THE FUTURE OF MOBILE PAYMENTS NFC TECHNOLOGY USING A MOBILE PAYMENT APP MAR 18, 2015
MONEXgroup in this article discusses the latest trends in mobile payments and the need for retailers to adapt to the latest NFC Contactless technology. In order to keep current, retailers must embrace the goal of allowing their customers to use their Smartphone devices to process secure payments through a Mobile Payment App. Near-Field Communication (NFC) technology is an equipped phone or tablet technology which enables sharing small bits of data wirelessly between two local devices.
How does a Mobile Payment App work with NFC Technology: 1.
By installing a Mobile Payment App to an iPhone, Android or Windows device, the customer can now pay through tapping their phones on an in -store contactless POS terminal with one step only. 2. For added security, customers are well aware of the latest trends in the payments market and understand that with using their Mobile Payment App, they can process payments easily without carrying cards or keying in their PIN information. 3. As a promising solution, customers prefer the utilization of Smartphone devices for the added functionality of settling payments without the presence of a Credit or a Debit Card.
“The Biometric readers have been improving with advancements made to the payments market. Though a variety of Smartphone users installing a Mobile Payment App to process payments, the future today lies in the continuous innovation made towards satisfying the end consumer by looking into the benefits of a retinal scanner (in form of voice and fingerprints) versus swiping a plastic Credit or a Debit Card at the Point of Sale.”
Innovation in Technology Adapting into mobile payments require the use of latest NFC technology for Contactless Mobile Payments made through tapping a phone on the POS terminal via a Mobile Payment App installed to Smartphone devices.
Reliability The reliability of using the latest NFC technology to support Contactless Mobile Payments for in-store POS terminals is essential for the success of all retail services which require a direct interaction with customers regularly.
Security The seamless integration of technology with NFC enhancements for Contactless Mobile Payments provides an additional layer of security – on a local and a global scale – for transforming Smartphones into digital wallets.
Accessibility For the speed of service required to service a higher volume of in-store traffic, retailers need to consider NFC Mobile Payments by adding a compatible Contactless POS terminal to their shops; allowing for ease of use and accessibility of processing though a Mobile Payment App.
Trends of Mobile Payments The Cutting Edge of Digital Payments; An event that was organized by the Ivey Business School at the Tangerine Leadership Centre, Toronto in March 4th,2015, introduced the latest trends of mobile payments with the importance of looking at the end consumer’s consumption patterns to evaluate the evolving ecosystem of digital payments.
The infrastructure of mobile payment with the support of NFC technology for small-to-medium sized businesses includes the following advantages: o o o o
building improved consumer in-store experience; adoption to latest technology in the payments market; leveraging the use of phones’ connectivity; and increasing the Credit Card processing volume with mobile payments and combined with NFC technology. By looking at the EMV Chip & PIN technology for secure transactions, software developers were able to build a similar system on a “Mobile Payment App” platform that is compatible with Contactless POS terminals supported by NFC technology. Convenience is ideal for high-traffic retail locations such as: coffee shops, grocery and convenient stores, shopping stores and restaurants. The trending consumption rates of Smartphone devices provide compelling reasons for businesses to adapt to the latest NFC technology by adding a Contactless POS terminal to their stores: In 2013, 3 out of 4 mobile subscribers owned a Smart phone in Canada In 2014, 41% of Smartphone users processed a payment with their device
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By 2018, 55% of Canadians are expected to replace their physical Credit and Debit Cards with a Mobile Application App Source: Canada.CreditCards.com, 2015 Benefits of NFC Mobile Payment Processing By MONEXgroup: MONEXgroup POS Solutions & Merchant Services offer the latest NFC technology embedded into its POS terminals. With “Tap & Go” feature, MONEXgroup offers retailers with state -of-the-art in-store functionality which allows their customers to pay using their Smartphone devices. The integrated POS Solution offered by MONEXgroup ensures speed of service, security and high accuracy for mobile payments. MONEXgroup terminals feature the efficiency of processing payments with Contactless readers which allow the end user to install and settle their payments in -store by using their Mobile Payment App. Simple Secure Fast Modern “When partnering with the number one payment processor in Canada; MONEXgroup will increase your efficiency and quality of service and lower the related costs.” Request a Cost Comparison Analysis today. Call 1.866.767.7253 and ask about our latest promotion.