Are you aware that up to 50% of regular online shoppers cancel their purchases if their preferred payment method is not available? Businesses are losing millions simply because they have yet to adopt new and popular payment methods.
This year the scale has tipped and more online consumers are purchasing their holiday gifts using a mobile device verses a desktop. This is an important figure to consider because some of the more popular payment methods are mobile focused, such as Apple Pay, Google Wallet, and more.
Apple first introduced Apple Pay in 2014 and since then mobile wallets have flooded the market with options including: Microsoft Wallet, Walmart Pay, and Kohl’s pay. This trend is likely to continue as consumers are more tied to their mobile devices and It has been predicted that mobile payments could hit $503 billion by 2020!
The top three you should be looking to accept are: Apple Pay, Android Pay(now called Google Pay), Samsung Pay. Combined these payment methods are currently accepted at over 30 million locations worldwide, and as this number grows, so will its convenience and popularity.
Kevin at JoyofAndroid has written a very detail review of Google Pay and Samsung Pay, you can read it here.
If you have yet to adopt these new payment methods, you’re in luck. It has never been easier to begin accepting these payments and e-commerce companies, like Shopify, have begun to adapt their systems to support this method. If your POS or e-commerce solution has yet to support it, it may be time to invest in a new one.
Download our ebook for more tips and tricks on how to adapt your business in this changing landscape. Plus, discover six strategies to grow your business.
