Making the Shift to a Cashless Society

According to an article from PYMNTS.com, Denmark is the next country making the transition toward a cashless society. During the transition, retail locations such as restaurants and clothing stores will have the option to refuse any sort of cash payment, while supermarkets and post offices will still continue to accept cash. 

Denmark is only a recent example of a global trend toward abolishing physical currency. Other countries that already have begun shifting toward cashless alternatives include Sweden and Canada.

What are the benefits of a cashless society?

Cashless alternatives to payment make transactions more quick and efficient. Through the use of participating devices, such as smartphones, funds can be transferred instantaneously, streamlining the payment process. Any individual's payment information is linked directly to their device, eliminating the need for pocketfuls of cash, credit cards, and debit cards. A cashless society also means that money no longer has to be printed, saving valuable resources, such as the paper, chemicals, and metals that go into the production of physical currency.

Businesses can also benefit from cashless societies. Cash places a heavy administrative burden on retail locations, which can save time and money through the switch to cashless alternatives.

How can Netclearance help your business go cashless?

At Netclearance, we are proud to provide our clients with mobile payments technology solutions. Danske Bank MobilePay POS, which is spearheading Denmark's transition to a cashless society, is powered by our very own mBeaconPay technology, which works with and operates on a wide variety of POS and smartphones, allowing customers and retailers to exchange payment information in a quick and efficient manner.

It's never too late to take advantage of the worldwide trend toward cashless societies. Contact us today to help your business transition to cashless mobile payments.

The Future of Cryptocurrencies in Retail is here

In an increasingly digitized society, computers and the internet are changing every aspect of our daily lives, including the way we pay for products and services. Dollars, coins, and checks are slowly being replaced by debit cards and credit cards with magnetic bars and chips. As time goes on, a new competitor emerges, one that's even more sophisticated. Known as cryptocurrencies, digital currencies such as Bitcoin are beginning to replace standard versions of currency. However, many businesses still are not equipped to allow consumers to use cryptocurrencies in retail, meaning that there is a large volume of potential revenue retailers are not taking advantage of.

Why are Bitcoins excluded from retail?

Bitcoin is still a relatively new technology, with a lifespan of only a few short years. It goes without saying that it will take some time for this technology to mature and become more popular, both with consumers and with retailers. Traditional card reader terminals are unable to accept cloud-based bitcoin payments and interact with bitcoin wallets.

At the same time, there are steps we can take to get ahead of the game.

How can Netclearance help with cryptocurrencies in retail?

With the mBeaconPay platform offered here at Netclearance, we can help close the gap between consumer and retailer, allowing both parties to use Bitcoin effortlessly. Our platform integrates seamlessly with retail cash registers, allowing the acceptance of Bitcoin. As more and more companies get started on this new technology, more and more customers will want to use it.

It's never too late to get started with the currency of the future. Netclearance is here to help your business reach more consumers in the digital age.

Banks' Uber Moment Leads Financial Institutions to New Financial Technology

A look back at history reveals numerous instances in which technology disrupts an industry. A century ago, the automobile displaced horses. A more modern example that also involves the automobile is Uber. Compared to traditional taxi cabs, Uber’s ride-hailing app offers consumers a way to get around a city that’s lower cost and more convenient to pay.

Cost and convenience are also driving changes in finance that some technology observers describe as banks' Uber moment. Technology is disrupting how people manage their money. Transactions that once required face to face interaction were replaced by online banking, where people managed their money via their computers. Now online banking is going mobile as smartphones and banking apps allow consumers to bank from wherever they happen to be.

This “Uberization” of finance is turning the banking sector on its head. A Financial Times analysis found that nearly 100,000 banking jobs were cut in 2015, which is roughly equivalent to 10 percent of the combined staff of the top 11 European and U.S. banks. Former Barclays CEO Antony Jenkins last year warned that up to half of banking jobs could be replaced by apps and algorithms over the next decade, according to Business Insider. Financial technology enables consumers to make transactions smarter, cheaper, and often faster, he explained. Just as Uber is squeezing the taxi industry, financial technology will squeeze bank operations, leading to financial industry layoffs.

Banks will need to look ahead if they want to be part of the financial industry change, rather than becoming a victim of it. Financial institutions will need to embrace technology as both a standard way of conducting business and as a way to bring in new sources of revenue. Mobile wallets might be able to offer the solutions that banks need.

Netclearance Systems offers a solution called mBeaconPay, a mobile payment platform that enables banks to acquire new merchants and to offer payment processing services. The technology allows banks to perform these actions without any intervention from the credit card networks and to collect valuable consumer purchase data. Technology is changing the industry – for the better, we believe. Contact us to learn how the latest in financial technology can help you.

Nominated in the Best Cash Innovation category by PYMNTS.COM

Driving to incorporate IoT payments in wearables

Use cases for IoT payments abound. From keyfobs to wearables, they're beginning to show up everywhere. The biggest attribute it must have is that it is something precious to the user that they take with them everywhere, and that isn't lost or misplaced regularly. 

Many banks and card companies are looking towards wearables more than most other options, from rings to watches to fitness bands. American Express announced in April that it partnered with Jawbone for its UP4 band, using NFC technologies, a variation on RFID. Some estimates are that wearable proximity payments will be $501B by 2020.

Mastercard has also jumped on board. In October, they announced:

"The program will launch with the support of several marquee partners across multiple verticals to fit every lifestyle need. Designer to the stars Adam Selman, automaker General Motors, wearable technology innovator Nymi, smart jewelry company Ringly, and Bluetooth locator TrackR are among the prominent consumer brands enabling their products through the program."

The product makers plan to put IoT payment capability into clothing, keyfobs, wristbands and rings, among other items.

PayPal is working the process from the app direction, with apps for wearables containing most  of the functionality of the web-based program, and of course iPhones were at the forefront of IoT payments.

Many of these payment structures have been built like a house with many wings, adding on as they went. The state-of-the-art mBeaconPay platform has been built from the ground up to support all these use cases.

If you're in the market for your organization to develop proximity payment capability in wearables or other candidates from the IoT, we can help.

Nominated in the Best Cash Innovation category by PYMNTS.COM