7 minute read
Editor's note: This article was updated on January 28, 2022, from its original publish date of June 6, 2019.
Integrating mobile payments into your business offers as many benefits to your customers as it does to your commerce. Ease and convenience for your customers; expanded reach and lower transaction costs for you—just to name a few. And you don't want your company to miss out on all the benefits that come along with this growing market. The global mobile payment market is expected to reach $273.1 billion by 2028.
3 types of mobile payments
Mobile payments is a broad term, and within that umbrella, there are three types of mobile payments to consider for your business:
1. First is the technical ability to accept payments via digital wallets from your customers, including, tap to pay at the physical point of sale (POS) or click to pay on your ecommerce website.
2. The second type is an in-app mobile payment. This is where a customer makes a payment through your merchant app from their mobile device.
3. The third type is in-person through a mobile point-of-sale (mPOS). An mPOS typically includes an app on a mobile phone or tablet paired with a mobile card reader.
Determining the best use for your mobile payments strategy can supercharge your growth potential. We'll show you how each type of mobile payment can impact your business.