Mobile Payments

NEW REPORT: Is The Mobile Retail Revolution Ready For Its Second Act?

When mPOS solutions started to roll out in retail locations about a decade ago, many predicted a futuristic utopia devoid of long lines and bulging wallets. But these days, that fantasy is still far from reality. Even retailers equipped with mPOS terminals opt not to accept mobile payment, and consumer adoption continues to lag. 

But that may be about to change.

In a recent interview with PYMNTS for the April mPOS Tracker™ Feature Story, Verifone Chief Strategy Officer Vin D’Agostino told PYMNTS that there’s a good reason shoppers haven’t adopted mobile payments as readily as other smartphone-driven tech. Most mobile payments are not offering value to consumers, he said, but providers are now beginning to see the light.

“It’s actually enabling a redefinition of what a ‘payment device’ is, because taking payments, more and more, just is not enough,” he explained. “Originally, mPOS was about taking payments — it was about checkout and redefining that, changing it from the counter where people waited online to taking sales associates out from behind the counter and putting them on the floor. But, I think, the next trend is going to be around engaging experiences using these mobile devices.”

If that mobile retail revolution is going to be realized, however, it’s likely going to take some teamwork. 

The More the Merrier?

In order to provide more value to users, companies around the mPOS space have recently looked to collaborate with providers outside of their typical industry to provide more well-rounded and complete solutions to consumers.

Take airport retailer Pacific Gateway, which recently struck a partnership with POS technology provider Revel Systems to help speed up transactions at retail airport locations. According to terms of the new agreement, Revel Systems’ terminals and expense reporting software will be installed at stores owned by Pacific Gateway at airports in California, New York and Texas.

Payworks also set their sights on speeding up transactions. The company announced it will expand its existing EMV offering with a new certification from payment processor TSYS for its EMV Quick Chip solution.

For more notable news from around the mPOS space, along with rankings and a directory of more than 260 providers, check out the latest mPOS Tracker.

To download the April edition of the mPOS Tracker™, click the button below…

About the Tracker

The PYMNTS mPOS Tracker™ is your go-to resource for staying up-to-date on a month-by-month basis. The Tracker highlights the contribution of different stakeholders, including institutions and technology coming together to make this happen.


New PYMNTS Study: Subscription Commerce Conversion Index – July 2020 

Staying home 24/7 has consumers turning to subscription services for both entertainment and their day-to-day needs. While that’s a great opportunity for providers, it also presents a challenge — 27.4 million consumers are looking to cancel their subscriptions because of friction and cost concerns. In the latest Subscription Commerce Conversion Index, PYMNTS reveals the five key features that can help companies keep subscribers loyal despite today’s challenging economic times.

Click to comment