New research conducted for NTT DATA and Ingenico ePayments by Oxford Economics and Charney Research reveals “a clear relationship between mobile payment acceptance and business growth.”
That’s the key takeaway from the new report, which was shared with MMW ahead of the weekend.
The fastest-growing companies are also the most likely to accept mobile payments, finds the just-published global survey of 2,300 companies and consumers.
The “Future of Money” study revealed that among business respondents with annual revenue growth of 11% or more, 43% have an app that supports purchases and payments, compared with 32% of slower-growth businesses.
Mobile payments are also tied to fast profit growth. The online poll, which surveyed 2,000 consumers and 300 business executives in 10 developed and developing regions around the world, found that 43% of businesses whose profits are growing by at least 11% a year offer a payment app. By contrast, just 34% of companies with slower profit growth have such an app. And among firms with zero or negative profit growth, just 8% offer in-app payment capabilities.
While the gap is slightly narrower, 51% of fast growers sell goods and services online, vs. 47% of slower-growth companies.
“These survey findings reinforce the need for companies to make payment innovation an integral piece of their larger growth strategy,” said Peter Olynick, Retail Banking Senior Practice Lead for NTT DATA Consulting, Inc. “Companies should be working to provide a frictionless payment experience by bringing consumers innovative new products and processes. Their efforts will improve customer satisfaction, facilitate cross-border commerce and allow for a more efficient shopping experience.”
To request a copy of the complete report, “The Future of Money,” email FutureofMoney@oxfordeconomics.com.