How Rich Media Messaging Enhances Mobile Payment Methods

If you own a business, staying up to date with the latest technology is critical for keeping customers interested. With more consumers moving toward digital payment methods, it’s especially important to modernize the way customers purchase for your products. One way to do so is by enhancing SMS payments with Rich Media Messaging.

SMS payments allow you to send payment requests to your customers’ mobile devices and instantly collect money from them. To level-up your communication, our Rich Media Messaging technology adds relevant content including images, videos, and call to action buttons to the mobile payments.

Interested in adding a Rich Media Messaging system to your business’s mobile payment method? Keep reading for some background about mobile payments, as well as why Rich Media Messaging solutions can help your business thrive.

Why Payments Are Going Mobile

Wondering why your business needs mobile messaging? It’s all because of the popularity of mobile wallets. Essentially, mobile wallets are apps that allow customers to store payment information in their cell phone. The apps use digital cards like Google or Apple Pay that allow these in-app purchases to take place.

In 2011, Google launched the first mobile wallet. Ever since, mobile payment methods have become increasingly common among customers around the world. As a result, many businesses are choosing to adapt to the growing trend by using mobile wallet technology to their advantage. This business strategy is known as mobile wallet marketing.

To provide more context for this business approach, here are some facts that sum up the success of mobile wallets:

• After the 2011 launch of the first mobile wallet, worldwide mobile payments were predicted to earn about $86 billion in revenue from 141 million users.
• By 2022, the mobile wallet market size around the world is expected to be worth more than $3 trillion.
• By 2027, the mobile wallet market size around the world could reach over $12 trillion.
• This year, the number of Americans using mobile wallets will be more than 100 million.
• Between 2020 and 2025, there will likely be about 14 million new Apple Pay users, 10 million new Google Pay users, and two million new Samsung Pay users.
• From 2021 to 2025, the total transaction value for digital payment methods is projected to have a compound annual growth rate of about 12%. In other words, more consumers are choosing mobile payment methods over cash.
• 32% of consumers currently have three or more mobile wallets on their devices.
• In 2020, 46% of American millennials used digital or mobile wallets for their online purchases.
• In a survey, 100% of the respondents stated that they would use a mobile wallet if it was personalized to their unique preferences.
• The COVID-19 pandemic has increased the popularity of mobile payment methods even more, with 70.3 billion digital purchases processed last year.
• Mobile wallets use biometric authentication for payments, which generates random numbers instead of relying on 16-digital card numbers. This method protects sensitive bank information and makes transactions safer for both consumers and businesses.

Why Mobile Payment Systems Need Rich Media Messaging

Now that you understand why businesses are choosing to use mobile payment methods, the next step is figuring out how your business can do the same. All mobile wallets have similar benefits. These include the ability to personalize content by interest and location, send push notifications, provide real-time updates, and create accessible coupons and customer loyalty programs.

However, some retailers might feel reluctant to pursue mobile payment systems if they feel the process will be too complicated. That’s why our Rich Media Messaging (RMM) solution is designed to make mobile payment quick and painless. In doing so, RMM allows businesses to enjoy all the benefits of going mobile.

How exactly does RMM work? Here’s a breakdown of everything you need to know about this innovate solution to your mobile payments:

• RMM gives SMS payment methods an upgrade with faster and more secure payment collection.
• RMM has proven to be a more effective payment method than emails or phone calls.
• RMM has an engagement rate of 68% and a payment rate of about 50%.
• One reason RMM improves payment rates is because it allows you to send payment notifications to customers.
• RMM can improve cash-flow management and payment rates by 65%.
• Since the system is automated, you’ll need 60% fewer agents, so they’ll be able to focus on other important tasks.
• Content such as images and videos provide customers with a more engaging communication experience.
• With RMM’s calls to action, customers can click relevant buttons, and you can receive analytics about which CTAs yield the most conversions.
• RMM allows you to completely personalize your page to fit your brand.
• All devices and networks can access RMM.
• RMM is fully compliant in PCI DSS certification.

Mobile payment methods are taking over the shopping experience, and it’s crucial for businesses to keep up. Luckily, our Rich Media Messaging solution makes it easy. It allows you to collect funds in an instant, increase your payment rates, and provide customers with richer communication.

It’s never been easier for brands to engage with their customers without having to download apps. They can receive incentives, coupons, offers, payment reminders, or real-time notifications via rich messages. Alternatively, they can save all of these from rich messages into mobile wallets.

To find out more about what mobile wallet marketing is, please see the insightful infographic below: