With COVID-19 currently causing the average consumer to balk at physical payments options
such as cash and cards, the time is now for mobile payments to truly take the world by storm.
While mobile payments has already become ubiquitous in certain countries such as China, it
has always struggled a bit in the U.S. This is due to a variety of reasons, including:
Older population struggle to learn how to use it.
Many people view it as a novelty.
It doesn't seem more convenient than other payments method.
Users don't see a reason to switch from their other payment methods.
However, the coronavirus has changed much of how people look at their payments' options.
For example, in the U.S., there is an overall coin shortage because customers are balking at cash.
Many are using cards
instead, but there is still the issue of having an employee touch the card or having to press
or a touchscreen on a point-of-sale device.
For mobile payments vendors, COVID-19 is an ideal opportunity to push mass rollout of mobile
payments. There are few moments like now where consumers are collectively open to the idea
of new payments methods…especially contactless ones. And for retailers looking to get
customers to switch to safer and more available payment methods, mobile payments can
be just the ticket.
In order for mobile payments vendors, retailers and other businesses to truly take advantage of
this moment, they need to revamp their messaging strategies.
For example, vendors should launch informational campaigns to give users simplified tutorials
on how to use mobile payments platforms. It could be as simple as copy on a digital billboard that
gives three steps to using mobile payments or a TV advertisement that describes contactless as a
good measure to stay safe from COVID-19.