Tag: nfc mobile payments

A number of software providers and payment terminal manufacturers have just agreed to integration.

According to an announcement from Isis, a number of new terminal manufacturers and software providers have now committed to integrate the Isis SmartTap mobile payments option into their own products.

This is considerable news as Isis has also recently revealed that it intends to launch nationwide this year.

The SmartTap protocol is only the latest of the proprietary mobile payments software specifications being used by this smartphone wallet service for leveraging NFC technology. These deployments are expected to cover a broad range of different offerings at the point of sale, according to Isis. This includes everything from unattended solutions such as vending, to point of sale terminals with high end integration.

Isis mobile payments users will be able to pay at a terminal or NFC reader that is supported.

When the SmartTap protocol is supported by a payment terminal or an NFC reader, it makes it possible for users of the Isis mobile payments wallet service to be able to pay for their purchases, redeem offers, and present loyalty cards within a single transaction, using a smartphone.

According to the Isis chief sales officer, Jim Stapleton, in a news release that was recently issued, “NFC is the international standard for mobile payments.” Stapleton added that “The proliferation of SmartTap capabilities at the point of sale takes mobile payments one step further, providing rich commerce features that offer an effortless consumer experience and drive engagement and loyalty in a way previously not possible.”

Providers that support the capabilities of SmartTap are making it possible to enable mobile payments and commerce in a broad spectrum of different environments, such as at gas pumps, public transit systems, vending machines, taxi cabs, supermarkets, retail stores, and restaurants.

Among the latest partners that are integrating the mobile payments capabilities of SmartTap into their product lines are On Track Innovations Global, Uniform Industrial Corp, PAX Technology, ID TECH, and XAC Automation corp. Those that have already integrated the capabilities into their point of sale offerings include VeriFone, Gilbarco Veeder-Root, Equinox Payments, Ingenico, and Wayne, A GE Energy Business.

Mobile payments to see strong growth this year

Mobile payments are poised to see explosive growth in the U.S. this year. As more consumers show favor for shopping online using their mobile devices, their proclivity for mobile payments is beginning to show a dramatic increase. A new report from eMarketer, a leading market research firm, suggests that U.S. mobile payments will reach new heights this year and will continue to grow in the near future. Much of this growth is being driven by the focus businesses have been putting on mobile commerce.

Report highlights the future possibilities of the mobile commerce space

According to the report, U.S. mobile payments will surpass the $1 billion mark by the end of 2013. Mobile transactions will be coming from scanning codes with smartphones and tablets, using NFC-enabled devices, and by accessing e-commerce platforms through a device’s web browser. The report predicts that mobile payments will continue to show aggressive growth and account for more than $58 billion by the end of 2017.

Mobile payments face many challenges

While the report suggests a promising future for mobile commerce, it also notes that challenges that this sector has been faced with recently. Over the past year, the mobile commerce space has become inundated with a variety of platforms that offer convenient payment support to consumers. While there is no shortage of variety, none of these platforms have yet established a substantial lead over the others. The problem is that most of these platforms compete on a technological level, meaning that they are not universally accommodating to those interested in making mobile payments. The report suggests that the competition that these platforms create will keep growth in check until 2016.

NFC considered a wild card for many

The report also suggests that continued focus on NFC technology could be problematic for the future of mobile commerce. NFC has been subjected to harsh criticisms concerning security and efficiency. While most mobile commerce platforms are based on the technology, eMarketer notes that the technology itself is considered a “wild card” by those investing in mobile payments.