People are all about convenience, especially when it comes to payments. This is the main reason that proximity payments, which are generally made by bringing a cell phone near some type of payment beacon, are taking off across the retail world. With these systems, customers don't have to bring either cash or credit cards with them to shop. Instead, all they need is their cell phones and the appropriate app for making their payments.
With these things in mind, it's no wonder that RetailDIVE reported that in-store proximity payments are taking off. They were projected to be the fastest-growing segment of the mobile payments industry, with 137 percent annual compound growth expected. At the time of their report, the biggest growth was expected to happen in 2014 and 2015. That projection turned out to be off by just a couple of years, with even more growth actually seen in 2016 and continuing now. Now, big stores like Walmart have expanded their accepted payment methods, and in retail, a giant's entry into a new technology soon pulls other stores along.
How to Get In on the Proximity Payment Boom
Your customers will soon demand more payment options if they aren't already doing so. Fortunately, it's easy to expand your register capability to accept proximity payments. Our payment beacons and mobile wallet systems are simple to integrate with your existing systems. We can also create a white label mobile banking app or e-wallet system to allow your customers to hook up with your new payment system. Just contact us for a consultation. Once we learn about your specific needs, we can design and implement a solution that combines hardware and software to address them perfectly.