When it comes to shopping online, mobile is the new normal.
According to eMarketer, global m-commerce sales rose 40% last year to USD1.357 trillion. And as we round the corner to the holiday season, smartphones are predicted to account for 68% of retail sales.
This means that when it comes to the checkout, retailers need to be mobile-ready. No matter whether they’re in a brick-and-mortar store or a digital environment, consumers now expect to be able to pay through their smartphones.
The good news for retailers is that there’s a wide variety of mobile payment technologies and providers to choose from. But the downside is that understanding the differences between them can get pretty confusing.
To make it easier for you, we put together a glossary of the most common terms you’re likely to come across when navigating the complex world of mobile payments. Take a look at our guide below: