Cash, Credit or Smartphone: How Will You be Paying for That?

Posted by Kate Jurras on Fri, Apr 13, 2012

AP headshot resized 600This is the fifth post in our mobile blog series. Throughout the month of April we'll be featuring posts from some of Boston's most expert thought leaders, answering these questions: "What's happening in mobile right now? What's coming soon?This post is by Andrew Paradise, CEO and founder of AisleBuyer, the Boston-based provider of mobile checkout solutions. AisleBuyer’s mobile commerce platform not only provides a revolutionary in-store experience for consumers, but also delivers unprecedented in-store customer analytics to retailers, brand and restaurants.

We can all agree that smartphones aren’t a passing fad. According to comScore, there are more than 100 million smartphone subscribers in the United States. With this proliferation has come a boom in innovation. Who could have envisioned the Apple App Store, with more than half a million apps that have been downloaded upwards of 25 million times, a few years ago?

The explosion of applications and number of smartphone subscribers are just two indicators of the power of mobile technology—and they’re good ones. As people become more and more comfortable using smartphones to do everything from consume media and play games to book travel and check the weather anywhere in the world, we’re also on the brink of a real change in the way people shop and pay—with their mobile phones.

The terms “mobile wallet” and “mobile commerce” are almost ubiquitous at this point, and consumers are showing an increasing willingness to pay with the phones. Recent survey results found that 64 percent of smartphone-toting shoppers would scan items with their phone in a store to get additional product information. Additionally, 60 percent said they would use their mobile phone to pay during an in-store shopping trip if it meant they didn’t have to wait in line.

As consumers continue to jump on board, retailers are responding in kind. With mobile optimized websites, native tablet and smartphone apps and promotions and deals designed to drive mobile traffic, retailers are eager to get their brands in front of customers, offer a more personalized experience, and ultimately, drive sales through this increasingly popular channel.

With smartphone penetration continuing to climb, it’s clear that businesses of all types are benefitting from mobile technologies, but the potential that mobile opens up for retailers is astounding.

What do you think? Are you pro-mobile payments? Have you made a mobile payment? Share your thoughts below!