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Mobile payments in 2018: what can we expect?

Mobile payments are becoming more and more important, not only for online shopping, but offline as well. Customers almost effortlessly accept payment innovations. Companies, on the other hand, are still more reserved. Do consumers really want all sorts of new payment methods? Is it worth the investment? And can I implement them in my company? In this article, we’ll take you through some of the latest developments in mobile payments.

To begin with the last question, almost all mobile payment methods can easily be implemented, even by the smallest companies and sometimes even free of charge. From the most elegant restaurant in the city to the local bakery in the village: the consumer expects to be able to pay with the same ease, using the latest payment methods, wherever they are. But what exactly does that expectation mean?

There are a number of trends that will determine payment traffic in 2018. Below we give a brief explanation of these trends:

• QR payments

If you think the QR code has passed, you are mistaken. The QR code is back. And at the highest level. As the Dutch website Marketingfacts already quotes, this code is a must-have for big companies in every marketing strategy. Following the footsteps of China and South Africa, payments by the well-known QR code in also emerging in Europe, starting with the Netherlands and Belgium. Think of QR codes on the bill of a restaurant after a night out with friends, on the flyer of a charity event or at the ticket shop of a festival. 

By simply scanning the QR code with the mobile phone, the consumer enters the familiar online banking environment (iDEAL or Bancontact). By following the usual steps, the consumer pays securely and quickly, without the need of his wallet. More and more consumers are expecting this form of payment, as a result of which more and more companies are now embracing the iDEAL QR. Same as Gastrobar Floor, who successfully tested the iDEAL QR together with CM.

iDEAL QR horeca from Betaalvereniging Nederland on Vimeo (DUTCH)

• Mobile wallet

No doubt you’ve heard about the mobile wallet before: a safe and user-friendly way to pay with a mobile phone. Apple Pay, Samsung Pay and Android Pay for example, but also the mobile wallet from ING. This is another easy method that makes it unnecessary to have cash or a debit card on hand. The mobile phone, which customers always carry with them, makes paying even easier. Enabling mobile payments both offline (PIN terminal) or online (enable wallets) is thus yet another way to make it easier for customers to spend money.

• Single channel solutions

Finally, single channel solutions are becoming more popular. As more and more ways are offered to make mobile payments easier for consumers, the consumer's expectations also increase in order to do business with the greatest convenience. This means, for example, that consumers can now easily contact companies through the channels they use every day. But if you talk to consumers via Facebook Messenger and Telegram, why should they have to go to another platform to make a payment?

That will be past tense in 2018. Smart integration of the possibilities in your strategy, such as customer contact, but also rich functionalities such as sending media files like boarding passes and mobile payments, ensure that you offer your customers the convenience and security they expect in 2018.

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connects tens of thousands of companies with millions of consumers via their mobile phone each day. Behind the scenes, from our innovative platform, CM makes sure companies can use these millions of messages, phone calls and payments to become part of people’s lives.

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