Though issues like “Never thought about it” can be addressed by awareness and marketing the benefits of mobile payment, the others need to be worked out with better solutions and implementations. Though Apple Pay has sort of revamped the mobile payment sector, it isn’t the first and only mobile payment option out there. Google Wallet and Paypal, the old contenders, are still going strong and are very much in the game. The competition is tough and add to that the fact that at least 37% of the populace still think cash and card transactions are much easier to deal with. To win their vote, it’s going to have to get real easy and a one click checkout mobile payment option is as easy as it can ever get.
By looking at the growth of PayPal’s
…show more content…
Earning loyalty rewards (optional; does not happen for all shoppers)
Checking-out in physical stores, the process used to (and sometimes still does!) take up to 10 minutes! Imagine a shopper looking for a coupon code to get a discount on the product they are about to buy. The code can be either in the form of a printed document (an ad, email, or website) or a coupon saved digitally in the user’s digital wallet or app or even within the website they were browsing and logged-in to save the coupon). The product would then be scanned -- by the cashier or shopper - to get the price. The shopper would then pay using the payment method of their choosing. If shopper is a member of a loyalty program, points would be added to their account. If shopper is not a member, the cashier often asks if they would like to join (by filling out a form, etc); this takes up additional time, which is an inconvenience for the shopper (and shoppers standing behind in -line.)
Now, imagine a customer interaction that involves beacon integration with a mobile wallet app, in effect mimicking an in-app payment but it takes place in the physical store. This way, the user interaction is something like, "Do you want 10% off that product? Click here and it will be charged to the default card in your digital wallet. No need to stand in a line to checkout.”
The following section presents some of examples of commercial pilots and deployments that use BLE to either trigger
Gone are the days of waiting in long lines while at grocery stores with the hopes that that person in front of you will have a speedy transaction without the delay of a price check. The grocery shopping experience is quite different than when we were children. Many of us in the Generation X, Millennials, and Generation Z era are ditching the long lines and relying on apps to fill our fridges. However, while many of us are relaxing in the comfort of our homes and ordering a week’s supply of groceries, others are bypassing the cashier and are heading directly to self-checkout.
So what eliminates this need for plastic money? Simple, a bank that does not give you loan but keeps your money, pays interest and lets you complete your transaction just by your phone.
There are also challenges that this industry is facing such as restrictions on online payment services by the government and agencies, security of information and data, and adaptation is also a problem. There is a race to control online payments and data processing that includes large known corporations such as Google, Apple, Samsung, Visa, PayPal, Square, Intuit and others more. And these corporations are very far ahead in the industry in terms of technology and consumer market. Apple last year had introduced the app called ApplePay, which enables you to store credit card and debit cards information and even gift cards and pay directly from your phone by
Customers who don’t coupon think display paper coupon are wasting paper because less than half of the population will use them. The ones who do will throw away the ones they don’t need, which is wasting tress that the earth needs. Customer and Companies are baffled at the amount of time spent on gathering and shopping with coupons, the average extreme couponer spend nine to eleven hours gathering coupons and four to five hours in shopping. Although non couponer dislikes this area of couponing, nothing compares to the hate of being behind an extreme couponer in the checkout line! In every store there is only four to six checkout lanes open and usually they are all full so a customer will just pick one. The average check out takes about ten to twenty minutes, but when a customer see the person ahead of them pull out a bundle of coupons they become very angry and
Although major retailers have had credit card breaches, which devastated consumer trust in credit, Mobile payment systems stay efficient, but risk personal and financial data fraud similar to plastic credit card usage theft. Patrons fear merchants can track your shopping habits, location and financial records using a mobile GPS signal. Nevertheless, worries that someone can steal their information when sent wirelessly therefore consumer confidence remains low. Thorough safety measures will help give customers composure and regain assurance. (Busby, 2014) (Sapienza, 2013)
Payment processing has become more universal. Each transaction, whether it's in-store, eCommerce or mobile, needs to deliver a seamless integrated buying experience at any time of the day and on any device being used.
The next payment model is one that offers fiscal incentives to providers. The financial incentives are often received by both the physician and hospital. This is called the pay for performance concept. The initial motivation for this shared risk contracting payment model is to advance compliance with standards of care. This payment model also aims to improve health outcomes and safety of patients (Kongstvedt, 2013).
Now it is made possible for you to pay with your phone. When it is time to swipe your card you now have the option to scan your card information of which you have saved from previous purchases through Internet based methods. You can save multiple cards at a time; all you would have to do is choose the card you would like to use. You can also transfer funds from one person to the other, same format as a bank but
In 2016, e-Marketer estimates that 37.5 million people in the U.S. (19% are smartphone users) will transact using their phones, by the end of 2016, mobile payments are expected to exceed $27 billion. Predictions are that by 2017, U.S. mobile commerce will have increased so much in popularity that it will account for 50% of U.S. total digital commerce revenue (Mobile ecommerce, 2016).
. Mobile payment users >190 MM in2012, which is over3 % of total mobile users worldwide a level considered as "mainstream”
In many developing countries it's common for a person to have a mobile phone but not a bank account. In fact, more than 1 billion people fit this description, and the number is only likely to increase. To that end, many companies are considering how to give residents access to banking services via their handsets. The GSM Association predicts that by 2012, nearly 300 million of the previously "unbanked" will be using some form of mobile banking.
i n f o r m at i o n , c o m m u n i c at i o n s & e nt e rta i n m e nt
Currently available, but with expectations of large increases, are mobile pay methods which are becoming more convenient and more secure. Retailers need to offer mobile payment or be left behind. We have Apple Pay and Google Wallet. PayPal has an app that allows customers to “check-in” when entering a store. Users can then punch in their phone numbers and a code at the cashier station and the charge is put on your account (Williams). Chase Pay allows consumers to show a code to their cashier and their account will be billed. On the horizon are Bluetooth payments where customers don’t even have to take their phones out of their pockets or purses. More advanced mobile changes are predicted in the future, like the Bluetooth payments (Kearsley). The goal of mobile payments is to make the process quicker, easier and more secure.
Methodology: To perform a contactless payment, users hold their pre-authorised i-device against a payment terminal and
Mobile banking is well utilized in countries of Europe and even Japan, yet it is slow to catch up in America. A study by Forrester Research found that only 10% of Americans like the idea of m banking while 35% already bank online