The mobile wallet – what does this mean for retail payment processing?
Right now it means a little, as we talked about in earlier blog posts merchant services are changing. Starbucks franchises are now accepting mobile wallet payments through Internet start up Square. Yet this is one of the few places where this form of payment acceptance has entered a major brand. Yet as smart phones continue to take on wider and wider acceptance, the mobile wallet will gain traction and acceptance. Retailers throughout the United States will have customers come in with their smart phones, tap them to their retail merchant equipment and complete a purchase. That is what a retail purchase will look like for virtually all purchases as soon as 15 years from now. In the meantime more and more purchases will be made this way until it becomes the norm.
What does this mean for your retail business? Get setup to accept both traditional swipe transactions as well as tap and go transactions made with the mobile wallet. We recommend that you do this using the Vivopay 4000 for your retail merchant equipment.
