mobilepaymentstoday.com
The first month of 2015 was no different from what we saw last year on Mobile Payments Today.
For better or worse, Apple Pay is always a well-read topic on Mobile Payments Today and Double Diamond Payments Research Senior Analyst Rick Oglesby wrote a blog post in January about how he believes Apple killed the digital wallet with Apple Pay. The post garnered close to 12,000 pageviews as Oglesby argued why Apple Pay will dominate the mobile wallet industry.
Another blog post of note came from Euromonitor International’s Michelle Evans. She implores merchants to have a mobile wallet strategy to reach their customers anytime and anywhere. And one of the biggest benefits retailers often cite about mobile is the ability to reduce costs.
Panasonic, which some people identify as a consumer electronics company, made some significant news on the site in January when it introduced a new mPOS terminal at the recent National Retail Federation Big Show trade conference.The tablet features an integrated EMV reader (no separate dongle needed) with a PIN pad, a mag stripe reader, and the ability to accept NFC-enabled mobile payments thanks to an antenna that runs around the device.
5. "Why merchants should adopt a mobile wallet strategy" - Michelle Evans, senior consumer finance analyst at Euromonitor International, states her case for why retailers need to have a way to reach consumers anytime and anywhere.
There has been no shortage of hype around the potential for in-store mobile payments — and for good reason. A mobile-enabled environment provides many benefits for players across this ecosystem.
For merchants of all types, a mobile wallet has the potential to boost revenues and reduce operating costs. One of the most often cited benefits of mobile payments by retailers and foodservice operators is the ability to reduce costs. This may be accomplished by lowering fraud loss and/or payment processing fees — the latter of which is often cited by merchants as the biggest expense after labour. In addition, mobile wallets may be able to move more consumers through the line more efficiently and thus drive revenues. If a merchant is able to leverage a mobile wallet to provide an immediate connection with its consumer base, mobile wallets may have the ability to help a merchant sell more goods and service during slow times by enticing its consumer base with discounts and coupons.
4. "Panasonic gets into mPOS market" - Company debuts the Toughpad FZ-R1, a tablet that features an integrated EMV reader and is also capable of accepting NFC-enabled mobile payments.
Panasonic is not the first company that comes to mind when you think about the current mobile point-of-sale market. But there it was last week in New York City at the National Retail Federation Big Show showing off the latest entrant into a crowded space — the Toughpad FZ-R1.
Panasonic touts the device as the first of its kind: a seven-inch, all-in-one mobile POS tablet running Windows 8.1 for retail environments. The tablet features an integrated EMV reader (no separate dongle needed) with a PIN pad, a mag stripe reader, and the ability to accept NFC-enabled mobile payments thanks to an antenna that runs around the device.
The tablet's most desirable feature might be its design, which is modeled after Panasonic's line of rugged laptops and tablets that are meant to be used at construction sites and similar environments. The Toughpad FZ-R1 is designed to take a beating in a retail environment that might not be suited for a consumer tablet.
3. "Omnichannel banking: A consumer-first, not bank-first, experience" - Fırat İşbecer, Monitise SVP of sales and operations, examines some ways banks can build a successful omnichannel strategy and how mobile can influence it.
When you hear the word 'bank' you might think about the ATM outside your office, your local bank branch, or even visions of old movies with cops and a robber.
The reality is that banking actually extends much further back in time as bank branches were established as early as the 14th century. During this period, they were the only consumer touch-point for banks, with no other channel vying for a customer's attention. You could say that this banking ecosystem was the total opposite of the omnichannel experience.
This unichannel approach was challenged with the technological improvements introduced in the 20th century. The first ATM was introduced in 1967. Banks opened their first call centers in the early 1980s, which later evolved into interactive voice response (IVR) systems. Banks began to provide online services in the mid-1990s and mobile services in the early 2000s. With this, banking gradually evolved to have an omnichannel structure.
However, the biggest issue with the banking system in the 2000s was that the customer experience remained immovable and prescriptive. Now it’s time for the customer to expect the experience that’s right for them.
2. "Payments in 10 years: Very different" - If the last 10 years has taught us anything, it's that disruptive technologies can shift the course of events in a way few would expect.
The payments industry has gone through some pretty rapid changes over the last 10 years or so, but just where will we be a decade from now?
Analyzing recent trends and estimating where these can take us is part of the process, but can only take you so far. If the last 10 years has taught us anything, it's that disruptive technologies can shift the course of events in a way few would expect.
1. "How Apple killed the digital wallet" - Rick Oglesby, a senior research analyst for Double Diamond Payments Research, explains how Apple Pay changed the outlook for mobile payments.
After years of watching quietly while Bling Nation, Google, Isis/Softcard, PayPal and others tried and failed to popularize the digital wallet, Apple finally launched its product in October. What’s the impact? The concept of the digital wallet is now dead, and it’s been replaced by the physical-digital wallet.
The traditional leather wallet is a storage mechanism for consumers’ cash, credit, debit and loyalty cards and coupons. The first generation digital wallet, starting in the late 1990s with PayPal and eBay, was a software solution that provided convenient way to store cards for repeat online purchases.
Once the iPhone came about and mobile commerce began to take hold, Apple extended this model to iTunes, and Google followed with Google Play, both providing a software solution for repeat online purchase via the mobile device. Braintree and Stripe extended this even further, capturing the in-app and mobile transactions that took place outside of iTunes and Google Play.
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