Google Pay and Apple Pay – Changing the Future of Consumerism

Changing Technology May Force Consumer and Merchant Evolution

In contrast to the ever-present plastic credit card of today, many believe that the next generation will be using the transaction option of the future: paying for goods and services with their mobile phones. While it may sound like something from a sci-fi movie, mobile payments (and wallets) are already making large bounds in popularity amongst today’s average consumer. After the 2018 Black Friday and Cyber Monday shopping surges ended, one large merchant reported record-breaking mobile payment sales which accounted for over 43% of their recorded transactions.

Mobile wallet solutions like Google Pay and Apple Pay are at the forefront of our ever-changing payments industry landscape. Businesses and consumers are likely to follow-suit as popularity and demand for these transaction methods is projected to increase.

Merchants Begin to Adapt

As mobile payment technology progresses, business owners will be faced with decisions about keeping-up with changing payment methods. In turn, you, the software developer will need to make sure your software supports these new payment methods. Many will choose to make changes now to prepare for what is predicted to be an increasingly mobile-transaction-filled marketplace. Some even believe that adopting well-known mobile pay methods like Google Pay and Apple Pay can benefit the average small business. Benefits include:

• Attracting millennial consumers
• Promoting a positive customer experience
• Reducing transaction time to improve the odds of closing the sale

Consumer Choice and Acceptance

For consumers, change can be both scary and exciting. Skeptical consumers may question the benefits of adopting a mobile wallet. As time passes and consumer education grows, customers may convert to mobile pay for various reasons:

• Convenience
• Improved security
• Increased acceptance by merchants

Adding a Mobile Wallet Offering to Your Software

If you are considering adding Google Pay and Apple Pay to your software, talk to us at Paragon Payment Solutions today. We will help you understand all the benefits of mobile and show you the easiest way to adapt. Accepting payments through mobile methods like Google Pay and Apple Pay doesn’t need to be complicated. Our team is here to walk you through every step of the way.