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34


Future of Retail — Payments Innovation


issue 02


IN-STORE MOBILE ARRIVES In 2015 we appeared to move into a new chapter. ‘Boring’ old card payments started being treated as ‘sexy’ new payment methods. Firstly ‘Tap and Go’ contactless transactions finally came of age, thanks largely to the adoption by Transport For London and the Grocery sector, after a long gestation period. Simultaneously mobile payment solutions emerged in the UK market. Retailers started equipping store colleagues with mobile transactional devices for in-store usage. These could be used not only to investigate stock availability but also to provide assisted selling and for queue busting purposes. These tablet and smartphone based systems are full transaction devices with integrated payments capability. Following various merchant pilots it became clear that


introducing mobile is not straightforward. It is far more than ringing up a sale and hitting the pay button. From a payments perspective chip and mag stripe cards need to be read, PINs have to be captured securely, contactless cards accepted and receipts issued to those customers who want one. Bagging, wrapping and un-tagging of goods also needs to be considered in order to provide a complete customer service. Mobile payment systems have to cope with a tough operating environment and consider issues like battery life, recharging and the securing of assets.


AND mPOS TOO For the smaller merchant or outdoor traders new mPOS solutions arrived from a multitude of suppliers including both established payment brands as well as new market entrants. This form of payments innovation has expanded the places where electronic payments can be accepted thereby increasing the market size by tens of thousands of merchants. Initially, merchant take-up is widely viewed to have


been disappointing however now, with innovative service features such as pre-integration with POS applications and tiered volume based transaction pricing, sign up rates and usage have increased. Perhaps too unrealistic forecasts on speed of adoption for mPOS were articulated. Let’s take another look in three years time to judge success or failure.


NEW FORM FACTORS APPEARING Sales assistants are very familiar with the traditional plastic card shape, design and branding as they have been using these for the last 30 years, but now payments can be initiated from a wide variety of alternative form factors that look nothing like a card.


The smartphone will likely become the ‘new normal’


form factor in ten years time, but for now they are still considered new and viewed curiously when used to make a payment. Smart bands worn around the wrist, like bPay from


Barclaycard, can be embedded with a contactless credit/ debit card and communicate to the reader via NFC communications. These are particularly popular in closed environments like festivals, campuses, holiday camps and cruise ships. We are expecting to soon see a wide range of new NFC enabled form factors such as smart rings from the UK’s Kerv, and clothing with payment details embedded within the garments.


DIGITAL WALLETS FROM abcPAY The arrival of ApplePay is considered by some to be the most significant payments innovation of the last decade. However those with a deeper payments understanding realise that what Apple has actually done is a great job of packaging a multitude of components together and then creating a very high profile and successful market launch. Apple does not have the NFC mobile payments market to itself, with AndroidPay and Android Contactless Mobile from Barclaycard now live in the UK and SamsungPay expected to launch here soon. All of these new mobile payment options include the use of tokens as a replacement for the 16-digit card number which has become so attractive to criminals.


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