Mobile APIs for Payments: A Step Toward a Cashless Society?


Once again, science fiction is becoming a reality. Now, it's the cashless society that has made a big stride in this direction. Thanks to a convergence of technological advances and an EU directive, banks and other financial institutions are opening up to those who want to be able to transact with them via direct means. This makes it possible for people to electronically access their funds to make payments without the intervention of one of the big credit/debit clearinghouses.

For merchants, one of the big benefits of this change is that it allows them to reach the unbanked and underbanked in new ways. Cash can be put into merchant-sponsored accounts and then accessed by the customer's cell phone when it comes time to buy things. This saves customers from having to carry thief-attracting wads of cash when they go to the store. On the store's side, it increases loyalty since the store is where the cashless account is located. It also opens up the ability to offer special loyalty programs on top of the accounts themselves.

These benefits aren't limited to those who will not or cannot deal with regular banks. Loyalty and rebate programs work well with any segment of the population, and tying them to store-branded accounts gives customers even more incentive to do their shopping at the sponsoring store. Some large stores are already using programs of this nature.

Getting set up to deal with cashless payments is easy. All you need to do is get Netclearance's mBeaconPay system. This system does not require any connection to Visa or MasterCard to work, though these credit card processors may be added if desired. For private programs, it uses the new API for Payments technology. This technology allows the system to seamlessly hook up with local banks and other institutions. Best of all, customers don't have to stop and sign up with these banks to use the mBeaconPay cashless payment option. Everything is branded to your store to create a professional payment system that is simple for customers to use.

To learn more about mBeaconPay and how it will help catapult your company up to the next option in payments, just contact us. We'll be glad to explain everything.