While mobile wallet use has yet to take off in the U.S., that could all change soon. Younger generations are more likely to use the technology than aging populations, and, if this payment method becomes favored by rising generations, merchants will have to get on board.
Still, before most customers will want to adopt a new payment method, they must be assured that merchants will be ready to accept those payments on their mobile point-of-sale (mPOS) and POS devices. The May mPOS Tracker™ explores how financial and payment players are working to provide new innovations, and enable greater use of mobile wallets in retail.
Around The mPOS World
Mobeewave, for one, is collaborating with the Commonwealth Bank of Australia to advance mobile wallet use. The two are working to help small- and medium-sized businesses (SMBs) accept mobile wallet and contactless card payments using mPOS devices. An mPOS solution is intended to be more budget-friendly for these smaller players.
Mobile wallet use may also see increased adoption in India, where mPOS provider Payswiff has partnered with mobile wallet PhonePe to enable its merchants to accept payments. The PhonePe wallet already has strong uptake in the country, where about 3 million retail and kirana stores accept it.
Meanwhile, Vietnam is seeing a rapid rise in mPOS adoption. Between 2017 and 2018, implementation of mPOS solutions rose 99 percent year over year, with continued growth of device deployment expected.
Find more on these stories and the rest of the latest headlines in the Tracker.
Manga and mPOS: Anime Boston Vendors’ Convention Sales Strategies
As the largest anime convention in the Northeast, Anime Boston draws more than 25,000 attendees annually. For vendors seeking to draw busy attendees, cutting down on long lines and removing payment acceptance frictions are key.
In this month’s feature story, PYMNTS caught up with Kristin Parcell, director of commerce for international anime-streaming service and merchandise provider Crunchyroll, and Tom Yee, general manager for eight-store retailer New England Comics (NEC).
As recent vendors at the Anime Boston convention, the two companies gave PYMNTS the scoop on their different mPOS strategies that helped them meet their intended business goals, exposed them to new customers and allowed them to learn more from long-time fans. Parcell explained how convention sales data provides critical insights to guiding future inventory decisions, while Yee revealed why NEC prefers to pair mPOS use with some paper-based processes.
Find the full story in the Tracker.
Deep Dive: Tackling mPOS-Related Security Challenges
Consumers won’t feel comfortable making a purchase unless they can trust that their information will remain safe. When handing over cards or other payment information to unfamiliar merchants, they must rely on the quality of the mPOS technology to keep their details secure.
This month’s Deep Dive investigates the fraud attacks that have challenged the mPOS space, as well as efforts to tackle them. Read all about it in the Tracker.
About the Tracker
The monthly mPOS Tracker™, powered by Mobeewave, is the go-to resource for staying up to date on mPOS news and trends. It highlights different stakeholders’ contributions, including the institutions and technologies that come together to make mPOS solutions happen.