Payments Options Can Drive Profits
3-8-2017
Offering more payments options, including electronic and mobile, can boost sales and increase revenues according to a recent study, entitled The Future of Money: How Digital Payments are Changing Global Commerce. The study, conducted by Ingenico ePayments, Oxford Economics and Charney Research for NTT Data, Inc., discussed opinions and outcomes with 2,000 consumers and 300 executives around the world.
Key findings include:
- Over the next three years, consumers expect to use 32% less cash.
- Nearly half (46%) of people under 50 years old expect they will increase their use of mobile money over the next three years.
- In developing countries, 69% of consumers prefer to buy from merchants who offer mobile payment options; in developed countries, 47% said the same.
- Security is the largest factor in peoples’ decision on whether to adopt mobile payments.
- Forty-three percent of businesses with annual revenue growth of 11% or more have an app that supports purchases and payments.
- Eighty-three percent of executives think of payment technology as a tool for meeting strategic objectives and 72% of say accepting mobile payments can boost their sales
The survey recommends that as part of growth strategy, businesses move toward “aggressively investing in innovation, including mobile and electronic payments.” It also suggests that merchants identify consumer security concerns and help to educate their customers on electronic payments safety.
Read the full study here.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
