The benefits of mobile payments for your business

What are mobile payments? 

Mobile payments are transactions conducted via a mobile device, like a smartphone or tablet. Increasingly, there is a significant shift towards consumers favouring contactless card payments through digital wallets on their smartphone. According to the RBA, the share of debit and credit card payments through digital wallets like Google Pay , Samsung Pay  or Apple Pay , reached 35% in 2023, up from 10% in 2020. Customers can buy your products or services simply by tapping their card, mobile phone, smart watch, or tablet on your mobile payment app-enabled device.

How do mobile payments work? 

Mobile payment apps use Near Field Communication (NFC) technology to let your customers make contactless payments. 

There’s no need for a customer to physically insert a card. Instead, they simply tap their card or smart wallet-enabled device against your mobile payment app-enabled device and tap the payment device with their phone. 

You can also be confident that transactions are secure for both you and your customers with cutting edge technology via the device (Fingerprint, Face identification) as well as the payment app specifically designed for mobile payments.

What are the different types of mobile payments? 

With society moving towards a cashless way of living, card or mobile-based payments are becoming the customer’s first choice when making purchases or transactions.  Without the need or desire to carry cash, the use of mobile payment solutions is critical for businesses wanting to create seamless and simple payment options for their customers.

Website payment solutions

If you sell products online, customers can make payments with their digital wallets such as Apply Pay , Google Pay and Samsung Pay through your website. When choosing this payment method on your website, they do not need a specific payment app to purchase your goods or services.

App-based mobile payment solutions

If you have a mobile business like a food truck, gardening service or offer a service carried out at temporary premises like a farmers’ market, an app-based mobile payment solution like NAB Easy Tap could be an effective option for taking payments. NAB Easy Tap is a tap and pay app that turns your Android device  into a payment terminal without the need for additional hardware. 

Contactless mobile payment solutions

Digital wallets, such as Apply Pay , Google Pay and Samsung Pay  let your customers store their card information securely on their mobile devices. They can then tap their smart device on a payment terminal to make a contactless transaction.

What are the benefits of mobile payments?

A fast, simple and a secure checkout experience

This is increasingly important as we move towards a cashless society. With mobile payment solutions, your customers can make faster transactions.

Short waiting times

Since you’re not handling cash and giving change, waiting times can be shorter,  because there’s no need for customers to swipe card or enter a PIN for purchases under $100 (in most cases). You and your staff can finalise a payment quickly and be ready to move quickly to another customer to offer help.

More seamless account management

Cashless payments can be tracked and simplified, improving your record keeping practices and making it easier to manage your business’s financial records at tax time. They can be integrated into an accounting package like Xero, MYOB, Reckon, QuickBooks  and many others.

Learn about NAB Bookkeeper, a smart, simple, and powerful bookkeeping solution for small businesses designed to automate financial management and admin burden by connecting directly with your NAB business accounts.

Improved flexibility and security

By accepting mobile payments, you can provide potential customers with greater payment flexibility and security, allowing you to serve more customers across a broader demographic, including those who do not carry cash.

What hardware will I need to take mobile payments? 

All that’s required to accept mobile app payments is a compatible smart device with built-in NFC capability. Make sure NFC is enabled in your device’s settings.