. According to the study, this billing method is expected to become the most popular choice for consumers in the near future.
Adapting to consumer preferences by keeping up with digital payment trends will only benefit developers’ relationships with merchants, and ultimately the bottom line. To learn more about these trends, visit our interactive microsite atworldpay.com/future-of-digital.