The Future Of Payments: 3 Predictions For What Comes NextMiCamp Solutions
There’s no question the payment landscape is constantly evolving. From the boom in global payments to the need for more on-the-go solutions, businesses are demanding bigger, better, more sophisticated solutions – and MiCamp is committed to delivering. Because we’re laser-focused on what comes next.
While sending money to friends and family isn’t new, Generation Z is going to kick this trend up a notch. Two in three say they’re interested in instant person-to-person payments, eclipsing any other age group or audience. Experts are already predicting the ways Gen Z will change the consumer landscape but, hands down, payments will be a major piece of the pie.
This generation is growing up in a world of instant gratification. And, for retailers and businesses, that matters in a big way. Sure, they’re kids today but, by 2020, this demographic will make up 40% of all U.S. consumers. In other words, they’ll be a force to be reckoned with. Gen Z is and will continue to be about immediate, personalized service – and your payment experience needs to deliver.
68% of merchants accept Apple Pay as of late 2017, even though just 36% of consumers reported using it. However, that doesn’t mean brands and businesses are ahead of the curve. Even though 88% of merchants accept digital wallet payments, that number dips down to about 40% for smaller businesses. And by 2020, 60% of consumers plan to use a mobile wallet, versus just 46% today. Now is the time to get your payments systems and supporting technology ready to accept all the ways your customers like to pay.
At MiCamp, we’ve been focused on building out our MiPoint solution, ensuring businesses of all sizes and scopes have a go-anywhere, do-anything mobile payment option and it’s clear our users can’t get enough. The future of mobile payments is payments everywhere. As Accenture says, “Everyone can be a merchant and every device can be an acceptance device. The payment network becomes bilateral for the first time.”
The big question, then: is your business ready for everything that comes next? Get in touch to talk new and existing payment solutions, and ensure your business is ready to take a big leap forward.