Mobile Payment Innovations Add Speed and Convenience to Black Friday Shopping

Last updated: 30 September 2015

Stores in the U.S. may see as many as 308 million shoppers looking for a deal on Black Friday this year. Most stores offer big-ticket items for drastically reduced prices, making the gift of giving more affordable. This year new, shoppers will find deals and new ways to pay through mobile wallets that could brighten holiday shopping.

Mobile payments, whether remote mobile payments online or proximity mobile payments (in-store), are on the rise. Last year Black Friday shoppers avoided lines and crowds by using remote online payments such as mobile PayPal, which saw Black Friday mobile payments rise 193 percent from 2011 to 2012.

Just in time for this year’s Black Friday, consumers have many more options for mobile payments in-store. Mobile wallets, such as the recently launched Isis Mobile Wallet , enable quick and convenient in-store payments and contain loyalty cards, coupons and other special offers all in one convenient and easy-to-use mobile application.  Mobile wallets like this one make couponing easier because there is no need to clip or save coupons; they are stored right in your app.

Interest is high: 70 percent of consumers are interested in using mobile payments, according to Yankee Group. And according to Forrester, proximity mobile payments such as mobile wallets that use Near Field Communication (NFC) technology and QR codes are expected to reach $41 billion by 2017, making up nearly half of all U.S. mobile payments.

Mobile wallets will help to make Black Friday shopping faster, easier and a little more fun with deals and coupon opportunities. QR code wallets are accepted at many major retailers, and NFC payments can be used anywhere that contactless payments are accepted. By the end of the year, around 1.3 million locations in the U.S. are expected to have contactless-ready payment terminals.

Will you be hitting the stores this Black Friday? And if so, will you be making mobile payments?