Companies are making adjustments to how they approach mobile payments
Both Apple and Google are pushing further into the mobile payments space, hoping to establish a strong foothold there in and embrace a dominating position in the market. To do so, both companies are changing the way they approach the mobile payments space, making their services more attractive and robust for those that are interested in mobile shopping. Competition in this market is fierce, however, so both companies will have to work harder to engage consumers effectively.
Wallet is becoming a peer-to-peer payments solution
Google is preparing to unveil its plans for its troubled Wallet platform. Google Wallet allows users to participate in mobile payments, but the service has struggled to find traction with consumers for some time. Wallet was launched in 2011 and experienced a security problem shortly after its launch. The service had also been based on NFC technology, which limited its appeal to consumers due to the rarity of NFC-enabled devices at the time. Google has been working to overhaul the Wallet platform in order to make it more accommodating to consumers and merchants interested in mobile payments.
Improvements to Apple Pay may make it more attractive to consumers
As Wallet is being redesigned to be a peer-to-peer payment app, Apple is also planning on enhancing its own payment service, called Apple Pay. It is expected that Apple will introduce a loyalty rewards program in the coming months, which will reward those using the service regularly. Other enhancements include improved security features and functionality. Such improvements could increase the attractiveness of Apple Pay.
Apple and Google have to work to catch up with the competition that exists in the mobile payments market
Apple and Google entered into the mobile payments space somewhat later than other companies. This places them at a modest disadvantage as consumers have had time to get comfortable with other mobile payments platforms. By enhancing their platforms, Google and Apple may begin to generate more momentum in this market and become prominent players on the mobile payments battlefield.
New point-of-sale system will support mobile transactions made through various services
Sweden’s iZettle, a developer of point-of-sale systems, has launched a new mobile point-of-sale product that is meant to work with both chip and PIN mobile payments. The product has an emphasis on Apple Pay and similar payment services. These services have become quite popular with consumers because they allow people to make payments with their mobile devices. This is considered a convenient way to pay for products, but there are relatively few mobile point-of-sale systems that are available in the retail space.
Global launch of new system expected to occur later this year
Growing demand for these systems has lead iZettle and other companies to develop new products that can accommodate changing trends in the retail space. The company’s new system, called the Card Reader Pro Contactless, will be distributed to select partners in the United Kingdom. A broader launch will come in June. Global launch will occur in the following months. The system itself costs approximately $122, with price variations depending on certain markets.
Small retailers may find benefit in iZettle’s new product
The new system may be particularly useful to small companies that are interested in mobile payments. Small retailers have been slow to embrace mobile payments because of the costs associated with converting conventional point-of-sale systems into mobile capable systems. Smaller retailers want to engage mobile consumers, but do not necessarily have a way to support mobile payments. The new point-of-sale system could help solve this problem by giving these retailers the tool they need to finally break into the mobile space.
System could be an effective way for retailers to engage mobile consumers
The mobile system will support numerous mobile payments apps, including Google Wallet. The system is meant to cater to the convenience of mobile payments and allow both retailers and consumers an easy and effective way to engage in a new form of commerce that has emerged as a result of mobile technology. Of course, iZettle is not the only company to bring a mobile point-of-sale system to the market, so it will have to compete with others in the retail space to find success.
