At MEF Connects Rich Communications a hot topic was whether payments will be key to unlocking the true potential of conversational commerce and helping rich business messaging scale.

Watch the session here co-hosted by AIMM, UK and Telemedia’s Paul Skeldon and featuring use cases how mGage is integrating payments into Rich Communications Services to understand progress to date.

Panelists:

• Joanna Cox – General Manager @ aimm
• Paul Skeldon – Editorial Director @ Telemedia
• Pete Mossman – Director of Production and Strategic Delivery @ ITV Interactive and ITL
• Peter Garside – Head of Charge to Bill @ BT
• Andy Jones – Business Development @ Mobilesquared
• Nick Millward – VP Europe @ mGage

Here, mGage’s Nick Millward outlines why they believe payments in RCS will be fundamental to how consumers interact with brands in the future.

As the prospect of a cashless society becomes more of a reality, businesses must listen to consumer sentiment and incorporate solutions which offer seamless, instant payments through their mobile phone.

Bringing together RCS and Mobile Payments, end users are now able to make purchases within the RCS messaging application for services like on-demand subscriptions, charitable donations or competitions, in a simple and seamless way.

Smartphones have become an integral part of daily life, offering convenience and efficiency to our day-to-day tasks. This goes for transactions too; industry figures show mobile payments are on the rise, as more than a third of internet users worldwide in 2018 regularly used a mobile payment service. With mobile forecast to be responsible for 53.9 percent of the world’s e-commerce by 2021, it is clear this is a trend that is set to continue long into the future – making the capability for quick and easy payments without the need to push consumers to other applications vital.

With people relying on their phones more than ever for all aspects of life, now is the perfect time for brands to incorporate innovative solutions, such as payments in RCS, to efficiently facilitate consumers’ requirements and make online payments simpler”

Working closely with UK Mobile Network Operators (MNOs) and the Phone-paid Services Authority (PSA), mGage has recently combined RCS with the power of Mobile Payments to create a truly ground-breaking solution.

Marrying the proven capabilities of both technologies into a single industry-compliant solution, this new solution is in line with consumers growing demands for ease and convenience.

This new channel provides consumers with a more immersive experience that offers ultra-convenience. As 80 percent of consumers admit they abandon online payments if they are pushed to another site to complete a purchase, it is evident that there is a need for a Mobile Payments solution that offers quick, seamless transactions that can be completed within the same platform.

Consumers as a result, will be inclined to spend more in future due to the ease of service, as well as staying loyal to the brand owing to the company’s ability to meet customer expectations for convenience.

For brands, this solution makes for a compelling business case that not only offers a higher quality of customer service, but also delivers a strong ROI with increased revenue and efficiency – enabling conversion rates seven times higher when compared to the manual input of credit card details. With the RCS channel’s in-built brand verification, businesses can also give consumers peace of mind by verifying who the message is from.

With people relying on their phones more than ever for all aspects of life, now is the perfect time for brands to incorporate innovative solutions, such as payments in RCS, to efficiently facilitate consumers’ requirements and make online payments simpler. By utilising RCS messaging and unlocking the potential of this technology, businesses are making themselves more accessible than ever to consumers who value convenience and simplicity when it comes to interaction with brands.

And for non-MEF members? Please feel free to reach out to me to discuss how MEF membership can benefit you and your business.

VP Europe, mGage