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How Banks Can Catch Up With Third-Party Mobile Wallets: It's A Priority

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If how banks can catch up with third-party mobile wallets isn't a priority for your institution now, it soon will be.

According to Bloomberg Businessweek, banks have been losing ground to mobile wallets for years. Customers have to deal with their banks less and less, and this puts financial institutions at risk of losing customer loyalty. 

Instead of conceding to the competition, financial institutions can now jump into the game with their own, branded mobile wallet. Netclearance has a turnkey solution called mBeaconPay that will help bring your customers loyalty back. Netclearance's smart payment terminals come various form factors that are tailored to fit your needs exactly. 

Our solution is already surging in popularity. Danske Bank's mobile wallet is one of the top 5 across mobile wallets in Scandinavia and is used on nine out of ten smartphones in Denmark. Our unparalleled mobile customer engagement continues to keep us on top. Banks need to stay relevant in the age of mobile payments, and Netclearance mBeacons are your key to the future. 

The most important feature of mBeaconPay is its ubiquitous platform. This smart payment terminal is compatible with all major mobile operating systems and cash registers. It can work with cash or credit card based transactions. This means that no matter what device they are carrying or payment method, your customers transactions will go through seamlessly. It offers unparalleled mobile customer engagement that is unique in the industry.

Your bank can take the lead in your customers mobile payment experiences. Since the day people leave their houses without their cards is closer than we think, it's time to take action. Contact Netclearance for your turnkey mobile wallet solution, mBeaconPay. 

Boost Brand Loyalty Through Private Mobile Wallets

The goal of organizations today is to make the customer experience simple, seamless, and accurate. When combined with great products, these attributes can help organizations build brands that drive customer loyalty. This loyalty is the treasure that every organization is searching for, and branded mobile wallets help retailers boost customer loyalty

It would be difficult not to think of Apple Pay or Android Pay immediately when considering mobile wallets. While these are great mobile services, retailers and banks are starting to see the loyalty advantage of creating their own mobile wallets. These organizations are implementing Mobile Wallets with the understanding that they must reward loyalty to build loyalty. 

Organizations have found two clear ways to reward customer loyalty through delivering their own mobile wallets. First, they reward their customers by saving them time. They do this by allowing them to initiate and complete their business through an easy to use interface. Second, they have integrated their organizations rewards systems to these apps to provide customer with further incentive to utilize their mobile wallet.

By finding ways to save their customers both time and money, retailers are seeing an increase in brand loyalty. This is not surprising, since time and money are two of the most valued resources in this fast-paced society. Fortunately, Netclearance offers simple, seamless, and accurate, turn-key solutions for retailers and banks to implement their own branded wallets. With this technology, any organization can now bolster their brand loyalty by giving customers control of their time and money. 

Branded Mobile Wallets Help Banks Retain Their Customers’ Loyalty

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According to Pew Research Center, two-thirds of Americans now own smart phones. For 7% of Americans, that is the only way they access the Internet outside of work. And it's more true of younger adults, 15% of them, than for the older population, who use personal computers or laptops.

Therefore, it's only logical that major brands want smart phone users to use their mobile wallets. Starbucks is the clear winner and model for success that other companies wish to emulate. This article in Mobile Payments Today wonders whether discount stores such as Wal-Mart, Target and Kohl's can achieve the same success.

Starbucks launched its mobile wallet in late 2012, and now processes 21% of their orders through it. 16 million customers use it.

According to Financial Brand technology companies such as Google and Samsung want a piece of this huge market as well.

And banks and credit unions are not ready to yield the financial services sector either, especially since they are rolling out ATMs that use mobile phones instead of plastic cards to make transactions.

However, for consumer companies, using a tech company's mobile payment solution is not optimal. Wal-Mart wants its customers loyal to Wal-Mart Pay, not Apple Pay or Android Pay. Nor do they want customers to think of Bank of America or their local credit union.

Just settling up the branded mobile wallet app on their phone engages the customer with the brand name. Decades of advertising and marketing experience has proven the more consumers think or interact with a brand, the more loyal they become to it. It's the principle of consistency. After installing the Wal-Mart mobile wallet on their phone they're more likely to go there than to Target on their next shopping trip.

15% of American consumers used a mobile wallet in the last half of 2015. 22% expect to do so in the first half of 2016. Obviously, this market cannot be ignored.

The consumer brands have one advantage the banks and tech companies can't match. Like Starbucks, they can attach a loyalty rewards program to reward them for shopping at that store and for using the mobile wallet. Therefore, they can feel virtuous for saving money in the future.

It's also likely that in the future consumer brands will partner with technology companies and banks, as Starbucks has done with Chase Pay, because some consumers may prefer to use one wallet to handle all their payments.

Netclearance Systems Inc offers turnkey wireless sensor and mBeaconPay technologies that enable both merchants and banks to bring out their own mobile wallets for their customers. Because mobile wallets do help retain customer loyalty, consumer businesses and banks need to offer their own branded options before their customers begin using Google's Android Pay or Apple Pay.

Smart Mobile Loyalty Strategies Boost Customer Engagement and Profits

One simple yet powerful strategy at the forefront of any successful business is that company's customer loyalty program.  With such a strategy returning customers are rewarded for their patronage, often with a tremendously discounted, or sometimes completely free, item of the customer's choosing.  Now companies can take that a step further and, with the aid of today's technology, implement a mobile loyaltyprogram.  Exactly what is that?  Let's find out now.

General Definition

A mobile rewards program is basically the same thing as a typical customer loyalty rewards program, the difference being the customer utilizes it through their SmartPhone or tablet.  Nowadays a high percentage of the public uses some form of mobile technology, including for payment methods and customer rewards programs. 

Why Use a Mobile Customer Rewards Program?

The biggest reason is that it is more convenient for the customer than carrying around a card in their wallet.  Instead that business' rewards system is used by something they carry anyhow - their mobile phone.  Rewards points are accumulated in the same manner as with a physical card but are stored on, and cashed in from, the person's mobile device.

Advantage for Businesses

Having a mobile customer rewards program is great for business because it makes it easy for customers to use it.  This is a huge incentive for them to keep returning time and time again.  They do not have to waste time searching for a physical card.  Instead they can pull out their phone and press an app button for that merchant.  Your business will be treating your customer's phone as a loyalty rewards card. 

How Does This Type of Program Work?

You set up an attractive-looking kiosk inside your business that invites your customers to come over.  When they do, a friendly employee will encourage them to participate in YOUR business' mobile customer loyalty program.  As an added bonus your business can offer them the option of receiving pertinent text messages that are related to your program. 

Netclearance offers a turn-key mobile loyalty program called  Bounty  that can kick-start your mobile loyalty initiatives with a low-entry cost and support for the major mobile platforms. Contact us and visit www.bountyusa.com to request more information.

New Payment Technology Helps Banks Catch up with Third-Party Mobile Wallets

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When consumers prepare to pay for purchases these days, a growing number of them are whipping out their phones instead of their wallets. Mobile payment apps have added a new and convenient way for people to pay for goods and services. As these digital wallets gain market traction, banks could find themselves in trouble. Conventional ways of payment -- and the revenue that they produce for banks -- are falling by the wayside. 

When consumers pay by swiping a payment card, banks make money through the fees that are attached to each transaction. Transactions completed through mobile payment services such as Venmo, Apple Pay, and Samsung Pay are now eating into that bank revenue. There are more players entering the space.According to Bloomberg News, Walmart, Starbucks and even Chevron gas stations are working on plans for their own digital wallets. Banks know that the days of debit and credit cards being the preferred method of payment are numbered. “We see a day when customers are leaving their home without their card,” Jonathan Velline, head of ATM and store strategy at Wells Fargo, told Bloomberg.

Some banks are taking steps to compete with their own digital wallets. Capital One has introduced a digital wallet, Bloomberg notes. JP Morgan Chase is preparing to launch one soon. While they may be late to the game, they may be able to reach a broader set of consumers. The digital wallets offered by Apple and Samsung work with Apple and Samsung technology respectively. Banks could offer the advantage of being able to work with any smart device, regardless of its maker. 

You don’t have to wait for U.S. banks to implement mobile wallets to see the technology in action. European banks are already early adopters of such technology. Denmark-based Danske Bank, for example, uses mobile payment hardware and software developed by Netclearance. The software, called mBeaconPay, works on all smartphones. The technology enables banks to offer consumers their own digital wallet solution without being tied to a specific mobile device maker. Danske Bank has deployed mBeaconPay-enabled mobile wallets to more than 30,000 merchants across Scandinavia, where it has quickly established itself as one of the top five mobile apps in the region. 

Banks, like any business, count on new customers to grow. The problem for banks is that millennials who could become their new customers are deciding against conventional banking and choosing instead to bank through the growing number of mobile payment services. If banks want a fighting chance to catch up with third-party mobile wallets, they’ll need a digital payment technology to do it. Contact us to learn more about how mBeaconPay is helping banks deploy their own mobile wallets.

Disintermediation of Payments Reduces Fraud and Error

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For the longest time, the payment system between you, your credit card, the store or merchant and the banks has been incredibly complex and prone to error or fraud.  Due to this system, companies and consumers across the country have paid more than their fair share for these errors.  The multi-party payment system is just about to change.

Fortunately, there is a new system for Disintermediation of Payments via Netclearance Systems. In this system, payment is direct and only requires three parties, so there is much less chance for fraud or error.  Under the old (current) system, payment flows from the buyer the credit card network (Visa or Mastercard), to their issuing bank , then to the merchant's bank, to the payment processor and finally to the merchant themselves.  This complicated process is fraught with risk and riddle with middle-men fees.  

Under the new Netclearance mBeaconPay solution, the only parties involved are the Consumer, the Merchant and the Bank - a three-party model.  Unlike other credit card based mobile payments systems such as Apple Pay, Android Pay, Samsung Pay or PayPal, Netclearance has created an app-based mobile payment solution that removes the traditional payment processor thru a direct connection between the consumer, the merchant and the bank.  As long as the consumer downloads the free app on to their smart phone, they can simply place it over the merchant's Netclearance payment system and instantly transfer cash from their account to the merchant's account.  No need to wait for credit card confirmation or sign a piece of paper confirming the transaction.  The new system removes several of the fees normally levied in a traditional card payment  model.

In fact, the system has already taken off in the Nordic countries with over 20,000 locations enabled, such as McDonald's, Starbucks, Danish Supermarket and others are getting in on the action.

For more information please contact us.  We will provide a detailed overview of the new payment system and how it can help you reduce fraud and increase profits.

Headless ATMs Employ Proximity Technology to Reduce Fraud and Crime

The ATM card is a convenience that many bank customers take for granted. A swipe of the card at ubiquitous ATM machines offers fast, convenient access to cash. But ATM cards are old technology that bring unnecessary security risks. Skimmers can capture card and PIN numbers. Cards can also be easily misplaced or stolen. Swiping an ATM card is old school but it’s also high risk. New technology is paving the way for so-called headless ATMs whose features can reduce fraud and crime. By not relying on a physical card, new mobile technologies can make ATM transactions safer and more secure.

BMO Harris Ban, a unit of Canada’s Bank of Montreal, introduced a cardless ATM network intended to both reduce fraud and reduce the time needed to complete transactions, according to Pymnts.com. Bank customers prepare their transaction before arriving at an ATM. A banking app allows customers to pre-select how much money they wish to withdraw. Once they reach the machine, they simply hit the mobile cash button. The ATM reads a QR code on the smartphone, allowing the machine to dispense the cash and complete the transaction. The entire process leaves no way for a bank customer’s card to be lost or skimmed, Tom Ormseth, head of digital channels for Wintrust Financial Corp., tells Pymnts.com. However this method is cumbersome and requires additional changes to the ATM for scanning smartphones.

These new ATMs could help banks and their customers stay a step ahead of criminals. In 2014, bank customers lost $1.7 billion to debit, prepaid, and ATM fraud, Pymnt.com says, citing Federal Reserve figures. While new credit card technology employing EMV chips has made counterfeiting cards more difficult, most ATMs still do not use the new technology. “[Criminals] know there is still vulnerability [at the ATM] and they are trying to capitalize on it,” Owen Wild, director of security marketing at ATM maker NCR Corp. told the Wall Street Journal.

New technology offered by Netclearance can help ATM makers and banks make the transition to headless ATMs. The company’s mBeaconPay platform supports proximity applications conducted on smartphones and tablets. The technology handles transactions smoothly and securely plus it integrates seamlessly with the existing ATM controller. To learn more about how mBeaconPay can address your banking transactions needs, contact us.

 

Danske Bank MobilePay surpasses all records

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Danish Bank mobile payment service, MobilePay, continues to break all records and had in December its best month ever. In 2015, the service doubled its figures, but this does not get Danish Bank to relax its ambitions to double current figures for 2016.

18B kr (Danish Kroner) exchanged hands in 2015 via MobilePay against 7B kr. in 2014 and the service reached in December for the first time over 10M transfers in a single month. Despite the massive growth, the popularity of the service has plenty of steam to grow even further. (Note: 1 Danish kr. equals $0.14 USD at today’s exchange rate)

“We expect at least that we will double the number of stores in 2016. This will be done through a combination of the existing product portfolio and new products and concepts, which we will launch in 2016”, said Mark Wraa-Hansen, head of MobilePay in Danske Bank

Mark Wraa-Hansen attributes a large part of the growth to corporate customers, McDonald's and Danish Supermarket, among others, have adopted the MobilePay solution at their retail stores.

Excerpt from original article:

http://www.business.dk/finans/mobilepay-slaar-alle-rekorder

If you are looking for customized private-label mobile payment solutions contact us to learn more about our payment product portfolio for retail, vending and mobile POS.

 

Cryptocurrencies in retail: Bitcoins and Beacons

Cryptocurrencies in retail, the future is now.

Bitcoin has gained traction in recent years. But what is Bitcoin?

Bitcoin is a new mode of payment, a new type of money that works as a worldwide payment method with low processing fees and fast peer-to-peer transactions.

Utilization of peer-to-peer technology allows Bitcoin to operate with no banks or central authority to control its transactions.

The issuing of bitcoins as well as the management of transactions is carried out through the network, collectively. In addition, Bitcoin is open-source making the design of Bitcoin available for public use.

No one controls or owns Bitcoin and the world can be a part of it. Bitcoin has a variety of unique properties allowing exciting uses no other previous payment system can top, especially maintaining privacy.

The only problem is because it is so new, few companies use it in retail as existing payment terminals and cash registers cannot support this new payment method so easily.

Well, PROBLEM SOLVED.

Netclearance mBeaconPay platform allows seamless integration with retail cash registers enabling Bitcoin payment acceptance in the popular world of retail, thus helping customer adopt it as a preferred method of payment.

Imagine, never having to use a bank account or credit card again? Bitcoins give you privacy and allow you to make purchases without fear of being monitored. Better yet, with companies like Netclearance providing the bridge between Bitcoin and retail, soon this innovative payment method will become the norm.

In fact, there are already deployments underway in Scandinavia that are paving the way for new digital currencies in retail. 

Check out the Netclearance Blog for more information and make sure to Tweet them. 

Pay your goceries with your phone via smart beacons

Netclearance mBeaconPay – Smart beacon terminal   

Netclearance mBeaconPay – Smart beacon terminal

 

Now you can pay with MobilePay in all Bilka hypermarkets. Bilka opened for the possibility of paying with MobilePay in all 18 Bilka stores in Denmark. This means that you can shop in the grocery store alone with his smartphone in your pocket, if so you have installed MobilePay app that Danish Bank’s highly successful mobile payment app. Danish Supermarket – behind the grocery store – has for some time been tested MobilePay payment solution in each Føtex supermarkets. 

It has gone so well that the solution thus now rolled out across the country. According to the grocery store go right many customers already have around with their smartphone promotion when acting in supermarkets. It is because many are using their smartphones note function to write dunce-note, like the used to check prices and recipes, while customers walk around the shops. “It is just as easy and intuitive to use MobilePay at checkout, as it is to transfer money to a friend, and in the grocery store Horsens, which already runs the solution, we can see, it is both young and old who pulls the phone forward, when they have to pay.

 

It is still only a limited number of customers who use MobilePay, but the number is probably higher, as people get used to using it in more stores, “says the grocery store manager Mark Nielsen in a broadcast meddelelelse. In Bilka works MobilePay function in a slightly different way than when you transfer money to individuals. In the supermarket, the phone must – with the open MobilePay app – namely kept toward a MobilePay icon at checkout, offering either NFC or Bluetooth message is sent to the phone on the amount to be paid.

According to the grocery store the vast majority of smartphones today come with either NFC or Bluetooth. When this message has gone through, you have to swipe ‘confirm’ in the normal way. The cooperation between the Danish Bank and Danish supermarket can be very well prove to be trump Danish Bank, which is in open war with the 81 Danish banks, which is behind the rival mobile payment solution Swipp. A number of other very large player has thrown himself into the battle for mobile payment solutions which will play an important – and lucrative – role in future mobile use.

Article translated to English Computerworld.dk by Dan Jensen