- By Buckinghamshire Business First
- 5 March, 2015
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For taking payments on the move and communicating with clients in real time, mobile technology provides the answer to a multi-billion pound question.
Although following every new trend isn't wise, the increase in quality of mobile technology and the benefits this brings businesses isn't so much trend as a golden goose. By 2017 the total worldwide mobile payments market is expected to reach 450 million users and be worth £470 billion – that's a 35% increase per year.
The technology behind mobile payments is essentially identical to Chip 'n' Pin devices that most people use to access bank accounts or for transactions in stores, only connected to a mobile device instead. Your mobile will be hooked up to your bank account, meaning that with the inputting of a few digits, you can take payments wherever you are, providing you have an internet connection. For businesses, especially sole traders and small firms, this time-saving device could provide a real boon.
You will need a Chip 'n' Pin device to connect to your mobile. Good options include:
The Payments Council is the body with responsibility for ensuring that payment services work for all those that use them in the UK. They have information on mobile payments on their website.
This week is the Mobile World Congress in Barcelona, one of the biggest industry events in the world. In a sign of the burgeoning mobile market, last year's event attracted 85,000 attendees from over 200 countries.
Mobile payments are the natural next step for businesses not wanting to be left behind. Ensure you aren't left behind by claiming a £150 Get Online, Trade Online (GO-TO) voucher to support you in making the most of being online, including by tapping into mobile payments.
The GO-TO scheme helps SMEs get online, trade online or promote online. You could also get financial support for help with mastering social media, creating a website, online security, advertising, using CRM software, training staff or creating mobile websites and apps.
Find more information and a list of digital suppliers who can help you at do more online page.
Read our handy guides and resources on topics like online finance, social media and cyber security.
