The push for mobile payments

Imagine the next personalization step for food stores and eateries to connect to customers.

If you've ever used Uber, you'll agree that one of it's most convenient features is the mobile payment process.  By ordering a car through your smartphone, you can see photos of vetted drivers and their customer ratings before they arrive and enjoy the cashless payments process where customers can pay via a credit card on file, PayPal, GoogleWallet, or Uber Credits.   

According to Nielsen, 65% of TV-owning households in the U.S. have at least one smartphone in 2014, up from 44% in 2011 and 19% in 2009.  With tablets also in 29% of U.S. homes, up from 5% in 2011, it seems a logical next step for retailers to provide a similar convenience as uber.  The race is on to provide mobile payments – forecast by Juniper Research to reach $110 billion globally in 2017.  

We feel that retailers who are able to accept mobile payments would gain in several key ways:  First, they may sidestep much of today’s 2% swipe fees for credit-card transactions. Second, they could increase personalization and derive other relationship benefits from mobile-toting shoppers. Third, they’ll appeal more to the nation’s fast-growing numbers of smartphone owners, many of whom will eventually trust processes enough to pay by mobile.  

Imagine the next personalization step for food stores and eateries to connect to customers. How about enabling mobile-paying customers to see a proprietor’s picture, food and service scores, trending menu items, and more on their screen? The possibilities are endless!