Mobile Wallets: The Fast Lane for Payments

One-click payments revolutionized online sales because of their ability to offer convenience and efficiency to the customer. Brick and mortar stores have had to adapt to the fierce competition of their online counterparts by focusing on creating unique experiences for shoppers. Nevertheless, with the mobile-first Gen Z beginning to increase its share of the consumer space, customer experiences alone will soon not be enough to keep these fast-moving customers from viewing products in-store but then completing their checkouts much faster online.

A Generation Integrated with Tech


Over the next two years, there will be a 39% rise in the use of mobile wallets. Consumers want to spend less time at cash registers, or in line, and more time enjoying their new products. This trend presents brick-and-mortar stores with a new dilemma: decreasing checkout times. Immense marketing efforts to bring customers into stores and through the checkout line used to be enough. With the advent of mobile payment technology stores must now seek more modern solutions for their clients. It is essential they create a system with seamless transitions between their sales experience and the time it takes the customer to complete their purchase.

Catering to a New Type of Customer


The proposed solution with the broadest acceptance has been self-checkout. These lines allow customers who prioritize speed and efficiency to complete their purchases with a few taps on a screen. This solution, however, requires state-of-the-art technology that will meet the demanding needs of its customers. Another strong trend is individual Points of Sale (POS) terminals located within convenient reach of the customer. POS terminals accept mobile wallet purchases; these quick payments will decrease wait times and increase customer satisfaction. At Netclearance, we have created a Mobile Smart Payment Terminal, the mBeaconPay, which allows retailers to continue to focus on generating unique and personalized experiences rather than worrying about having a line of waiting customers.

Taking It One Step Further


Another movement guiding the paradigm shift toward mobile wallets is the Internet of Things (IoT) revolution. The advent of wearable technology has taken mobile wallets one step further with gadgets like smartwatches. Netclearance's response to the IoT revolution was mBeaconSAM. mBeaconSAM allows for next-generation mobile payments through a state-of-the-art Bluetooth 5 payment beacon. It fits perfectly into existing terminals like the mBeaconPay and instantly gives vendors the ability to accept payments from any smart device.

Online sales are dominated by the speed and efficiency of credit cards on file and one-click purchases, and now, thanks to technology like the mBeaconPay and mBeaconSAM, traditional stores do not have to worry about competing with the automated checkout process of the worldwide web. For more information about our next-generation mobile payments and smart terminals, contact us here.