How Do Consumers Benefit From Mobile Payments? Eternity’s Dan Schatt Answers

People’s purchasing habits have shifted from offline to online and from cash to noncash, with mobile commerce playing a huge role. In fact, around 1.4 billion consumers used mobile wallets to make payments in 2021. The trend is driven by the growing popularity of smartphones and the increasing number of apps and other mobile payment options available to users. Dan Schatt of Earnity, a crypto platform and marketplace, explores the benefits that consumers stand to receive when the businesses they transact with offer mobile payment options.

The convenience of mobile payments is one of the primary reasons people are drawn to them. With a mobile wallet, consumers can make purchases anywhere at any time without carrying cash or a physical credit card. Products or services can be paid for at the tip of the fingers with fewer complications.

Mobile payments also facilitate faster transactions. There is no more need for customers to reach in their pockets or wallets to bring out cash or a card. Just a few gestures on the phone can confirm payments or transactions. In addition, when more consumers use mobile payments, queuing time can be reduced as customers do not have to finish counting their change or fumbling through their belongings when paying.

Another big selling point for mobile payments is security, says Earnity’s Dan Schatt. For example, when consumers purchase using a credit card, they must hand over their physical card to the merchant, which opens up the possibility of fraud. However, mobile payments do not share the consumer’s credit card information with the merchant. Additionally, many mobile payment apps offer extra layers of security like fingerprint authentication, PIN codes, or two-factor authentication that lessen the chances of falling for scams.

With mobile payments, consumers can more easily manage daily expenses. Physical wallets can make it difficult to keep track of how much money is being spent, but mobile payment apps often come with features that allow users to monitor their spending. It can help people stay within their budget and avoid overspending.