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Why your biz needs mobile payment strategy

September 4, 2012 by Valerie Helmbreck
Posted in: In this week's e-newsletter, Latest News & Views, mobile technology

It’s no secret that people of all ages are becoming increasingly attached to their mobile phones, and if your organization doesn’t have a strategy for getting them to use their device to give you money, you’re likely to soon be out of a very lucrative loop.

Tech analysts almost all agree on this new and fast-moving trend.

A June study by Deloitte found that 58% of consumers who own a smartphone have used it for checking and comparing prices while they shop. The same study reported that mobile will influence more than $159 billion in sales this year. Gartner predicts that will reach $617 billion by 2016.

In a Forrester survey released in August of about 7,600 U.S. adults, 30% of mobile-phone users expressed interest in paying by phone. More tellingly, 65% of consumers age 25 to 34 have reported already using their smartphones to shop.

All this points to a need for company finance leaders to keep a close eye on how the organization’s IT team, marketing and sales folks are helping customers and clients easily pay for goods and services using a mobile device. Whether its by a custom app or a mobile-optimized website, letting folks pay you by mobile looks like the wave of the future.

You can read more about your options and developments in this tech arena at CFO.

 

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