Mobile payments are again the go-for option for consumers in the U.S. Let’s see what the recent consumer survey report from Mercator Advisory Group has revealed, and not only. You’ll also know who can help you with the most secure and lowest cost high-risk merchant account in the industry.
High-Risk Merchant Account& Mobile Payments
Faster payment options via mobile devices are making credit cards less popular. The above-mentioned survey data shows that the use of any mobile payment has reached 60% this year.
6 in 10 consumers are now using mobile to browse or shop. Specifically, 57% of consumers aged 18-34 have bought a product/service using their smartphones, which can’t be said about those aged 65 or older: in this case, the number is only 19%.
According to the survey by NerdWallet, 32% of U.S. consumers are making payments via mobile wallets, e.g., Apple Pay or Google Pay. Those opting for phone payments account for a higher percentage.
Are you offering the right payment options to your customers? This can’t be an issue if you work with a respectable payment processor in your field. With a true credit card processing specialist, you can easily get approved for the safest and cheapest payment processing solutions, including a high risk merchant account.
What Payment Options Consumers Choose
In 2019, 23% of consumers planned to get a new credit card during the holiday season, as a recent Experian survey shows.
PayPal Wallet, Apple Pay, and Google Pay make it easier to streamline the check-out process. They enable consumers to load multiple payment methods. Tech players have emerged that offer their own cash-back cards with rewards. Let’s take the Apple Card: it provides daily cashback and can be used via the app.
Deloitte reports that the number of people paying via mobile wallets is growing. More particularly, the number of consumers shopping via mobile phones doubled in the last 5 years. As for tablets, they account for 22%. According to Visa, in 2019, 78 of the company’s top 100 merchants by transaction volume are accepting contactless payments.
To sum up, the number of people migrating to mobile devices is increasing. So, it’s no surprise that the number of consumers preferring to pay via mobile is growing as well.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country that offers the safest and cheapest high risk merchant account in the space. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.
