International
Global Mobile Worldwide trends in mobile payment
There are 4.8 billion unique mobile subscribers today , a 65 percent penetration of the world ’ s population ; by 2020 these numbers are expected to grow to 5.7 billion and 73 percent , respectively . In 2016 , the mobile industry was US $ 3.3 trillion , 4.4 percent of total world GDP ; by 2020 those corresponding numbers are expected to be US $ 4.2 trillion and 4.9 percent .
GROWING YOUR SYSTEM
BY WILLIAM EDWARDS
In developed countries we have several ways to pay for a franchise ’ s products or services : credit and debit cards , mobile pay apps like Apple Pay , and we can always use cash . In many developing countries , payments are generally by cash as cards are not widely available . In a world of 7 billion people and 5 billion mobile phones , just 2 billion people have a bank account .
The concept of mobile phone payments is becoming a reality in many developing countries , which is leading to higher sales at franchise businesses that typically arrange for a mobile app or other mobile-related payment type .
From Apple Pay to proprietary apps , thousands of franchisees in the U . S . are moving into the mobile payments space , says John Gordon of San Diego-based Pacific Management Consulting Group . Of Taco Bell ’ s approximately 6,000 U . S . locations , more than 5,700 now offer mobile pay options . Smoothie King recently implemented an iPad-based POS system in all 750-plus of its locations . Also in the U . S ., Popeyes Louisiana Kitchen is putting mobile pay options on its counters .
Mobile payment growth Mobile device ownership across the world far exceeds that of any other device or platform and is increasing rapidly . With the rapid adoption of smartphones over the past decade , improvement in telecom connectivity , and declining handset prices , mobile has become the primary device around which our daily lives revolve and is shaping how consumers search , purchase , and pay for goods and services .
As commerce is moving to mobile , so are payments . The number of contactless mobile payments made with mobile handsets reached 148 million globally in 2015 , according to Juniper Research . Samsung and Apple will account for approximately 70 per cent of new customers .
According to Franchise Payments Network , wireless payment processing is great for 1 ) any business or franchise that offers delivery ; 2 ) service or mobile businesses ; 3 ) all businesses that accept credit cards ; and / or 4 ) anyone who wants to save on interchange rates by taking cards in person instead of over the phone or Internet . Mobile payment also enables stores to ring up customers right on the sales floor with no checkout counter or lines . Apple Stores , for example , have roaming associates who ring up the sale quickly on the spot with a credit card or Apple Pay from a handheld device .
Developing countries In sub-Saharan Africa , more than 60 percent of individuals now have access to a mobile phone .
Kenya leads the world in mobile money , with more active accounts than adults in its population . The total value of transactions
74 Franchiseupdate ISSUE II , 2017