Fast-growing companies are more likely to embrace and accept mobile payments than their slower counterparts.
That’s according to a global survey of 2,300 companies and consumers conducted for NTT DATA and Ingenico ePayments. The survey, which the two companies highlighted in a news release, revealed that 43 percent of businesses with revenue growth of 11 percent each year have an app that supports purchases and payments. That compared to 32 percent among companies that are growing at less than 11 percent each year. What’s more, among companies that have zero or negative profit growth, only 8 percent offer a payment app. The survey also found that companies with fast growth sell slightly more online than those with slower growth rates.
“These survey findings reinforce the need for companies to make payment innovation an integral piece of their larger growth strategy,” said Peter Olynick, retail banking senior practice lead for NTT DATA Consulting in the press release. “Companies should be working to provide a frictionless payment experience by bringing consumers innovative new products and processes. Their efforts will help improve customer satisfaction, facilitate cross-border commerce and allow for a more efficient shopping experience.”
Other findings from the survey include the fact that 48 percent of businesses that accept mobile payments also accept crypto currencies. That compares to just seven percent of businesses that don’t support mobile payments. And yet, mobile payments account for less than eight percent of consumer spending globally, and only nine percent of consumers said they own or use digital currency. One in four companies already receive payments from virtual currency, mainly in the technology and banking sectors, noted the report.
While consumers in the U.S. may be slow to adopt digital payments in emerging markets, it’s a way of life. According to the study, consumers in emerging markets are twice as likely to use mobile payments for travel, entertainment and shopping compared with those in the developed worlds.