Projections for mobile payments are pegged at a bullish 61% growth for next year in the advent of eBay separating from PayPal and launching its own mobile payment merchant gateway. Factor also the increasing patronage of Apple Pay that is also projected to grow next year after its launch last month. The Capgemini and Royal Bank of Scotland in their annual payments report, stated that electronic payments are forecasted to slow by 16% while mobile payments will surge by 61% as people are increasingly adopting mobile in their consumer cycles.
Adding to the Capgemini report, mobile payments are expected to grow by 61 per cent to 47bn transactions next year, with non-banks such as Apple Pay and PayPal forecast to lift their share from 1.1bn transactions in 2012 to 7bn in 2015.
Here are the top mobile payment platforms that small business owners can consider to expand their revenue and get into the radar of the increasing mobile dependent consumers.
Breadcrumb by Groupon – Preferred by merchants who:
- Key in a significant number of transactions OR
- Supports $400 above transactions
- $26 average transaction OR
- Average transaction over $17 and under $26, but does not support American Express
PayPal Here – Preferred by merchants who:
- Make less than five figures in sales a month AND
- Average transaction under $17 OR
- Average transaction under $26 and take American Express cards
Square – Preferred by merchants who:
- Make 5-6 digits in sales every month AND
- Have very few transactions over $400 AND
- Key in very few transactions
Word of advice is, read the fine print and understands the charges incurred under such platforms and use those figures to equate the best cost-benefit scenarios for your business when implemented. National Brokers Network Business Brokers Victoria recommends that business here in Victoria expands their platforms of payments and tap into the mobile commerce growth.