Keeping Tabs: The Handheld Payment Trend

When it comes to how consumers are getting and sending information, or even conducting transactions, the increasing popularity of tablets is becoming extremely evident – both through the research conducted on this topic, and from taking a quick scan around a coffee shop or even credit union board room. 

As cited in the CU Times Article, To iPad or Not to iPad, That is the Question, according to a recent study by Pew Research Center, ownership of iPad tablets has increased from 5% of American adults to about 20% in the past two years. When users are categorized by households that earn $75,000 or more per year, that figure increases to 47%.  

Coming from an annual credit union convention last week, this is not surprising.  At this event, Synergent staff used their tablets to stay in touch with the office, demonstrate new products to attendees, and take notes on the presentations they attended.

On top of all this, it is likely that many present were also using their devises like an increasing number of consumers – to stay on top of their finances. A study from Javelin Strategy & Research, 2012 Tablet and Banking Report, indicated that mobile banking by tablet owners is now growing at twice the rate of non-tablet owners (49% versus 22%). According to the study, this growth will continue as overall tablet adoption is forecast to grow to 40% by 2016. Additionally, a 2012 study by Phoenix Payments found that 34% of tablet owners want to bank on their device.

This convention also provided an opportunity for Synergent staff to demonstrate another use of the tablet – to accept mobile payments through SpotPay.  Offered in partnership with Fiserv EFT, SpotPay provides a secure, convenient solution for small businesses interested in collecting card payments.

The convenience of this device proved perfect for the event, as we collected payments for credit unions’ fundraising initiatives through a silent auction, as well as raffle ticket sales.  The success with which this option was welcomed both those accepting and and giving the payment, indicates not only where the future of payments is headed – but how credit unions can get a head start.