Since Steve Jobs introduced the first iPhone in 2007, smartphones have rapidly changed the way we shop, search, and spend. Today, more than 188 million people own a smartphone in the U.S. and that number is expected to reach 200 million by end of this year. These devices have become a very integral part of our lives and we rely on them to perform the most trivial to the most intimate tasks. We have become so reliant on our smartphones that on average we pick up our phones more than 100 times a day and execute over 220 tasks daily.
Rapid changes in technology and consumer behavior are the key driving forces behind mobile payments and companies of all sizes are taking notice. Apple announced their payment platform in late 2014 and Google and Samsung followed suit earlier this year. In fact, 95% of all smartphones in the world are powered by these tech titan’s software and they are enabling consumers to leave their cash, credit cards, and debit cards at home. Consumers’ enthusiasm remains high for mobile payments and they selected the restaurant industry out of seven other industries, including retail and entertainment, to adopt mobile payments first. In fact, this year’s National Restaurant Association Show focused heavily on mobile payments as the entire industry is beginning to notice the impact it can make on their customers’ dining experiences and restaurants’ revenue potential.
Similar to the advantages that businesses gained when they began accepting credits cards years ago, mobile payments promises to bring in even more value for both restaurants and diners.
Read the full article to find out more about how mobile payments are transforming the dining experience.