The Expanding World of Mobile Payments
We’re excited to present a new blog series which will take a dive into the world of mobile payments, examining the self-checkout, point-of-sale, and digital wallet solutions are presenting themselves in the marketplace. Here’s a quick overview of what’s to come:
Mobile Self-Checkout Solutions
Our first post will examine existing and up-and-coming mobile self-checkout solutions, and how these new systems will transform the way we shop. Existing self-checkout solutions that are common at today’s grocery marts are a stepping stone to a broader method of self-checkout through mobile phones. A recent partnership between 7-Eleven, Best Buy, CVS and Wal-Mart, intended on developing a smartphone-based self-checkout solution, signifies that retailers have begun to make the switch that will enable consumers to complete transactions on their cellphones. Considering these trends, companies like QThru who specialize in mobile self-checkout are in a favorable position. Read more about these topics and more in our next post.
The second post in our series will look at how traditional point-of-sale (POS) systems are being transformed by companies like Square, Paypal, Intuit and others, who provide solutions that turn mobile devices into cash registers. In this post we’ll argue that cost will drive the adoption of mobile POS at a very rapid rate over the next few years. The commonplace POS systems like those that require expensive peripheral devices from Verifone will be challenged by a growing list of cheaper and more comprehensive solutions. The recent Squarebucks deal will serve as a test case for the world, where the feasibility of bringing these value-added payment systems to mass market will truly be tested. Read more about these trends in the second post of our series.
Our last post in the mobile payments series will look at a more peculiar animal, the digital wallet. These wallets are basically apps that allow you to make purchases from your phone or at selected retail locations, and may contain additional features like storing loyalty cards or delivering digital coupons. Mobile wallets can be retailer-specific, such as the options provided by Starbucks or Dunkin Donuts, or the wallet can serve for a broad range of retailers, such as Google Wallet or ISIS. Apple is set release a similar wallet, Passbook, during the next iOS release—and even POS players like Square have created a wallet with their Pay with Square app. Competition is fierce in this space as stakeholders like mobile carriers, banks, credit card companies, and major retailers all try to get a piece of your transactions. Learn more about what’s happening with mobile wallets in this concluding post of our mobile payments series.