Amazon reportedly preparing a mobile payments solution – Digital Journal – DigitalJournal.com

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DigitalJournal.com Amazon reportedly preparing a mobile payments solution – Digital Journal DigitalJournal.com The “Anonymous mobile payments” patent application describes a payments system that would allow mobile users to pay for items in the most…

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Watch out, Square: PayPal and NCR team up for mobile payments in a big way

That whole closed loop from promotion to actually closing a transaction has really rendered point of sale dead, because there’s really no point of sale any longer — they’re all multiple points of service which starts from the time you’re browsing the web, to the time you’re near a store, to the time the purchase is complete.

With $10M In The Bank, Cardfree Launches To Take On LevelUp And Square In Mobile Payments

Cardfree is a mobile merchant platform that wants to make it easy for small businesses to drive traffic into their stores, increase incremental visits, ticket size and allow for more meaningful engagement. It accepts payments from mobile devices, browsers, or at the point of sale.

Traditional POS at a Tipping Point?

A couple of studies undertaken by US publication RIS News recently got me thinking seriously about the future of retail Point of Sale systems installed at the majority of retailers today.  Is retail Point of Sale (POS) technology at a tipping point now? Could retailers potentially be facing a requirement for a major upgrade of their customer facing systems over the next 12 months?  Should they be thinking about it now?

iPad POSI feel that the answer to all of those questions is a definite “Yes”!  If so then what are these new customer facing systems going to look like?  For the answers the stats in the RIS Studies are quite illuminating.

Firstly in an RIS News study by Joe Skopura on “The Y2K Moment for POS” found here there are some great insights into the future of POS systems in the US.  No-one would argue that retailing has changed significantly and structurally over the last couple of years.  The model for physical stores is under siege “Stores are over built, downward margin pressure is a contagion, fixed costs are rising, online and mobile shopping is booming, and showrooming is catching fire”.

To be effective, POS must now be cross-channel ready and enabled where the customer wants you, when they want you, armed with the information they want – out on the shop floor with the customer.  As the hub of the customer experience the retail store can offer a powerful face to face advantage over online as long as the sales associates are empowered with the technology and information to meet the needs of the educated and now mobile equipped shoppers.

In the study 61% of retail respondents said that their POS is more that 5 years old (the number will be similar in Australia) and 48.8% noted that they would need to change in the next 12 months.  With the “Addition of Mobile POS” being the main driver to upgrade (60%) along with “Enabling Multi Channel selling in store” (60%) and “Enabling new Payment options” (52.5%).

Why POS and Why now?  Simple POS is the essential store operations platform and the pivotal enabler for additional services to improve the customer shopping experience.  To combat further erosion of market share and margins to online – retailers need to act now!  The fact that retailers are looking at mobile POS as a key driver and new (read mobile) payment options shows that retailers are looking to replace expensive fixed POS terminals and static counters with cheaper mobile devices that allow sales associates to get out from behind the counter onto the shop floor to serve the customer better at the point of decision rather than letting customers walk out the door to buy online later.