3 ways mobile payments can boost your business

Wow, there is a super surge in mobile payments.More and more people are using smart phonesand tablets to pay online. For this reason, small business owners who are able to receive mobile payments are at an advantage over their competitors. In 2015, trillion dollars were transacted using m-payments, and analysts anticipate that that figure could be double by 2019. If you’re a business owner, you have a super-solid opportunity to benefit from m-payment landscape.

How mobile payments can boost your business?

M-payment solutions are growing rapidly and some of them are creating a huge impact on small scale businesses.Here are three main strategic objectives of m-payment that can boost your business.

Improve productivity

M-payment is important in order to increase business productivity.Whether you’re running a service based business or product based business,mobile payment technology can heavily contribute to your business in the following ways.

*mobile payments make buying easy for customers and increase sales.

*Mobile payments allow you to collect money on the spot — no more billing, invoicing and tracking past due accounts for service-based companies.

* User payment data collected from the app can be used to customize promotions and discounts, further it helps to increase average sales.

*With the simplified billing system, you can decrease financial expenses

*Customers will become more loyal, which increases customers’ lifetime value.

Generate new businesses

Capacity to incorporate m-payments into existing operations can produce new income streams.Safaricon, Kenya’s leading mobile network operator launched M-Pesa (mobile money transfer system) in 2007. According to Pew Global, today more than 65% of Kenyans use their phones to make or receive payments. Now 86% of Safaricom’s users use M-Pesa, 20% of Safaricoms revenues comes from M-Pesaand more than 40% of Kenya’s population use M-Pesa accounts. For your information, mobile apps development companies Delhi are well-known for developing apps that generate new businesses.

Increase stickiness of core business

M-payment solutions can make sense when it is offered for free. It can decrease churn rates and increase customer retention. It enhances end users’ satisfaction level. It expands customer lifetime value. For example, an organization can use payment tools and apps to make users get hooked to your business, grow its user base and integrate other services to the same platform, like food ordering and taxi hailing, etc.

Yes, mobile payments are really making life easier for business owners and customers alike.

Want to develop an app or wallet app for your business’s growth?

If yes, FuGenX will help you. FuGenX is a global mobile app development company in India, which has helped many businesses grow bigger, including India’s largest online grocery store Big Basket, and Byju’s. FuGenX is also one of the best Android apps development company Delhi.

Reach FuGenX at www.fugenx.com