The number of people adopting smartphones and mobile payments is increasing all over the world. So, it’s no surprise that this is resulting in the growth of the global mobile payment market. Let’s move forward to focus on the growing trend of remote payments and find the right credit repair merchant account for your company.
Remote vs. In-Person Payments: Credit Repair Merchant Account
Remote mobile payments or m-payments have to do with using your mobile device to complete transactions for purchasing goods/services.
Mobile payments are more and more often being used in the banking apps to enable their customers to transfer funds right off the bat. Besides, mobile payments are increasingly being used for making bill payments on-site at stores.
Since mobile payments are easier and more convenient to use than credit cards or cash payments, they represent the main driving force behind the growth of the global mobile payment market. The latter was worth U.S.D. 816.50 billion in 2018. The market is anticipated to account for U.S.D. 5528.23 billion by 2025 with a CAGR of 31.4% over the forecast period.
If you’re running a business online, you can’t leave these growing trends in ignorance. Also, working with a reputable merchant services provider in your field is critical to your success. So, just take the time to find a true payment specialist that offers the most advanced payment processing services, including a credit repair merchant account, with the cheapest possible rates.
Remote Card Payments on the Rise: Stats
In 2018, remote card payments were valued at $3.29 trillion. They rose 20.5% year over year from 2015 to 2018m, as the U.S. Federal Reserve reports. 72% of purchases made using a card were completed in-person, and 28% of those transactions were completed remotely.
Undoubtedly, mobile wallets have facilitated the way people pay by card in stores. However, the number of in-person purchases has still steadily reduced from 84% of all transactions registered in 2012. Those completed over the internet have steadily risen from 15% registered in 2012.
As you see, the value of card payments completed remotely increased almost 4 times the value of in-person card transactions from 2012 to 2018. Work only with a respectable processor to get the best deal for your company.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high-risk merchant account processor in the country that offers the most reliable and cheapest credit repair merchant account in the industry. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.