Why Retailers, Restaurants and Banks Are Joining the Mobile Payment Bandwagon

Mobile payments are becoming widespread across merchants and customers alike. Three major mobile wallets dominate the market – Apple Pay, Google Pay and Samsung Pay. Each service uses near-field communication (NFC) technology that allows consumers to simply tap their smartphone to a retail terminal. A 2017 Allied Market Research report estimated that the global mobile payments market will reach $3.4 billion by 2022. The service is also growing according to a report from Packaged Facts that found 30 percent of consumers made a mobile payment in 2017.

Recently JPMorgan Chase announced it is expanding its services to offer mobile wallet payments without having to use a previously required QR code for purchases. Chase Pay customers who use a Samsung Galaxy smartphone can link their mobile wallet to Samsung Pay, which uses NFC technology. By connecting the two wallets, Chase Pay and Samsung’s mobile wallet, users have more options when paying. Plus, they can earn reward points. A survey by JPMorgan Chase found that roughly 70% of merchants anticipate accepting digital wallet payments within the next five years, a trend that led to the company’s investment into this technology.

The main difference between Samsung Pay and Apple Pay is that Apple requires merchants to have the property hardware installed in the checkout lane which has caused some retailers to create their own branded mobile payment apps. For example, Starbucks estimated that 23.4 million consumers will use its app to complete a purchase at least once every six months. In 2017, Walmart Pay rolled out in 4,774 stores. The big-box store is signing up tens of thousands of new users a day with two-thirds of customers using the payment system for a second time within 21 days. Brick-and-mortar stores are also catching on with the mobile payment trend. Phillips 66 gas stations has also introduced a mobile payment system to its network of 6,8000 locations.

The ease of use and quick payments are attracting retailers and consumers to adopt mobile payment systems. Wallets may soon become a thing of the past.

Follow us on social media for the latest updates in B2B!

Image

Latest

AMAG Technology
AMAG Technology: Control, Reliability, and Customer-First Supply Chain Excellence
April 2, 2025

At AMAG Technology, being customer-obsessed goes beyond a mindset—it’s built into every part of the operation. One of the company’s greatest strengths lies in its ability to manufacture its own products, offering a level of supply chain control that few competitors can match. Allan Price, Head of Global Supply Chain at AMAG, emphasizes how this…

Read More
visitor management solution
Reinventing Visitor Management Solution with Symmetry GUEST
April 2, 2025

In an age where speed and security are paramount, the traditional paper logbook is becoming a relic of the past. AMAG Technology’s Symmetry Guest system offers a modern, digital solution that redefines the way organizations welcome and manage visitors. Gone are the days of long lines and confusion at the front desk—Symmetry Guest empowers hosts…

Read More
AMAG
Driven by Customers, Defined by Innovation: Inside AMAG’s Customer-Obsessed Approach
April 2, 2025

AMAG Technology continues to strengthen its customer-obsessed culture by actively listening to both internal and external voices. As shared by Kyle Gordon, Executive Vice President of Global Sales, Marketing, & Commercial Excellence, the company is focused on improving processes, responding with speed, and driving innovation—while honoring its legacy and delivering unique value within the industry.

Read More
biotech
Biotech Moves Smarter: IDDI Powers Data-Driven Drug Innovation
April 2, 2025

As biotech innovation accelerates, small and mid-size pharmaceutical companies are becoming key players in bringing new treatments to market. Yet many of these organizations face steep challenges when navigating clinical trial design, regulatory approval, and data integrity. According to a McKinsey Global Institute report, industries like biotech could help generate up to $50 trillion…

Read More