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5 trends in mobile payments

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UNDERSTAND YOUR FINANCES

Businesses move toward convenience of quick payment options

“The Future of Money,” a new series presented by Chase Pay®, showcases how our relationship with money is evolving—and what you need to know.

Make the most of your money.

We’re starting to get comfortable, so look out.

Today, nearly half of US consumers have used a mobile device to make a payment, according to the Pew Charitable Trust.

“Mobile payments will only continue to grow,” says Rishi Taparia, vice president of business operations and strategy for Poynt, a Bay Area startup that’s building a smart payment terminal and open commerce platform. “As silly as it seems, it’s faster for you to use a device to pay than to reach in your pocket and pull out a card. And that makes a difference.”

As consumers become increasingly comfortable, mobile payments will become more convenient, secure and seamless for customers and businesses alike. Here are five mobile payment trends to watch for in the near future:

1. Bluetooth gets a bigger role

“Bluetooth” may call to mind those once-ubiquitous earpieces or, more recently, technology that enables you to pair your phone with your car stereo or portable speaker. Now, that same technology empowers consumers to make easy, fast mobile payments—without taking their phone out of their purse or pocket.

“The best kind of payment experiences are the ones that don’t exist,” Taparia says. For example, the automatic charge as you exit an Uber.

2. Mobile payments move to the cash register

Retailers are increasingly seeking ways to create in-store experiences as seamless as online shopping—and on-site mobile payments will play a big role.

“Retailers who don’t soon implement mobile payment solutions will fall behind and risk losing out on sales,” according to Vend’s 2017 Retail Trends and Predictions report. That’s why banks and tech companies are partnering with retailers to create in-store payment options on their apps. For example, Chase Pay allows customers to show a code at checkout to pay at select stores, and their account is then billed.

Chase Pay also integrates card loyalty so Chase Ultimate Rewards customers can choose to redeem points at checkout. And in some cases, customers can avoid the register entirely by ordering ahead from thousands of restaurants across the country and go straight to picking up their food.

3. Digital assistants make your purchases

Sure, your phone’s digital assistant looks up the weather forecast, streams your favorite song or calls your best friend. But it also can order a pizza with extra cheese, reorder your favorite dish soap or make other purchases for you.

These virtual agents will account for the majority of commercial interactions by 2020, predicts Gartner, the technology research and advisory firm. Taparia sees artificial intelligence and voice-activated assistants allowing customers to place verbal grocery or restaurant orders with instant, no-hassle payments.

4. Biometrics add security

Payment security is moving far beyond passwords. India and Brazil are some of the countries that have leap-frogged the US when it comes to using iris scans, thumbprints and other biometrics measures to secure mobile payments.

“In the US, we have so much legacy technology,” Taparia explains. “We also need to change cultural opinions around privacy and security.”

But change is coming. In fact, consumers will spend $2 billion this year through mobile payments using biometrics to authenticate, up from $600 million last year, predicts Juniper Research, a digital market-research firm. Savvy businesses—and consumers—simply can’t ignore that.

5. Business-to-business can put checks in recycle bin

Today, 41 percent of business owners say that they still write checks to pay their bills. Why? Because their vendors and suppliers don’t accept electronic payment.

The business-to-business space is ripe for disruption. For example, what if business travelers could link corporate cards to their mobile devices? Taparia notes that there’s also much potential in the business-to-business transaction space for connecting systems as well as enabling seamless ordering and payment for supplies and other vendor services.

Mobile payments are not only here to stay, but they’re also getting more advanced and convenient every day.

“When the vast majority of places use mobile payment,” he says, “it will become easier for consumers to use it as well.”

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UNDERSTAND YOUR FINANCES

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UNDERSTAND YOUR FINANCES

To save more money, follow these essential tips

For years, a bunch of articles and studies have touted the benefits of thoughtful saving and investing. But this hard work and scholarship ignored a crucial factor: people are irrational, and we don’t often do what’s in our best interest when it comes to the health of our bank accounts.

Helping you save for tomorrow. Learn more

Behavioral economics takes a slightly different perspective. It focuses on how peoples’ behaviors are connected to the way we save and spend money. In 2017, the Nobel Prize in economics went to behavioral economist Richard Thaler for his work showing the link between a person’s behavioral patterns around money and their savings rate.

One of the most interesting things about Thaler’s conclusions offer clear tips for ways that you can start saving today. Here are some takeaways:

1. Make saving automatic

Thaler’s work shows that employees are more likely to save for retirement when their employers “nudge” them to do so. In corporate America, this nudge has translated into a growing number of companies that automatically enroll their employees into 401(k) retirement plans. Some even automatically increase contribution percentages every year.

You don’t have to rely on your employer for the nudge: you can do it yourself by taking the thinking out of your savings. For example, having your bank automatically move some of your paycheck into savings every month is an easy way to achieve your savings goals.

2. Get specific about your saving goals

Another behavioral economics study demonstrated that changing the way you think about a goal can affect how much you save. For example, imagine that you’re saving for a large purchase, like a car. The more precisely you describe the goal, the better the outcome. So, instead of saying, “I’m planning to buy a car,” focus on your ideal and say, “I’m saving for a hybrid SUV with leather interior.” The additional details can help you visualize your goal—and become more motivated.

3. Get more sleep

Studies have shown that getting more sleep can improve your health, cognition and overall happiness. Recently, researchers even connected sleep to income, determining that increasing your average weekly sleep by just one hour coincides with a 1.5 percent increase in wages in the short run, and a 4.9 percent income increase in the long run.

This should come as no surprise, since we all generally feel cheerier and more energetic after a great night of sleep. So, if you’re trying to decide if you should stay up late, think about your paycheck and ask yourself if you’d like it to increase.

4. Start a gratitude journal

Another recent study found that jotting down the things you’re thankful for can also help you save money. According to the study’s authors, focusing on gratitude makes you more appreciative and cognizant of what you have. The research shows that this can affect the way you spend: you’re less likely to try to fill the void with shopping sprees if you practice gratitude for what you already have and value.

5. Save with a friend

If you’ve ever worked out with a friend, you probably already know how much accountability can help when it comes to physical fitness. According to a recent study, the same goes for savings goals: self-help peer groups can provide you with the community and support that you need to help you stick to your saving plans.

Consider recruiting one of your work friends to save with you. Start a blog and share your saving or debt payoff journey, or join a support group of people your age who want to learn how to save more. By making yourself accountable to a peer group, you create external pressure, which can help sway you when you’re tempted to overspend.

Tricks like creating peer pressure, getting enough sleep, and focusing on gratitude may seem like odd ways to change your spending habits. But that’s the key to behavioral economics: by changing the habits that you’ve built around money, you can change the way you relate to it—and the way you save it.

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UNDERSTAND YOUR FINANCES

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