Mobile Payments Explained

 

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Image Credit to Mobile Marketing Magazine

Point of Sale is not stuck on paper or plastic- as long as there are companies doing business, they will also need ways to do it better, faster, or with more convenience. One such way is with an idea that has gotten a lot of high-profile attention recently: mobile payments.

Mobile payments utilize the on thing people may carry more than their credit card: their smartphone. Well known companies like Google and PayPal are trying to get a head start in the mobile payment markets, but not without competition from start-ups like Paydiant, LevelUp and Isis. Mobile payments can be done through applications on the phone, like buying online except you’re doing it on site. They can also be done with Near Field Communication, which requires the mobile device to be in close proximity to the scanner. This uses RFID’s, or Radio Frequency Identification. The RFID tag emits a small unique signal. A scanner reads this signal and processes the tag that emitted it.

Some businesses have mobile payments through store-branded apps, Starbucks being an
example of this. However, many businesses can utilize mobile payment platforms that try to make the reality of pay-by-phone accessible to more merchants and consumers. Many of the mobile payment platforms include the low profile scanner. Big businesses and investors are keeping an eye on mobile payment platforms,seeing as they can offer exciting new opportunities when it comes to analytics, customer loyalty and marketing. Though consumers and merchants have concerns about the privacy and usability of mobile payments, many are also excited at the opportunity and convenience they can present.

There will always be need for point of sale technology, and mobile payments may be the new look for point of sale. Contact Beagle Hardware for payment system solutions.