It has been long since consumerism left the alleys of physical stores and supply chains, and made internet its alternate home. In fact, nothing else that belonged to the conventional world benefited with the advent of technology that's dynamic as the speed of an advancing tornado.
Here, savor this. When the digital world heard about the well-calculated partnership between PayAnywhere and Mastercard being forged, it was hailed as the most strategic coming together of two giants in their own specific fields.
PayAnywhere has been around since the beginning of 2011. This credit card reader app which can be attached to a mobile device and can be used by both consumers and traders, took away huge market share from another app which was developed for similar purpose with a clever market game. Lower rate of interest, intelligent and highly user friendly interface. Plus, a slew of security features for both customers and merchants!
The coming together of PayAnywhere and MasterCard couldn't be more well-timed than this. There is a huge market potential with small and medium businesses which are resistant to the trend of digital presence. What coalesces this statement is a recently conducted survey, sponsored by VeriSign showed that small businesses preferred websites over social media for their business.
About 56 percent of the participants of the survey, who were predominantly consumers, said they would never trust a business that didn't have a website to back its claims. In the same survey, which also included small businesses as participants, about 72 per cent of them had expressed opinion that they would rather have dedicated websites to represent their business.
With this, one emerging trend is clear. That small businesses which make for a large segment in the market collectively, will certainly go in for mobile solutions for trade. The more dynamic and secure these solutions are, the better! This will give a strong reason for the consumers to stay loyal to the brand, and also help the business grow without having to invest too much into incorporating security features.
MasterCard, which earns most of its revenue from banking sector, had posted an impressive growth of 9% in the first business quarter of this year, and hopes to see growth trajectory achieve big numbers next year. And with this forging of two leaders from different consumer segments in a way that's beneficial for the end user, the numbers are surely up for some exciting time.
Following the trend where buying patterns have changed immensely with convenience having taken over tradition, online sales will surely surge in the days to come. Reliability will rule over everything else. Trying to catch this early trend and settle into the space of digital market before competition hots up, MasterCard and PayAnywhere have all the plans to leverage on this trend.
The crux of the matter lies here. Small businesses and retailers have almost always operated on cash, and have barely forayed into the payment by card method. Breaking into this segment, PayAnywhere, the professional grade mobile solutions provider has specifically taken aspects into account, and incorporated them into its app adding to greater functionality and support local businesses and retailers. With MasterCard having offered a convenient experience in shopping since decades, it is easily anticipated that the marriage of two 'consumer convenience' aspects confirms a partnership of mutual benefit, and of course, the end beneficiary being the consumer who wants a safe and no-hassles-please approach to buying.
While the promise of new partnerships witness a rise across the United States of America, economy may even show signs of picking up around festive season.