Banks and financial institutions globally need to develop mobile point of sale (MPOS) strategies now, as major retailers begin to use MPOS solutions to reinvent their in-store shopping experience, according to global bank-driven business association, Mobey Forum.
Sirpa Nordlund, executive director, Mobey Forum, says: “MPOS has already led a revolution in customer purchasing convenience by bringing card acceptance to sole traders and small businesses. As the market matures, this ethos is now being applied to much bigger and more mainstream shopping environments. MPOS is providing a midpoint between our physical and digital shopping experiences, enabling us to apply in-store many of the behaviors that have become second nature when shopping online, such as the application of digital loyalty and reward-driven promotions, voucher codes, personalized offers, and self service checkouts.
“Dramatic, enabling changes are occurring in point of sale solutions as a result; tablets are coming into play, line-busting sales staff are becoming common-place, even biometric authentication on handsets is being introduced in some solutions. Banks that have chosen a ‘wait and see’ stance on MPOS now need to get serious about evaluating this market.”
Looking to the future, Nicolas Dinh, Mobey Forum MPOS Workgroup member and vice president, Business Leader—Mobile Lead (Canada) at MasterCard, adds: “In 2014 we are likely to see alliances form where merchants integrate value-added services and launch low-energy Bluetooth-enabled payment zones. The mainstream adoption of ‘smart’ wearables such as glasses and watches is also around the corner, which is likely to simplify mobile payment acceptance even further. Banks have a real opportunity to align their services with these innovations, but they must adopt a strong mindset if they are to maintain their current competitive position in payments and extract value from the market at the same time.”