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Home |About Us | Blog | As Mobile Takes Off, It’s Time To Future-Proof Your Payments Strategy

It’s been a long time coming, but mobile payments have finally broken through into the mainstream. The latest figures from Worldpay , the UK’s largest payment processor, reveal a massive 336% increase in mobile spend so far this year versus the first half of 2016. Meanwhile, Contactless payments continue to thrive, with over half (53%) of retailers telling Barclaycard they want the spending cap to be raised.

It’s clear that retailers should be factoring in both mobile and contactless to their omnichannel strategies to drive sales and improve the customer experience. But it’s important to remember that not all payment providers are created equal.

On the rise

The ascent of contactless has been the payments success story of the decade. Spend reached £3.9 billion in April 2017 alone, a 148% increase on the previous year, according to the UK Cards Association. It’s fast, simple and secure and the preferred way for many consumers to pay now for transactions under £30. That’s why retailers want to raise the upper limit. Yet nearly half of UK merchants have yet to implement the technology. That’s crazy, considering three-quarters of those who support contactless have seen a 30% increase in transactions per day, while one fifth saw a 50 per cent boost, according to Barclaycard.

As for mobile, it’s been a slower climb. Yet with Android Pay and Samsung Pay now joining Apple Pay, it’s clear that critical mass is building. The volume of mobile payments increased by over half (57%) in the first six months of the year, with £74 million spent in June compared to £46 million in January, according to Worldpay. Mobile now comprises over 5% of all contactless payments.

It’s important also to remember that mobile payments don’t just mean “tap and pay” in store, but also in-app functionality that can integrate with e-commerce channels to offer users a quick and easy way to pay online, with the push of a finger.

A win-win

Adding mobile and contactless to your offerings makes complete sense. Just consider these benefits for starters:

• Drive sales by offering customers more choice to pay via their preferred method
• Cut queues at the till, minimising lost sales. This is especially important in high volume, low value environments
• Differentiate by putting the customer first with a smooth checkout experience that allows smaller firms to compete with big-name rivals
• Improve security and lower costs. Cards/mobile payments are more secure than handling cash, and tokenisation capabilities provided by the best payment service providers ensure you don’t have to store customer card details, potentially reducing your PCI scope

The Optomany difference

If you’re one of those retailers yet to join the mobile/contactless revolution, it pays to take a step back and consider your options. It’s important to figure out whether you want these capabilities as part of a bigger omnichannel play. Omnichannel retail is where the industry is headed. If executed correctly, it should offer customers a seamless experience across bricks and mortar, mobile and e-commerce channels whilst providing retailers with a single view of the customer. With this unique data-driven insight, you’ll be able to get closer to your customers, providing more relevant special offers and improvements to the overall shopping experience.

At Optomany we support mobile and contactless transactions across all our payment devices. But we also go further to provide in-app payment capability as part of our omnichannel offering. Unlike many ’omnichannel’ solutions on the market, our platform was built from the ground up to provide a single, unified view of your customers and channels. We support cross channel tokenisation – the key technology which allows for one-click checkouts and provides that vital integrated view of the customer. All of this is managed from a single, highly intuitive portal: the Optomany Control Centre.

If you’re going to go mobile, make sure you take the time out to do it right.

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