How has mobile payment technology changed the retail industry?
September 24, 2013

As more businesses accept mobile payments from their customers, the retail industry is facing a period of rapid evolution and change.

A report released earlier this year from the Federal Reserve Bank of Boston and the Federal Reserve Bank of Atlanta closely examined the way mobile payments technology has improved and grown over the last decade. According to the study, advancements in smartphone and tablet technology have created a more dynamic retail marketplace that increases competition and enhances the connections between businesses and their targeted customers. Retail transactions have been mostly stationary in the past, whether in-store or through online e-commerce channels. However, electronic payment systems are creating a much more portable and dynamic shopping experience that can be conveniently accessed from any location.

The study also said payment processing businesses that specialize in a variety of other transaction types - such as automated clearing house checks and debit cards - are taking advantage of a trending interest in mobile technology to develop more streamlined integration systems. For example, payment consolidation services can allow companies to access all of their transaction information from one easy-to-use platform.

Payments Card and Mobile, an industry news website, said businesses can further ensure long-term success by optimizing the point-of-sale transaction experience according to individual preferences. Because of the increased portability that comes with mobile technology, the source said retail companies may soon incorporate price checking and inventory information into online systems that also handle transactions. Incorporating these services, however, requires planning both in the short and long term, according to Payments Card and Mobile.

In the last few years, mobile technology has paved the way for new retail developments. Now, businesses look ahead by using payment integration to create a seamless shopping experience for their customers.

Nexus: G-WEBCD5