Inc.

MASTERING THE MOBILE WALLET

Payment apps are hot. How to know if they’re right for your business—and if they can strengthen bonds with your customers

PRESS AND PAY Last year, $30 billion was spent at in-store mobile-wallet terminals—and the volume is projected to increase 10-fold by 2022.

JILL KRASNY

MAYBE YOU’VE SEEN customers pay for their lattes at Starbucks using that company’s mobile wallet. Or perhaps you’ve seen them breeze through the checkout line at Wegmans buying their groceries with Apple Pay. As customers shift from standing in line and swiping a credit card to ordering ahead and tapping a phone on a scanner, mobile wallets are leading the way. While it’s hard to quantify the dollar amount transacted with mobile wallets, Parks Associates estimates that proximity payment transactions—which require users to tap their phone at a point-of-sale terminal

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