In recent years, we've seen a rapid rise in the adoption of mobile payments, driven in part by the increasing use of smartphones and other mobile devices. Today, more and more consumers are turning to mobile payments to make purchases, and this trend is having a significant impact on the world of ecommerce.
So, what exactly is driving the rise of mobile payments, and what impact is it having on ecommerce? In this blog post, we'll take a closer look at these questions and explore how Boodil is helping to shape the future of payments.
Mobile payments are rapidly becoming the preferred way for consumers to make purchases. According to a recent report by eMarketer, online transaction volumes for mobile payments are expected to grow from 26 billion in 2021 to 49 billion in 2023 representing a 92% growth.
There are several reasons for this trend. First, mobile payments are more convenient than traditional payment methods like credit cards and cash. With mobile payments, consumers can make purchases with just a few taps on their smartphone, without having to carry around physical cards or cash. This makes the checkout process faster and easier, and eliminates the need for consumers to remember or input their card details each time they shop.
Second, mobile payments are more secure than traditional payment methods. With features like biometric authentication, mobile payments offer advanced security measures that can help protect consumers' sensitive information from fraud and theft.
Finally, mobile payments offer a more seamless and integrated experience for consumers. With mobile payments, consumers can store their payment information in a digital wallet, or make a swift pay by bank payment with the likes of Boodil making it easy to make purchases across multiple platforms and apps without having to re-enter their details each time. This can help reduce friction and improve the overall shopping experience for consumers.
One company that is at the forefront of the mobile payments revolution is Boodil. As an open banking payment solution, Boodil enables consumers to make purchases directly from their bank accounts, without the need for a credit card or other payment method.
But what sets Boodil apart is its unique rewards program. Every time a customer checks out using Boodil, they receive rewards in the form of redeemable points for various gifts or entries into prize draws for everything from vouchers, electronic goods to holidays. This incentivizes consumers to use Boodil for their purchases, and can help drive loyalty and engagement for ecommerce businesses.
Another key advantage of Boodil is its mobile-first approach. Boodil makes it easy for consumers to make purchases on the go, wherever they are. This aligns with the trend towards mobile-first ecommerce, where more and more consumers are using their smartphones to shop online.
The rise of mobile payments is changing the way we shop and pay for goods and services. With their convenience, security, and seamless experience, mobile payments are quickly becoming the preferred payment method for consumers around the world.
Boodil is an innovative open banking payment solution that is helping to drive the adoption of mobile payments and make ecommerce more convenient and rewarding for consumers.