Tag: sumup

BitPay developing new mobile payments app based on NFC technology

| November 10, 2014

Bitcoin continues to gain momentum in the retail space

One of the most powerful trends to emerge in the retail space recently is making the purchase process more convenient for shoppers. A growing number of retailers are beginning to embrace mobile commerce, hoping to streamline the checkout process and make it possible for consumers to get into a physical store and complete their shopping faster than ever before. As mobile shopping grows in popularity, so too is digital currency, such as Bitcoin. This currency is seen as massively convenient , which could make it a powerful mobile commerce tool.

BitPay teams with SumUp to develop new mobile app

BitPay, one of the leading Bitcoin payment processors, is working to make paying with Bitcoin more simpler than it already is. The organization wants to see Bitcoin become more convenient for consumers, but also more attractive for merchants interested in the digital space. In order to do so, BitPay has partnered with SumUp, a developer of point-of-sale systems that accept Bitcoin payments as well as payments made with conventional currencies. Together, the two organizations are developing a new mobile application that will help merchants better connect with consumers.

Demand for Bitcoin payment services is on the rise

bitcoin mobile paymentsBitcoin is gaining more attention in the mobile commerce space because of its high value and versatility. While the digital currency is somewhat volatile due to the lack of regulation policing it, consumers have shown significant interest in using this currency to purchase products online. Bitcoin has been moving into the physical world at a rapid pace as well, with a growing number of merchants accepting this currency in their stores. The demand for payment solutions that accept Bitcoin payments has grown significantly as a result.

New app will leverage NFC technology rather than QR codes

The new app being developed by BitPay and SumUp will be based on NFC technology. For years, Bitcoin payments were largely handled through the use of QR codes. These codes have to be scanned with a mobile device in order to initiate a transaction. Using NFC technology, however, a shopper can simply tap their phone to a point-of-sale system and finalize a payment in a matter of seconds.

Mobile payments firm wins backing of Groupon and American Express

| June 4, 2013

SumUp wins funding to expand mobile payments services

A mobile payments startup based in Berlin, Germany, has received the financial backing of large companies like Groupon and American Express recently. SumUp is a relatively new startup company that currently operates in 11 European countries and has helped expand mobile payments throughout the region. Consumers have been growing more comfortable with the idea of mobile commerce and have been demanding new services that are more comprehensive and more convenient for their needs.

Company may be able to establish stronger foothold in Europe

SumUp has announced that it has raised several million dollars in funding from companies that are interested in its approach to mobile payments. The funding is expected to help SumUp expand the services it offers throughout Europe. While mobile commerce has managed to establish a strong foothold in Europe, it is still considered a young sector that faces significant challenges that can derail growth and progress. Appropriate levels of funding could help mobile payments overcome these challenges and find better traction throughout the world.

Mobile Payments - Support from Groupon and American ExpressLarge companies currently dominating mobile commerce field

SumUp is not the only mobile payments firm operating in Europe. Several larger companies, such as PayPal, have begun to muscle into the mobile commerce sector in the region, all looking to establish some rapport with consumers and make them more comfortable with the concept of making mobile payments. Whether SumUp will be able to compete with these larger companies is uncertain, but the firm may be able to beat out smaller competitors that exist in the market.

UK consumers show great deal of love for mobile payments

Thus far, consumers in the United Kingdom have been the most willing to embrace mobile commerce. The country already has a robust mobile payments infrastructure. Several companies in the UK have embraced mobile payments, creating a highly competitive environment that has been unaccommodating to smaller companies that are not backed by significant funding. Fortunately for SumUp, both Groupon and American Express have considerable faith in the company.