Image by mohamed Hassan from Pixabay

By Michaela Wong

Every small business owner strives for a competitive position in their target market. From looking into the strategies of similar brands to growing your audience, there are a variety of tips for startups looking to reach success. One way to keep up with competitors and appeal to consumers is by using mobile payment methods.

From 2010 to 2020, American cash transactions saw a decline of 50%, with mobile payment taking their place. Digital options like Apple Pay, Google Pay, and Venmo have millions of users and are projected to reach a market size of $6.7 trillion in the next two years.
Want to take advantage of the growing consumer demand for mobile payments? Keep reading to learn more mobile payment statistics and how this innovative strategy can help your small business succeed.

Mobile wallets

Mobile wallets store bank information including credit cards and IDs on your device, and they make great tools for small businesses. Here are some of the benefits:- Appeal to younger markets: Since millennials tend to use mobile wallets at higher rates than older generations, incorporating them into your business strategy can help you reach younger customers.
– Improve customer satisfaction: Around two-thirds of those who use mobile wallets do so because of their convenience, making the shopping experience easier and more accessible.
– Use a proven strategy: Last year alone, more than one-fifth of purchases were made using mobile wallets, so your small business would be hopping on a strategy with proven success.
– Invest in growth: In addition to the past and current success of mobile wallets, the market is projected to reach at least $80 billion in the next five years.

QR codes

Another way your small business can use mobile payment is through QR codes. Check out these advantages:- Provide more convenience: Whenever cash transactions aren’t possible, two-thirds of customers prefer to use QR codes.
– Follow the trend: The emphasis on contactless transactions during the COVID-19 pandemic led to an 11% increase in QR code payments, so it’s wise for small businesses to hop on the trend.
– Increase profits: By 2025, QR codes are expected to have a $2.7 trillion transaction value, suggesting the potential for considerable profits.

Apple Pay

Apple Pay is a digital card that allows mobile wallet transactions to occur, and its benefits for small businesses are extensive:
– Expand reach: Since Apple Pay is available in 60 countries, your small business can use it to expand your market to new regions.
– Use a trusted system: Apple Pay is a widely trusted payment method, with support from 5,480 banks, 65% of American retailers, and over 900,000 apps.
– Boost transactions: In 2019 alone, Apple Pay saw more than 10 billion payments, which suggests that it could increase your small business’s sales.

Cryptocurrency

Cryptocurrency has also gained popularity among businesses in recent years due to its range of benefits:
– Reach more audiences: More than 75 million people have a blockchain wallet, which means that small businesses can use cryptocurrency to expand their reach.
– Take advantage of availability: The availability of Bitcoin ATMs in 74 countries not only means reaching global markets, but it also makes your products and services readily available for more people.
– Stay competitive: Currently, more than 15,000 businesses allow Bitcoin payments, so adding a cryptocurrency option can help your small business maintain a competitive edge.

Mobile wallets, QR codes, Apple Pay, and cryptocurrency are just some of the ways your small business can use mobile payment methods. By using these strategies, your startup can stand out against competitors and attract new customers.
Want to learn more about how your small business can use mobile payments? Check out the infographic below.

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Michaela Wong is a content specialist who is passionate about all things digital marketing. She is a graduate of San Diego State University. In her free time, she enjoys reading and exploring her home state of California with her corgi, Emma Bean.