New Mobile Payment System Launched in Missoula Could Benefit Local Small Businesses | Local News
The company says it could reduce transaction fees by 80% compared to a typical credit card company. Several local businesses, including Rockin ‘Rudy’s and Missoula Valley Winter Market, decided to work with Figure Technologies on the initial launch of the service.
The technology was actually developed in Montana, and the company has around 65 employees in the state between Bozeman and Helena.
“We have a lot of affinities for Montana,” said Morosini. “We thought, let’s go pilot this in Montana… our people were like, ‘you should go to Missoula. It is a university town. People will dig it. “”
Mobile payments have been slow to catch on in the United States – a 2019 report from eMarketer said America ranked sixth in the world in terms of mobile payments. This market grew from $ 69.8 billion in 2018 to $ 98.8 billion in 2019.
The COVID-19 pandemic has also increased mobile payments. A study by the National Retail Federation found that 69% of retailers surveyed saw their mobile payments increase from January to August 2020.
By opening this door and making it easier and more accessible to consumers and merchants alike, businesses are also paid immediately, even if a consumer accesses their line of credit, which is not always the case for other transactions. .