Take a slice of the $14.3B mobile payments pie
While telcos are currently helping facilitate this inevitable shift in digital payments, they are only billing 1.8 percent of mobile purchases. Luckily, wireless players have a chance to tap into this $14.3B opportunity, with the mobile payments pie is expected to nearly quadruple by 2022.
Think “outside the box” to maintain customer trust
Telcos have a unique opportunity to leverage the billing relationship with customers to facilitate more payments, which ultimately increases their revenue. U.S. consumers spend an average of five hours per day on their mobile devices. By understanding this always-on mentality, telcos can directly reach their audience “inside the handset.”
Businesses can be transformed into mobile-enabled hubs for the digital marketplace, to reach consumers that are using smartphones to shop and transact. Telcos should fully examine existing customer relationships and service offerings to see where they can encourage loyalty and increase revenues. Then, take time to determine where value could be added and look for ways to improve the mobile payments process to become more attractive than competitors.
Explore the untapped telco opportunity
In our four-part insight series, ACI explores three key drivers to help position telcos for success. The series dives deep into strategic initiatives such as expanding payment relationships, optimizing the mobile payments experience and mobile payments innovation. Don’t miss out on this growing opportunity – read the series now!