Mobile Pay: Why Companies Should Embrace It

Mobile Pay: Why Companies Should Embrace It

Originally posted on March 8, 2016

By John Krausen: Vice President, Global Client Group

Today's technologies are changing the way we pay for goods at the checkout counter. In particular, mobile payments are gaining traction. Though that shift may take some time, companies should consider planning and preparing for the evolving needs of their employees now.

Many employees, especially younger workers, want to enjoy the convenience of simply tapping their phone at the point of sale to quickly pay a merchant. Not surprisingly, there is growing interest in making expense management more efficient through mobile applications.

According to the July 2015 GBTA Business Traveler Sentiment Index™, in partnership with American Express1, Millennials said in the future they are “interested" or “very interested" in using mobile devices for:

  • Tracking credit card loyalty and rewards points (62%);
  • Tracking payments and expenses (60%);
  • Coordinating business meals and local travel (61%); and
  • Recording images of business receipts (59%).

For global business travelers of all age groups, one-half (50%) said in the future they would be “interested" or “very interested" in using a mobile device to coordinate meals and travel, keep track of payments (49%), and take pictures of expense receipts (46%).

Mobile payment is one of a few innovations that are transforming how we think about and handle money digitally. And its growing acceptance reflects the market's signal that the technology is a key solution here to stay.

Thus, companies may want to find out more about their employees’ preferences toward mobile payment when traveling for business. And travel and expense management owners have an opportunity to create new pathways toward employee satisfaction and convenience through mobile payments.

John Krausen

By John Krausen
Vice President, Global Client Group
American Express

1. The GBTA Business Traveler Sentiment Index™, in partnership with American Express, is a proprietary, data-based barometer of business travelers' attitudes and defines business travel as a trip with a business purpose that includes a minimum overnight stay or journey of 50 miles or more from the employee's primary residence. Results are based on a survey that GBTA conducted in partnership with American Express from March 17 to April 6, 2015. The survey polled 3,851 part-time or full-time employees in Australia, Brazil, Canada, Germany, Japan, Mexico, the United Kingdom, and the United States who traveled for business four or more times in the previous 12 months.

The content in this published material are provided for general informational purposes only and do not constitute investment, financial, tax, legal or other professional advice on any subject matter. Please contact your investment, financial, tax, legal or other professional advisor regarding your specific needs and situation. American Express Travel Related Services Company, Inc. and its subsidiaries and affiliates (“American Express”) do not accept any responsibility for any loss which may arise from reliance on information contained in these materials. American Express does not warrant or guarantee the accuracy of these published materials.