Payments As A Service

TRENDING: How Car Buying Is Moving Into Mobile’s Fast Lane

It’s time to shift gears when it comes to a commonly held perception about millennials and vehicle ownership. After years of believing millennials were disavowing the practice, recent studies indicate the millennial generation is kicking the tires on the concept of owning or leasing their own set of wheels after all. But, is the automotive market ready to offer a car shopping experience millennial consumers will embrace?

The latest PYMNTS Payments as a Service Tracker™ highlights how recent developments in mobile payments are impacting the auto sales and repairs, food services and hospitality, among other markets.

Around the PaaS world:

Whether sitting down to order a meal or placing an order for takeout, recent mobile payment innovations are changing the way consumers pay for their dining experiences.

Restaurant solutions provider TableSafe, for instance, recently achieved EMV certification for its pay-at-the-table solution, Rail. With the certification, the Rail system can accept payments made through chip processing and signature using credit cards or Samsung Pay. The system also enables patrons dining at restaurants with Rail solutions to split their bills, calculate tips and email receipts.

In the takeout market, Amazon recently launched a new solution enabling restaurateurs in several U.S. markets to accept orders through Amazon’s mobile app. Customers can use the app to place orders at local establishments, pay for meals and receive notifications from the app when orders are ready for pickup. The service can be offered by businesses with a Clover POS system.

While some recent developments are changing how customers order and pick up food orders, others are making it more efficient for motorists to pick up their vehicles. Payments processing and technology provider Vantiv recently collaborated with service experience platform Xtime Engage on a new solution to streamline car dealership payments. The solution will allow dealership customers to pay for their services and arrange their preferred pickup times online. Dealerships can notify customers when their vehicles are ready through text or email.

For more of the latest notable news from around the PaaS space, check out the November edition of the Tracker.

A mobile-only car shopping tool for millennials

Another recent dealership development is bringing big changes to the used vehicle market. Fair, a new mobile car-shopping service, recently launched to offer consumers the option to shop and pay for a vehicle entirely from a mobile app. For the November Tracker’s feature story, PYMNTS speaks with Scott Painter, Fair’s CEO and founder, about how the service was designed with millennial car shoppers in mind and how changes in the automotive landscape — from the success of rideshare services to the approach of autonomous vehicles — are disrupting the traditional car shopping model.

To read the story and see who’s on top in our ranking of the best PaaS providers, download the latest Tracker.

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To download the November edition of the PYMNTS.com Payments as a Service Tracker™, click the button below.

About the Tracker

The PYMNTS.com Payments as a Service Tracker™ is designed to give an overview of the trends and activities of merchant platforms that not only enable payment processing of new and old technologies but also integrate with other features to improve the merchant’s experience — including customer engagement, security, omnichannel retail, analytics, inventory management, software and hardware management and more.

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