Industry leading analyst firm Forrester predicts that mobile payments will reach $31 billion by 2016, up from just $6 billion in 2011, a major shift for the credit card processing industry. Defined as the payment for an item or service from or via a mobile device, to broader definition of mobile payments includes both payments made via a smartphone or tablet for an online purchase as well as contactless payments made at the point of sale, using technologies such as near-field communication (NFC) and QR/2D bar codes.
Oftentimes confused with mobile credit card processing, the ability to accept credit and debit card payments on a smartphone or tablet, mobile payments is a growing concern for many merchants, as more and more consumers expect the convenience and integrated value of paying with their mobile device.
For consumers, the value of mobile payments extends beyond the convenience and simplicity of paying with their smartphone. It’s also about the value they yield, whether through integrated loyalty or personalized rewards, as today’s customer expects to be recognized as a loyal customer and rewarded for their repeat business.
Historically, loyalty and reward programs were fragmented offerings, or add-ons, but today, merchants have access to solutions that combine the convenience of mobile payment acceptance with integrated loyalty and rewards. These innovative payment technology solutions also provide merchants with a more detailed view of the customer base, allowing greater business insights and analytics and the ability to generate targeted and segmented consumer campaigns.
As a leading innovator of payment technologies, Merchant Warehouse is committed to delivering future-proof payment acceptance solutions that allow merchants to select the payment and program applications that best suit their business needs. Scalable, flexible and secure, the Genius™ family of products offers merchants with universal commerce solutions that grow with your business.