Today the smartphone is a mass phenomenon that one can no longer ignore. It penetrates the most diverse areas of life with rapid speed and changes the way we deal with the “real world”. The photos of the last papal elections vividly illustrate this development: while in 2005 people were waiting in Rome with their own eyes, in 2013 a carpet of smartphones looked towards St. Peter’s Basilica.
People love smartphones as it is the best Digital Money Transfer Software. They use them to organize their daily life more efficiently. Anywhere, anytime. So also before shopping, during shopping and after shopping. In doing so, they look for help in making better decisions. You are looking for help to complete annoying tasks faster and more easily. You are looking for relaxation or inspiration to make shopping experiences more beautiful and better with Merchant payment solutions.
What the customer really wants: It’s not about paying
So far, mobile payment has not solved any real problems for the user. People don’t go shopping to pay. Rather, paying is a necessary evil that can be easily dealt with cash or a card. As long as no additional added value is created, the customer will not be the driving force to demand mobile payment.
In order to help people to make their everyday lives less complicated, the smartphone can become an assistant in Top up and bill payment-solutions. New Web 3.0 technologies are able to think intelligently. They anticipate what the user is up to and help them along the way. An illustrative example from a customer-centric perspective illustrates the possibilities:
Future scenario: Always one step ahead in every Big Commerce
Let’s take Karin’s example. She is sitting in her office and is having lunch. Tonight she’s invited to dinner with a friend. A glance at her smartphone tells her that the quickest way to get there is by bus via the main square. At the main square she would have to change trains and there is also a flower shop and a wine merchant.
Katrin had noted in her calendar that she would like to bring flowers and wine. She receives an offer from the wine merchant on her cell phone: 20% discount for a purchase today. Katrin likes the suggestions, notes the departure time for the bus and saves the wine coupon in her “mobile wallet”.
When Katrin arrives at the bus stop, her smartwatch vibrates on her arm: “Ticket London via Leeds to the Hatfield – 7.20 Pounds – Buy?” She also accepts this suggestion, buys the ticket and saves it in her “mobile wallet”. When entering the bus, the control terminal recognizes the ticket by waving the smartwatch past and beeping as confirmation.
On the bus, Katrin looks at the bouquets in the flower shop on her smartphone. She chooses one, orders and pays with her “mobile wallet”. When you change trains, the flowers are ready to be picked up, just like wine buying goes smoothly. At the checkout, your coupon is automatically recognized in the “Mobile Wallet” and the reduced amount is simply debited.
The two friends have a nice evening. When Katrin wants to go back on her way, she looks again at her mobile assistant. But she was lucky because rain showers are the order of the day and she borrows an umbrella. Otherwise she would have got soaked on the way home.
Big Commerce ecommerce payment solutions
Big Commerce integrates with over 40 payment gateways. You can choose from all of the most popular options, including the following:
- Simplify Commerce
Big Commerce also has an agreement with PayPal (Powered by Braintree) that can reduce the transaction fees you pay to your payment processor. For every step in Big Commerce’s plans, you pay a slightly lower transaction fee.
Technology versus customer-centric improvements
The future scenario described is based on innovative technological possibilities. At the same time, however, the possibilities of “prediction algorithms”, “cloud services”, “geolocation”, “NFC technology”, “web knowledge” and much more are linked in an intelligent way, so that they offer the user an easier, enable faster and better organization of his everyday life.
The processes are designed by the customer. This is exactly where the current problem with some mobile payment solutions lies. You have company interests or technological framework conditions much more in focus than the smooth customer experience.
Where are we today Definitions: What is Mobile Payment?
If you ask five different experts about their definition of “mobile payment” or “mobile wallet”, you usually get at least five different answers. A variety of payment methods are developing that involve a mobile device somewhere. And this is the only common denominator for all of them: a mobile device or a mobile phone number is involved at least when triggering or processing the payment process – on the customer or retail side.
Payment options are considered that are, will be or could be used at least in stationary retail. Payment methods that can only be used on the Internet or only via carrier billing will not be considered.
Big Commerce penetration
There is a lot of discussion about mobile payment in specialist circles, and a real gold rush has broken out. In 2013, however, there was still no critical mass using the mobile phone to pay in shops. This is also due to the fact that up to now it is almost impossible to actually pay with a mobile phone at a stationary POS. In fact, mobile payment at the stationary POS does not yet exist in Germany.
For the USA, the consulting firm Javelin Strategy & Research determined a rate of 0.02% for all payments in brick-and-mortar retail that were carried out by smartphone. This number is negligible. It is not available for everyone, but it would be even lower.
Need for action in retail?
Those numbers will grow, but the smartphone won’t take over the bulk of brick-and-mortar retail payments anytime soon. At the same time, retailers shouldn’t put this topic on the back burner, because a renewal of the in-store shopping experience is slowly overdue and the smartphone plays an essential role here.
If you don’t start today, you could very quickly look yesterday. It is a strategic paradigm shift for stationary retail. And e commerce secure payments are an inevitable part of this.
Who will be the winners in the mobile wallet market?
One thing can be said with certainty: even if the mobile payment market will grow strongly, the number of applicants for the mobile wallet cake is significantly larger than the pieces of cake that are to be distributed. So the question remains, who will ultimately win the race?
Rather, the market is currently in a phase of fragmentation, in which more and more providers and an increasing number of technologies appear on the market. Some of them will be able to achieve quick success in the short term because they can be used immediately. Others may only be able to exploit their advantages in the long term.