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Merchants Should Prepare Themselves For The Coming Mobile Wallet Boost

After the arrival of coronavirus, it has become quite clear. That contactless transaction will lead the entire payment ecosystem. Mobile wallet is one of the best ways through which you can make payments maintaining the physical distancing.

According to a consumer study done by PYMNTS. “40 percent of individuals are doing more of their daily retail and transactions online, partly. Because, well, there’s no other way to do it”. Some consumers are of the opinion that it will become a habit.

The post-pandemic world will be completely new. There will not be any pure brick-and-mortar business as businessmen will have to offer something more. Such as home delivery, curbside pickup and order-ahead. Merchants have to give more preference to online payment solutions. In order to prepare themselves for the upcoming mobile wallet boost.

Matt Good, senior vice president and general manager of Elan Advisory Services said. “The shift to contactless payments is going on and the stage is being set for mobile wallets to gain a much wider embrace”.

He further added, “Merchants need to make sure they not only accept credit cards but also contactless payments”.

If we specifically talk about the definition of contactless transaction, it refers to payment terminals that support NFC. Here, customers just need to hover his plastic credit card to complete the contactless transaction. But, with the advancement of technology, everything has changed.

Matt God said, “Even before this crisis, over the past couple of years, contactless has moved beyond just the plastic and the tap and pay or tap and go to include mobile wallets”.

People carrying plastic credit card should think twice before touching the payment terminal as it is being touched by hundreds or dozens of people every day.

Well, if you are waving your card at the point of sale, you will still have to face problems as there are limitations in the contactless transactions. Therefore, mobile wallet is the only option left for you and you have to embrace it fully.

Considering the present situation where online transaction is getting more preference, Matt Good said. “Hopefully this will start to push people toward understanding the value of using the mobile wallet — and the ease of using it”.

According to Good, four in 10 U.S. consumers have at least one contactless card — and in the last two months, 30 percent have made mobile wallet transactions for the first time. He said, “that growth is tremendous, and merchants need to be able to handle that”.

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