Trillions of Customers Now Flock to Restaurants that Support Mobile POS Payments
Transactions from mobile payments through POS systems predicted to double by 2025
Your Customers are Switching Away from Using Cash
More and more, restaurants are finding that customers are migrating away from using traditional cash payments and switching to mobile payment wallets like Google Pay, Apple Pay, Ali Pay, Wechat Pay and more. Recent data has shown that Mobile POS payments – defined as payments made with mobile wallets and processed through a restaurant’s POS system – has been on a sharp incline. Let’s take a look at 3 key datapoints that show how much more restaurant customers are spending with mobile wallets at their favorite eateries.
3 Datapoints Showing the Sharp Rise in Mobile POS Payments
1. Total mobile POS payment transactions are forecasted to hit 5.29 trillion USD by 2026
2. The average transaction value per customer is expected keep rising year-on-year
3. Global users of mobile wallets to pay through restaurant POS systems will grow to nearly 2 trillion users by 2026
Which Regions are Mobile Payments the Most Popular in?
If you operate a restaurant in China, the US, the UK, France or Japan, you’ll definitely want to integrate a POS solution that can support mobile POS payments. These 5 regions are seeing the greatest use and growth of these mobile wallet payments through POS systems, which means businesses who do not support these mobile wallets will almost certainly be losing out on a large chunk of revenue and failing to attract a big portion of potential customers.
The Business Benefits of Supporting Mobile Payments through Your POS
Accepting mobile payments in your restaurant actually has several important benefits that may end up netting you more customers in both the short-term and long-term. Let’s take a look at a few of these benefits.
1. More Convenience Means More Sales
Supporting customers who love the convenience of using their mobile devices to pay for food is a must these days. Restaurants lose big when they spend time and effort building top-tier menus and spending loads on marketing but then fail to make the sale just because of poor payment options.
Having your POS integrated with the popular mobile payment options in your region will almost certainly lead to a boost in customers who visit your restaurant.
2. Mobile Payments can be Used for Online Orders
While there’s nothing inherently wrong about running your restaurant solely through a physical location, you may be letting your competitors get ahead if you don’t take your business online. Physical locations rely on customers either seeing your restaurant, or taking the time to visit, which is less likely these days. Going online lets customers order food form the comfort of their own homes, and lets them find your restaurant through food delivery marketplaces. Essentially, you have much more visibility and aren’t relying on customers physically visiting you since you can deliver food right to them.
Mobile payments have to be integrated into your business model for this to be a reality since relying on physical cash simply doesn’t work in an online setting.
3. Mobile Payments are Easily Trackable for Simpler Accounting
When you make sales using mobile payments, your transactions are recorded digitally, which makes them easy to handle, find and count later. Dealing in cash can require manual input, which may be prone to human errors and lead to a nightmare when it’s time to do your taxes!
Accepting Mobile POS Payments Will Help Your Business Grow
If your restaurant hasn’t already geared up toward adopting mobile payments, now is the time to do so. The statistics point toward mass adoption and usage of this payment tech by customers now and in the future. More than that, there are also huge business benefits for the inclusion of mobile payment tech in your restaurant system!