Many businesses aim to optimize their merchant services in regards to accepting payments by allowing consumers to make transactions using smartphones, tablets and other mobile devices.
One of the leaders in this practice has been Starbucks – a company that, according to Mobile Commerce Daily, now processes nearly five million mobile transactions ever single week. Howard Schultz, CEO of the company, recently noted that strong holiday season revenue was directly attributable to the company’s blending of digital and physical marketing techniques, its distribution of digital gift cards and its openness to the concept of mobile payments.
“Holiday 2013 was the first in which many traditional bricks-and-mortar retailers experienced in-store foot traffic give way to online shopping in a major way,” said Schultz, according to Mobile Commerce Daily. “Customers research, compare prices and then bought the brands and items they wanted online, frequently using a mobile device to do so.”
Additionally, the news outlet noted that a large portion of the digital gift cards purchased by Starbucks consumers were then given to new customers. This illustrates how digitizing payment processing techniques, gift cards and more can help to draw an entire new customer base to an organization’s storefronts.
“While loyalty integration is important, it goes beyond just loyalty functionality in the app,” Alex Campbell, chief innovation officer of Vibes, Chicago, told Mobile Commerce Daily.
Apple aims to jump in on mobile payments market
Starbucks isn’t the only brand name aiming to monopolize the payments consumers make using credit cards and debit cards loaded onto their mobile devices: The Wall Street Journal recently reported that apple is aiming to link credit card and debit card payment processing services to mobile phones.
The news outlet reported that Apple executives met with leaders in the payments industry in an effort to determine how the company could enter the market.
“Apple is absolutely the sleeping giant in the payments world,” Denee Carrington, an analyst at Forrester Research, told The Journal. “They have the capability, they just haven’t tied it all together.”
Carrington went on to tell the news outlet that if Apple entered the payments business, it would likely change the makeup of the credit card payment processing industry – illustrating how important it is that business owners stay on top of evolving trends and ensure that their point of sale terminals are constantly optimized with the latest technologies.Back To Blog