Imagine returning home from your favorite coffee shop only to discover that your wallet is missing. Now what do you do? You have to cancel all of your credit cards and protect your personal information to prevent theft.
Now imagine that the same thing happens, but it’s your cell phone. It can be much more challenging for the thief in question because whoever gets your phone needs to have your exact fingerprints and know your pin numbers.
So which of these two scenarios makes you feel safer?
As a result of the obvious answer in this case, the popularity of mobile payments has surged.
Surprisingly, however, mobile pay services and technologies have much room for market growth and consumer adoption. The biggest concerns people have with mobile pay platforms related to the transmission of personal information via smart phone and losing the phone altogether.
However, swiping a credit card is not all that safe either, experts remind us. Take the infamous Target or Home Depot hacking that took place in recent years as examples.
So what does embracing mobile payment platforms and technologies accomplish?
Personal use aside, according to a recent report from Entrepreneur, there are four basic advantages to having mobile payments in place for your business. What are they? Check out the insightful list here courtesy of author Bobby Emamian, Co-founder and CEO of Prolific Interactive.