, , , , ,

Mobile Payments 2.0: Building Better Retail Experiences

Payments has by and large been a growth business for the last half decade or so, and that fact has been mappable in scores of innovations around the world. But, as PYMNTS’ Karen Webster pointed out, for all of those advances, one is conspicuously missing from the list — and that’s despite years of predictions that its ignition was just around the corner.

“Here’s one thing that the last three years hasn’t done: Increase the consumer’s appetite to turn their smartphones into a digital payment form factor when they check out in a physical store,” Webster said.

That reality was born out by two-and-a-half years of PYMNTS and InfoScout tracking figures in the marketplace through the Mobile Payments Adoption and Usage report.

Apple’s CEO, Tim Cook, can accurately boast that Apple Pay is far and away “the number one [near field communication (NFC)] payment service on mobile devices, with nearly 90 percent of all transactions globally,” but the reality undergirding that brag is that 90 percent of a really small number is an even smaller number.

After three years in the market — and no lack of fanfare — Apple Pay adoption rates have just barely gotten above the 5 percent mark. That is an accomplishment, though, as Samsung Pay is just over 4 percent after two years and the team at Android Pay devoutly hopes 2018 might be the year it cracks the 2 percent mark for usage.

As it turns out, consumers weren’t looking for a new form factor. It seems they like their payment cards just fine, understand them and know they work everywhere and, as such, customers are happy to whip them out at checkout nine times out of 10. That doesn’t mean they are deliriously in love with their payments processes and couldn’t be incentivized to make a change, however.

According to the PYMNTS’ How We Will Pay study, a Visa collaboration, 60 percent of consumers find their online and in-store shopping experiences unproductive, inefficient, time-consuming and even boring. The same study showed 66 percent are open to using devices to connect to a seamless payment experience.

Customers are looking for new and better ways to pay, but a change from a card to a phone isn’t registering as a better way to pay so much as it is registering as the same experience — now with a slightly different object in one’s hand.

Retailers in 2017 have seemingly started to come around to that idea. They have realized that while mobile payments alone aren’t sufficient to do much in the way of altering consumer behavior, mobile payments wrapped around a faster, cheaper and easier shopping experience might actually have some legs after all. If the first round of the “Pays” were dominated by technologists and financial services players, the 2.0 version has been much more about retailers and the value they can find via mobile.

The early figures even indicate that some are gaining a foothold.

Walmart Pay’s Rapid Rise  

According to the PYMNTS and InfoScout figures, Walmart Pay is showing the most potential in the shortest amount of time. With a year in the market and an adoption rate within striking distance of Apple’s at 5.1 percent, the data also showed 47.2 percent of respondents who shop at Walmart use it every time they can. Only 6.6 percent said they’ve never considered using it at all.

But Walmart’s real payments secret sauce is the value-added solutions around money and customer services the company built into the app that houses Walmart Pay. Consumers can also use that app to initiate wire transfers through MoneyGram, check gift card balances, apply coupons and have all receipts sent automatically to its Savings Catcher function.

The point, according to Walmart’s senior vice president of services, Daniel Eckert, is to meld payments into Walmart’s larger mission of saving time and money for the busy families that make up its customer base.

“There is something very powerful about the ease and simplicity of Walmart Pay,” Eckert told PYMNTS. “What’s even more powerful though, is what this means for our customers. We want to make every day easier for busy families. We’re connecting all the parts of Walmart into one seamless shopping experience with great stores, easy pickup, fast delivery, frictionless checkout and apps and websites that are simple to use.”

Walmart still has hurdles to clear, and high ones. Cash remains Walmart customers’ favorite payment method, and EBT cards can not be added to digital Walmart accounts for payments. But Walmart Pay, which is nearly unique among mobile wallet players, has built payments into an overall omnichannel experience that is sticky for consumers and gaining ground fast.

We look forward to 2018’s additions.

Target Jumps Into the Mobile Payments Race

Target was among the retailers who entered 2017 most eagerly hoping to hit the reset button, and rumors about it adding mobile payments to it services lineup began swirling early that January. Outside that initial tease, however, not much was heard on the subject until 2017’s closing weeks, when Target rolled out with a mobile payments platform of its own.

Notably, the company is not calling the offering “Target Pay,” though most tech writers seem to be.

Instead, Target announced in early December that it would be adding a mobile Wallet feature to its mobile app and offering consumers the opportunity to enter their Target REDcard credit or debit card into the wallet and use it to pay directly at the point of sale. Using its eWallet, Target customers can also use Cartwheel — its price matching feaure — with a single scan of their mobile devices at checkout. The goal is to make checkout quicker, and to offer convenient digital savings by including Cartwheel offers and weekly ad coupons, along with the 5 percent REDcard discount.

“Wallet in the Target app makes checkout easier and faster than ever,” said Mike McNamara, Target’s chief information and digital officer. “Guests are going to love the convenience of having payment, Cartwheel offers, weekly ad coupons and gift cards all in one place with Wallet.”

Target has further noted that gift cards and other rewards will also soon be storable within the Wallet. Echoing a theme, the company’s payments upgrade comes in the context of a broader digital push that has seen it moving more aggressively on eCommerce and omnichannel pursuits.

The retailer recently announced its new GiftNow service powered by Loop Commerce. The GiftNow option can be selected when viewing products on Target.com, allowing customers to assemble and send a gift electronically. Recipients can view the gift online, select the size or color of the product or pick another item entirely, thus saving time and money for both Target and its customers by ensuring gift recipients are sent items they will want to keep.

It has unveiled it would be adding 12 exclusive brands by the end of 2018, eight of which were already available during the 2017 holiday shopping season. The brands being introduced this year include products for babies and kids and apparel for both men and women.

“While there’s an incredible amount of change happening across retail, we’re focused on doing what’s best for our guests and leaning into what makes Target special,” said Target CEO and chairman Brian Cornell. “We’re making progress against our long-term strategy.”

The PoS Free Future

In other digital trends, it appears customers don’t want to wait in line at the point of sale (POS). The overwhelming success mobile payments has enjoyed while enabling line-busting at quick service restaurants (QSRs) all over the map speaks to that quite clearly.

In a recent interview with PYMNTS, Visa’s vice president of innovations, Shiv Singh, noted we are only really seeing the beginning of that trend as regards coming trends in mobile payments commerce for the next 18 to 24 months, according to his company’s Innovations For A Cashless World report. According to its findings, retail will soon be a world in which lining up at the cash wrap will no longer be a universal experience.

“We can look at Uber, or how Starbucks now takes 20 percent of its orders through mobile order-ahead,” Singh noted. “Can you imagine going to an Apple store and lining up at a cash register to pay? No, of course not. And now we have Amazon rolling out Amazon Go — it really is only a matter of time before that experience is part of Whole Foods as well.”

Anecdotally, one has seen the “POS everywhere” concept rolling out at retailers of all sizes and shapes nationwide. AmazonGo’s convenience store of the future, through which customers can select goods off the shelf and be automatically and correctly charged due to the magic of sensors. The company has had some notable execution issues with the tech, though, and those have necessitated some delays.

Walmart’s solution is a bit less high tech, but customers in Sam’s Club locations nationwide can already scan their purchases while walking the isles. Each item’s barcode is scanned through an app, which keeps a running tally of all items in the cart. Said app also offers checkout and payment options, as well.

When they are done shopping, Sam’s Club customers can tap to pay and have a receipt sent to their phones — no need to stop at the cash registers. That receipt is then shown to a Sam’s employee on the way out the door, much the way physical receipts are checked to ensure customers are actually paying for all their items. There are rumors that a similar service is coming soon to Walmart locations, though those rumors have not been confirmed.

But as solutions proliferate — and they surely will — one thing is becoming increasingly obvious: Mobile payments as a one-to-one replacement for credit cards may not have much of a future, and the adoption numbers seem to keep singing that same tune in a variety of keys in report after report.

But mobile payments that can exceed what credit cards offer — including faster checkout, clipping-free coupons and the ability to skip the front-of-the-store POS line-up, among others — those experiences seen to really have a hold on consumers.

Which means retailers have every reason to build them, and we look forward to reporting on their efforts.

 

Source: (Pymnts, 2017)

, , , , ,

BITCOIN A Cryptocurrency With “No Purpose” Has Raised $700M

According to The Wall Street Journal, this is the largest initial coin offering to date, with block.one’s market value now at around $4.5 billion. The sale of the token, called EOS, has benefited from a boom in ICOs – overall, 165 firms have raised more than $4 billion in 2017 through coin offerings.

Launched in late 2016 and registered in the Cayman Islands, block.one is a software company that writes code for its main project: a bitcoin-like operating platform that hosts any variety of applications.

EOS is the idea of Brendan Blumer, a 31-year-old internet entrepreneur in Hong Kong, and programmer Dan Larimer. Brock Pierce, a prominent bitcoin investor, is a minority partner and adviser.

Block.one is planning a full rollout of the software next June, which Pierce recently predicted would be “like Windows launching, but much bigger.”

But unlike Microsoft, block.one plans to only write the initial code for EOS and then release it publicly. Instead of building or developing the platform itself, the task will be left to unrelated third parties. As a result, the EOS tokens have no relationship to the software. In fact, a purchase agreement that investors must sign states the tokens “do not have any rights, uses, purpose, attributes, functionalities or features.”

Despite the reveal that the tokens have no real purpose, investors have been eagerly bidding for them. Investors in many countries, excluding the U.S. and China, can participate in a daily auction where block.one sells two million new tokens to investors.

Mosala Sehloho, a 32-year-old media producer in Johannesburg, said he understands the EOS tokens made no contractual promises, but he thinks the $10,000 worth of tokens he bought will rise in value. “I’d buy more” if the price dropped enough, he said. “This will be the technology that will be the best of its kind.”

And Matthew Roszak, one of block.one’s early investors, isn’t worried about the tokens. “I don’t think it’s fair reading into that language too tightly,” he said. Given the “regulatory environment is as clear as mud,” he said block.one needed to write something to provide the broadest protection possible.

Block.one’s EOS deal is now about three times as large as the next biggest coin offering. It plans to keep raising money until next June, and is on pace to raise “well north of” $1 billion, according to Pierce.

The company will use that revenue to invest in companies that could develop the EOS code into products.

 

Source: (Pymnts, 2017)

, , , , , , , , ,

APPLE PAY P2P Payments Coming To Apple Watch In The Autumn

 

apple-watch

 

 

Peer-to-peer payments are coming to the Apple Watch this fall with the release of iOS 11 and watchOS 4.

On its website, Apple said that Apple Pay users will be able to send and receive money quickly, easily and securely via its peer-to-peer payment platform. The feature will be available right in Messenger, or users can tell Siri to pay someone using a virtual debit card or credit card already loaded into the digital wallet. When users get paid, they will receive the money instantly in the new Apple Pay Cash card that will reside in the Apple Wallet.

The move on the part of Apple to include P2P payments with the new iOS 11 and watchOS 4 comes at a time when the company is trying to get Apple Pay in the hands of more users. Earlier this month, Didi, the Uber of China (and, in fact, the local service that gobbled up Uber China last August) announced it has added Apple Pay support to its Didi Premier, Didi Express and Didi Luxe personal mobility services, in addition to its partner station-less bike rental service ofo, according to a TechCrunch news report.

Apple Pay is standard fare on any iOS device, allowing users to authenticate payments biometrically – today, with their fingerprints, and soon using Face ID on the forthcoming iPhone X. That’s on top of other iOS features Didi already supported, including Siri-powered ride hailing from within the Maps app or via the Apple Watch. With the addition of support by Didi, Apple Pay joins the likes of WeChat, Alipay, QQ Wallet, international credit cards and CMB all-in-one net payment, all of which power Didi’s core services. It also comes at a time of increased competition from Fitbit, which recently launched the Ionic smartwatch.

 

Source (Pymnts, 2017)

, , , , , , , , ,

Avoid being hit by the Government’s credit card surcharge ban with Cheaper Pay!

As of January 2018, businesses will be stripped of their ability to add any surcharges to their card transactions.

Airlines, fast-food chains and small businesses will be those who suffer most from the ban, but there are ways in which these companies can make up for this potential loss of capital.

Cheaper Pay’s industry-leading payment solutions come in at a staggering 40% cheaper price than the likes of WorldPay, Barclays and Lloyds – offering terrific value for money, as well as bearing the costs that may be lost in profit once these government changes come in to fruition next year.

Having provided UK businesses with the crème de la crème of payment technology for over a decade, Cheaper Pay are well placed to install the ideal payment system that is perfect for your business’s needs.

For a FREE no-obligation quote, get in touch with one of our specialist advisers today on 03301 242 537.

, , , , ,

Contactless payments are ready to donate a helping hand!

Contactless Payments are set to become increasingly involved in charity fundraising appeals. The move comes as statistics published late last year showed an incredible rise in the amount of money spent with contactless devices.
According to the UK Card Association, November 2016 saw a £2,903m spend in the UK through contactless mediums – an incredible 183% rise on the previous year.
Now, that incredible figure is set to be translated onto the fundraising scene, with many charities recognising that people are more inclined to spend contactlessly than with spare cash.
Some major charities have already began trialling the scheme, with the 2015 Red Nose Day producing statues that housed contactless payment points where people could donate.
Furthermore, The Blue Cross then introduced a scheme in 2016 where people could ‘Pat and Tap’ the dogs on show to donate £2.
With contactless payments on the rise, the increasing ingenuity of charities to use these schemes as a means of increasing fundraising totals is something that will definitely increase during the coming months and years.

, , , , , ,

Sole Trader? There’s no need to go it alone – and employing these three people could help!

Many small business owners run their entire enterprise alone, which is perfectly understandable when it comes to keeping costs down.
However, going it alone as an SME is difficult to say the least – and employing these three people can help you take your business to the next level.

1) Accountant
As a small business owner, your goal is to make money–so it only makes sense to consult a professional to help you manage this crucial aspect of your business. Becoming a business owner naturally adds complexity to your tax scenario, so at tax time, an accountant can be crucial for making sure you’re in full compliance and are filing correctly.

2) Assistant
Being a solo business is difficult. Tasks and communications that don’t have to do directly with the day-to-day of customer relations, creating or offering your products and services, and other immediate tasks might become backed up, or even fall by the wayside.
This is where an assistant can come in handy. By employing a loyal employee, you can leave the simple store transactions while having more time to deal with the important things!

3) PR and Marketing Assistant
Getting your name out there is a key factor in achieving a successful business; and a PR and marketing executive can help achieve just that.
Having someone directly available to create social media content, produce flyers and leaflets, manage marketing and deal with outside queries can hugely improve your business reputation as you progress up the success ladder!

, , , , ,

Tech note, everyone – wearable technology is on the move!

We have often associated wearable technology with the fitness industry. Companies such as FitBit have produced spectacular results in this field, harnessing the ability to track and manage anything from distance run to calories burned over a certain period of time.
However, wearable tech is now leaving the wellbeing scene behind and advancing on to a period of world domination.
Advanced wearable biometrics can be used as a form of authentication for a number of things.
NEC corporation has recently adopted the software to identify people placed on ear readings – something previously unprecedented in the industry.
“The system enables biometric authentication via the otoacoustic emission, a sound made by the inner ear when the cochlea is stimulated, arising from the vibration of hair cells,” reports mobileidworld.
“According to a statement from NEC, its earbud device’s “otoacoustic authentication technology… recognizes the characteristics of a user’s ear”, suggesting that the emission is used to map the shape of the inner ear, which is presumably unique to the individual.”
The advancement of contactless, wearable technology is a clear indication of the continued progress of our industry.
The technical possibilities are endless – and NEC confirms this with future plans to commercialise the technology soon.
NEC plans to offer “services that combine individual authentication, indoor positioning, acoustic AR (augmented reality), vital sensing and other technologies”, according to NEC Business Development Division General Manager Tomonori Kumagai.
The contactless revolution has only just begun – don’t get left behind.

, , , ,

Five reasons to offer contactless payments

Here at CheaperPay, we fully believe that contactless payments are the future for all businesses, regardless of size – and here are five reasons why!

1) Simplicity
This one speaks for itself. The simplicity of contactless payments has revolutionised the transactional experience for both customers and businesses.
Transactions can now take place at a fraction of a second, affording to a more positive customer experience – and that can only be a good thing!

2) Time-Efficiency
Time is becoming an increasingly rare commodity in the lives of the full-time worker. We simply don’t have time in our day to queue, key in PIN numbers or wait for the ‘correct change’.
Contactless payments solve all these issues – customers can check out in an instant, saving time for the more important things in life.

3) Security
Contactless payments account for just 0.02% of all card fraud transactions on the planet. Hi-tech anti-fraud technology is utilised by many systems, ensuring safe and secure payment for both customers and businesses.

4) Increased quantity of transactions
Customers who pay with cash have an obvious limit as to how much they can spend in your store.
Offering a contactless payment solution does not only speed up the transaction process, it may prompt customers into spending more on your products – safe in the knowledge that the buying process is quick, simple and secure!

5) Customer Retention
A summary point here, but still relevant! Customers who are regularly receiving quality, efficient service from your business will be far-more inclined to return again and again. This will build up a great rapport with regular customers and greatly enhance the reputation of your business!

So, there you go. Go Contactless today with CheaperPay!

, , ,

Why the new £1 coin could be the last ever made as Britain moves towards a cashless society

The two-tone pound coin boasts innovative security features which supposedly make it the most secure on the planet. It is also the first UK coin in circulation since the threepenny bit to feature a design of octagonal proportions.

But despite its impressive design, there’s every chance that this will be the last £1 coin in the history of our currency.

Why?

The decline of coins and notes is not just being driven by the convenience of alternative, more high-tech payment methods – it’s also because of the simple fact that cash costs money to make!

The UK is a world leader when it comes to alternative payments. In 2015 alone, Brits spent over £21bn via contactless payments – more than any other country on the continent.

This explains why every business, from popular chains to pop-ups, know that their customers expect to be able to pay by their card, mobile, or wearable device – and over 17.m UK businesses now accept payment cards.

As if we needed any more proof that it’s time to convert to contactless and mobile payments, we now officially have it!

Get in touch with a member of our team today to identify the payment solutions that are perfect for YOUR business.

, , ,

5 Tech Payments to Look out For in 2017

The last few years have witnessed a huge change in the way we make payments. Technology is evolving at a faster rate than ever before and the payment sector is by no means getting left behind. As of March 2016, there were over 86 million contactless card users in the UK marketplace, proving that touch-and-go is the future, and here we look at five other payment technology trends that may rise to prominence in the very near future.

1) Fighting Fraud with Fingerprints
While using your finger tips to process a payment would represent the ultimate in digital transactions, it’s only the beginning! The payment industry, according to BluePay, “could soon begin using iris scans, voice-recognition and even DNA verification. There really is no limit to how far biometric payment technology can go.”

Fingerprint Tech

Fingerprint Tech


2) The Flourishing of the Bitcoin Era
Last year was an excellent one for bitcoin. Last January, bitcoins were valued at $350 and now they are above $900! Traditional financial institutions are beginning to adapt to this technology and invest in it. People are starting to recognise the value that the blockchain provides with smart contracts, cloud storage, and security.

3) Wearable Payments
Visa announced at this year’s SXSW that it’s testing sunglasses capable of making contactless payments, whereas Barclaycard teamed up with Lyle & Scott last year with a foray into the world of trend-setting wearable’s by designing a contactless jacket!

4) Invisible Payments
Businesses such as Uber and Deliveroo have mastered the art of invisible payments. With regards to Uber, their easy account set-up and request-a-driver function offers customers a hassle-free transaction. Just jump in and enjoy your journey without having to worry about fumbling around for your cash! Expect many businesses to follow suit.

5) Social Network
Facebook Messenger has already jumped into the payment pool and added a payment feature for iOs and Android in the US. For those in America, you simply add a debit card to your Facebook account and then send money directly to your Messenger contacts!

, , , ,

Get Your Free Quote

Get free quote from us today…

, , , , , ,

Reasons why your Business NEEDS to make the switch to contactless payment solutions

More than just a saying or statistic, it has become reality that ‘Businesses that decline card payments are losing out’.

Sorry, we don’t take card payments’ should be a thing of the past as Britain quickly converts to a cashless society, not taking card payments should be something rarely heard of by now. Unfortunately, this is not the case just yet. 75% of all UK retail purchases are made by card; and yet still, more than two thirds of British small to medium sized businesses (SMEs) still don’t accept card payments.

With Cheaper PAY’ment solutions you can:

  • Accept Payments over the phone
  • Accept online Payments
  • Accept smart phone payments
  • Accept Chip ‘n’ Pin payments

How will these benefit your business?

  • Never miss a sale – Customers are able to buy your products anywhere at any time with secure online payments which means more sales for your business.
  • Beat your competitors – Customers are more likely to shop at a store that offers card payments.
  • Happier customers – Card payments are processed in a matter of seconds so customers can quickly continue with their day and you can get on with serving the next customer.
  • Lower bank fees – Handling less cash means fewer trips to the bank and more money back into your business.
  • More security – Extra features protect your business from fraudulent transactions and tell you immediately if a customer’s funds have not yet cleared.

Our low transaction costs are what make Cheaper Pay one of the most affordable merchant service suppliers available. Many card machine companies will charge you for a service that is designed to benefit growing businesses rather than hinder them.

At Cheaper Pay, we believe in supporting and innovating businesses with evolving technology. That is why we offer FREE quotes and a 3 months’ free trial to ensure that the payment solution you have chosen is compatible for your business.

To begin your journey to contactless payment get your free quote HERE.

, , ,

Take Payments Over the Phone

phone payments

We can help you get your business ready to take payments over the phone. Enquire today and get a free quote!

, , , , ,

How card payments have developed over the past decade

Over the past decade, UK consumers have adapted to the quick pace in which technology develops, including the way they pay for goods. Payments made on cards now account for 78.5% of all retail purchases, a huge increase from just 55% back in 2006!

 

2006 – 2008

One of the main reasons for this huge increase is the adoption of payment methods such as Chip and PIN and contactless, making card payments faster than using cash and allowing business owners to reduce the amount of queuing time. This benefit has led to an increase in the amount of independent businesses deciding to accept card payments of a massive 43% since 2006.

 

2008 – 2010

Consumer spending patterns continue to change to match the technology with fewer people in the UK actually carrying cash because they are quickly discovering the convenience and security of cashless payments.  There is no doubt that numerous retailers and banks are starting to see the changes in how people prefer to pay for their in-store purchases and are now more inclined to encourage customers to carry less cash and pay for smaller purchases (usually below the sum of £30) on card with ‘tap and go’ contactless payments.

 

2010 – 2015

Growth in unattended retail terminals in supermarkets, chemists and petrol stations has also boosted card use and debit cards are benefiting significantly from contactless payments, as their popularity for lower value everyday payments carries on increasing.

 

In January 2015, contactless spend in the UK totaled £287 million, rising rapidly throughout the year to reach £1.02 billion in November 2015 alone. In the same year, the number of contactless transactions carried out by consumers in Europe passed the one billion mark.

 

2016

Now that we’re in 2016, contactless mobile payment technologies, such as Apple Pay and Android Pay, have given consumers more choice in the way they want to pay. According to a report, 40% of consumers with an Apple device have adopted the Apple Pay service since its launch in July 2015.

 

It is predicted that over the next ten years, consumers will continue to favour using card payments to cash. Last year, nearly half of all payments were made in cash, however it is predicted that debit cards alone will overtake cash as the most frequently-used method of payment in just five years.