Cards and Electronic Payments Overtaking Cash.

The concept of a cashless future seems to be eroding the market share of cash. Statistics released by Retail Banking Research (RBR) reveal that there were about 471 billion cashless payments across the globe in 2015, and the figure has risen 52% since 2011. Additionally, there was a slowed growth of ATM cash withdrawals during the same period. This shows the increasing preference for electronic payments among consumers, who seem keen to switch to cashless payment methods. Electronic payments overtaking cash is the new normal.

Here’s a sneak peek into other data from RBR:

The use of payment cards has risen from 50% in 2011 to 55% in 2015, accounting for the biggest share in cashless payments in all regions, except Asia-Pacific.
Other cash alternatives are growing steadily, including direct debits and credit transfers. The use of check has come down significantly.
Cashless transactions are expected to increase, with an increasing number of consumers preferring to make lower-value payments with cards. The growth of contactless-enabled eftpos terminals is helping propel the popularity of credit transfers.

Mobile Payments

Mobile payments are slowly taking the world by storm, replacing the traditional wallet culture. Another form of cashless payments, mobile technology is making life easier for customers. Additionally, it is helping sellers optimize point of sales, making life easier for both customers and checkout staff.

Convenience

Perhaps it is the convenience factor that comes into play when you think of mobile technology. Given the option to choose mobile payment over standing in traditional checkout lines, customers would prefer the former for its sheer convenience of making quick payment. This is one reason of electronic payments overtaking cash. Again, since it is the ease of making quick payments that customers do not get the time to delay purchase, businesses are cashing in on mobile technology o conversion.

Integrated Payment Data

It’s a great marketing strategy to integrate customer purchase history and payment data to design attractive offers that can be deployed through social networks, SMS, and direct marketing emails. Your purpose is to market relevant products based on the unique purchase behavior of consumers. This helps optimize time and effort involved in marketing campaigns.

Loyalty Building

Cultivating relationship with existing customers comes easier than attracting new customers, according to statistics released by SCORE. This harps on the theory that you should focus on loyalty building to retain your present customers. Undoubtedly one way to keep them hooked onto your brand is to offer them the ease of making payments.

Leverage mobile technology to integrate your loyalty programs with mobile payments, so customers can seamlessly make payments using an electronic loyalty app installed on their handsets/ smartphones, which works similar to a loyalty card. This makes it easy for them to earn rewards and redeem the same at the mobile point of sale.

Brand Building

Everyone is using mobile phones these days. If you expand your payment options for clients, including mobile payments, customers start to see you as a professional brand, that keeps current with latest technology trends. Consumers love the convenience offered by mobile technology, which helps them make swift transactions and receive quick delivery of payment receipts.

It is here that you can harness the power of mobile technology for brand and loyalty building. Remember, consumers are willing to choose brands for top-notch service, which includes the ease of making electronic payments. It is a great idea to adopt technology to improve customer experience and boost sales. Brand building is one of the top tools that

Payment Options for your eCommerce Business

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Cards and Electronic Payments Overtaking Cash.