WHAT’S NEXT PAYMENTS?giftmarketingloyaltyprograms.weebly.com/uploads/9/9/5/1/9951066/wh… · or tablet, but proximity payments using technology such as Near Field Communication

WHAT’S NEXTIN PAYMENTS?

2One Federal Street, 2nd Floor Boston, MA 02110 800.941.6557 merchantwarehouse.com

Table of ConTenTs

The Evolution of Payments

Emerging Payment Systems

Challenges

Are You Ready?

• POS Developers

• VARs/Agents

• Merchants

Looking Forward


Fast forward to the world of modern payments where, about fifty years ago, credit cards emerged as a convenient form of payment, when Bank of America franchised the BankAmericard in 1966 – later to be known as Visa.i Accord-ing to Census Bureau estimates, today there are more than 1.4 billion credit cards currently in circulation in the U.S., with 77% of the adult population holding an average of 7.7 credit cards each. Americans generate $1.9 trillion in credit card transactions per year.ii

Electronic commerce, known as e-commerce, is skyrocketing as consumers gain confidence in shopping online and trust online merchants with their payment information. U.S. con-sumers spend $1,200 to $1,300 per year online for a total that is expected to surpass $200 billion in 2012 and grow to $327 billion in 2016.iii Credit cards are the most common form of payment for e-commerce transactions. In North America, almost 90% of online business-to-consumer (B2C) transactions were made by credit card.iv Other online payment services, such as PayPal, continue to grow in popularity.

Today, a new wave of payment systems is upon us, and much of it is focused on mobile payments. Compared to overall e-commerce, mobile shopping is still in its infancy, but both technology analysts and retailers realize its potential and expect big things. IDC Financial Insights forecasts that worldwide purchase volume over mobile devices will exceed

ThE EVOLUTION OF PAYMENT TEChNOLOgIES Tens of thousands of years ago, the barter system was how people exchanged goods and services for

mutual advantage. By about 1,000 BC the first metal money and coins were developed in China, often

containing holes so they could be put together like a chain. Paper money followed, also first appearing

in China in about 800 AD, but did not become common for more than three centuries afterwards. In

1816, gold was officially made the standard of value in England, and guidelines were put in place to

allow for a non-inflationary production of paper banknotes which represented a certain amount of gold.

$1 trillion by the year 2017.v John Donahoe, eBay’s chief executive, said that shoppers using mobile devices spent about $10 billion on eBay in 2012, double the amount in 2011,vi and both eBay and Amazon.com have aggressive plans for mobile commerce in 2013.

Most of the money being attributed to mobile payments today is consumers shopping online from a smartphone or tablet, but proximity payments using technology such as Near Field Communication (NFC) is also growing.vii With a specific focus on in-store, proximity payments, Juniper Research forecasts that global NFC retail transaction values are expected to reach $110 billion in 2017.viii

Yet, merchants and point-of-sale (POS) developers are currently struggling with rapidly evolving consumer payment technologies – from dealing with the number of mobile payment applications available to reinforcing security to protecting consumer data. In addition, new types of reward, loyalty, gift and integrated mobile marketing solutions are also emerging.

These new payment systems and related value-add programs are often viewed as a source of confusion and disruption for merchants as they are challenged with which to adopt. Today’s merchants need to be able to accept any payment type presented by the consumer, and should be able to do so simply and transparently.

Merchants must be equipped with technology solutions that extend far beyond payment processing, and broadens their value and ability to attract new customers and retain existing ones.

This white paper discusses some of the emerging

types of payment systems, what they mean for

POS developers, merchants, value added resellers

(VARS), and agents, as well as new technology

solutions that will increase the flexibility and value

associated with the merchant-customer payment

process and experience.


EMERgINg PAYMENT METhODSThe growing adoption of smartphones and tablets,

with their more advanced computing capability and

connectivity, has given consumers new ways to pay

for goods and services via a mobile phone. Accord-

ing to the Pew Research Center, 45% of American

adults now own smartphones and 25% of American

adults own a tablet.ix

Interestingly, tablets accounted for 3.2% of all U.S. online retail sales, more than double the 1.5% share for smart-phones, according to a 2011 survey of 55 online retailers by Forrester. Their reasoning for the gap is that smartphone screens are so small, that browsing products online and entering credit card information is easier on a tablet.x however, Pew Research considers 2012 as a tipping point, with more Americans buying smartphones to take advantage of applications and other web-enabled features that traditional mobile phones don’t offer.

There are multiple ways that smart-phones can be used for payments. One method is to use the smart-phone to access the Internet and purchase items via online shopping sites, paying with a credit card or a service like PayPal. The second is to use the phone itself as a payment device at the point-of-sale. This includes options such as QR/2D bar code payments and contactless Near Field Communication (NFC) via mobile or digital wallets. In the US, a majority of consumers believe that smartphone payments will eventually replace both pay-ment card (66%) and cash (61%) transactions for a majority of purchases.xi One of the methods of using mobile payments is via bar codes, such as the square QR codes invented in 1994. Originally used to track products in warehouses, QR codes

have been used as a mobile marketing tool, since scanning a QR code with a mobile phone can to lead to a website with marketing information or a targeted offer. QR codes can also be used for mobile payments, and have been tested by Bank of America in partnership with mobile payment company Paydiant.xii PayPal is also exploring the use of QR codes for mobile payments in a window-shopping test in an Amsterdam.xiii LevelUp was an innovator in the pay-by-QR-code space, in which QR codes are linked to a credit or debit card. LevelUp now has a payment dock that will recognize QR codes as well as NFC.

Near Field Communication (NFC) is another contender in the mobile payment space expected to play a bigger role over the next couple of years. NFC is a set of standards for smartphones to establish radio com-munication by touching or bringing the phone into close proximity to a merchant’s payment terminal. NFC devices can be used in contactless payment systems, sometimes called proximity payments or tap-and-go payments. NFC is used by google for its google Wallet and by the carrier consortium, Isis™ for the Isis Mobile Wallet™. The Isis network was founded by AT&T Mobility, T-Mobile USA and Verizon Wireless with the vision to bring mobile commerce to life. goldman Sachs Research fore-casts that over 40% of smart phones

and tablets, or 555 million devices worldwide, will be NFC-enabled by 2014.xiv

Japan is currently the leader in mobile payments, with 17% of the contactless account base making mobile proximity payments. In such a technologically fluent country, it is expected that 90% of the population will also have the capability for mobile wallets within a short period of time since mobile subscribers swap out old phones for new ones every 24 to 36 months.xv

25%45%

Percentages of Americans that own a smartphone or tablet

In the US, a majority of consumers

believe that smartphone payments will

eventually replace both payment card

(66%) and cash (61%) transactions for

a majority of purchases.


Mobile, or digital, wallets function much like a physical wallet and provide consumers a way to store credentials and carry out financial transactions using their smartphone, and eliminate the need to carry a physical wallet or actual money or credit cards. Other information such as loyalty cards, e-coupons – and in the future – driver’s licenses and healthcare IDs could also be kept in a mobile wallet.

Mobile wallets typically use NFC technology to pass credentials to a merchant’s payment terminal in order to process the transaction. Mobile wallet providers can be mobile network operators, operating systems developers, banks or payment providers, or merchants. Some of the players in the space today include mobile operators Cityzi and Isis, OS players google Wallet and Microsoft/Nokia, payment providers Visa, American Express, MasterCard and PayPal, and banks such as Barclays and Bank of America.

Interestingly, the Apple® iPhone® 5 does not support NFC technology, which means that for the most part, it cannot process mobile payments. The company says they believe that Passbook®, Apple’s answer to the digital wallet, does the kinds of things customers need today.xvi however, this lack of support is seen by some analysts as a setback to NFC technology, reducing retailer confidence.

Some experts believe that Apple’s Passbook, which today works with QR codes and lets you store tickets, boarding passes and coupons, is going to be the primary mobile wallet that consumers see and use in 2013. At present Passbook does not allow payments, except for at some retailers like Starbucks. however, consumers may become more comfortable with the idea of mobile wallets through the use of the Apple Passbook functionality and the Starbucks mobile app, and experts believe that mobile wallet technology and the accompanying user experience will continue to evolve with mass predicted for sometime around 2015.xvii

Another trend expected to hit the payment space is the integration of more loyalty programs and customized advertising and marketing promotions to engage with customers at each stage of the purchase process, from driving impulse consideration, all the way to the final purchase.xviii Customers’ expectations in terms of value, mobility and personalized offers are also contributing to today’s disruption. According to research from Mercator Advisory group, 55% of consumers have expressed an interest in mobile coupons, but only 10% have actually received one from a merchant.xix This shows another opportunity for merchants to deliver solutions to meet consumer demands and drive incremental revenues.

In addition to the new payment types discussed above, there is an onslaught of new mobile solutions including products from LevelUp, Square, PayAnywhere, Intuit and VeriFone. LevelUp is fueling change in mobile commerce through the introduction of their 0% processing fees, or Interchange Zero™, and Square continues to attract small merchants with its convenient card reader that turns a smartphone or tablet into a mobile payment acceptance device. The question is which mobile payment systems will consumers adopt, and which acceptance systems work with these?

Many industry experts think that the biggest problem that mobile payments face is adoption. The market is not being driven by a specific or urgent consumer need, but by businesses looking to benefit from new customer experiences. Yet, analysts predict we are on the brink of a game-changing revolution, if only payment hardware and technologies can work with one another and become ubiquitous – from the smartphones to the merchant equipment at check-out. Overcoming these challenges is the next step in the mobile revolution.xx

Customers’ expectations in terms of value, mobility and personalized offers are also contributing to today’s disruption. According to research from Mercator Advisory Group, 55% of consumers have expressed an interest in mobile coupons, but only 10% have actually received one from a merchant. This shows another opportunity for merchants to deliver solutions to meet consumer demands and drive incremental revenues.


Adoption of new technology and the ability to use that technology everywhere are two of the major challenges of mobile payments. Most experts believe that consumers will only adopt mobile payment systems if they are convenient to use. In addition to ease-of-use, mobile payment adop-tion will only happen when a majority of retail stores accept mobile payments. Currently, only 8% of merchants around the world are equipped with NFC equipment. According to Berg Insight, that’s expected to grow to 53% worldwide and 86% for North America by 2017. This may be in part due to incentives by the payment card industry for merchants that upgrade to EMV chip-reading terminals – and penalties for merchants that fail to upgrade.

With NFC technology, there is a chicken and egg situation in many countries. The technology is there, but the consumers won’t adopt it if there are not enough merchants using it, and the merchants are not interested in moving ahead if there are not enough consumers who have adopted NFC. If the perceived added value for a consumer is not much more than the difference between swiping your card or tapping your mobile device, consumers may not be interested. The value of any new technology must be proven from a consumer point of view. In other words, the big value is in the use cases and services, and not the specific technology used.xxii

Security is also an issue that many consumers worry about. Developers claim that built-in security features make mobile payments more secure than credit card payments. Yet, gart-ner predicts that fraud will account for 1.5% of all mobile payment transactions in four to five years, totaling billions of dollars.xxiii however, once the wrinkles are ironed out, mobile payments could be more secure than checks or card-based payments. The enhanced security of a smartphone, includ-ing using the individual’s image and password protection, makes it nearly impossible for thieves to use a lost or stolen smartphone – a radical improvement as compared to current ATM or credit card security measures. And, if your phone is

stolen, you can remotely disable your digital wallet with a single call – of course that assumes that your phone is password protected. Consumers need to get better at locking their phones; currently, nearly 70% of mobile phones aren’t password protected.xxiv

Consumers also need to trust that the banks and merchants they rely on have the back-end transaction processing all figured out, and that transactions will post correctly to their bank accounts without error. This was also a concern with e-commerce; people were initially hesitant to share their financial information over the Internet, but over time and with proven security measures, e-commerce has become part of the mainstream.

In response to these issues, retailers are taking a measured approach to mobile investments. When it comes to challenges to deploying and managing their mobile initiatives, 60% of retailers say their business objectives for mobile initiatives are unclear and 40% note a lack of in-house expertise in such mobile projects as designing for smartphones and tablets. Additionally, 36% say getting a budget to complete mobile projects is a concern.xxv

With the convergence of new payment types and consumer demand for enhanced engagement offers including loyalty rewards, e-coupons and more, merchants, POS developers, VARs and agents must be prepared. They want it all, but where do they start?

ChALLENgESThe convergence of new payment types, mobile wallets and consumer engagement programs demonstrate

that the payments industry still has a lot to figure out. Challenges lie ahead for POS developers, merchants,

VARs and agents – and each group is faced with major considerations and decisions.

Most experts believe that consumers will only adopt mobile payment systems if they are convenient to use.


ARE YOU READY?The emerging payments marketplace creates new opportunities, but the myriad of options can be a road-

block to acceptance.

POS developers, VARs, merchants and agents are all asking questions such as:

POS DevelopersIn addition to payment processing, gift cards, and loyalty rewards, POS developers also offer solutions for inventory management, accounting integration, e-commerce and interactive selling, and customer relationship management (CRM). For payment processing, a vast majority of POS developers integrate with an existing, reliable and secure payment processor to create a single-solution for their cus-tomers.

Integrations of this nature require significant technical resources, and the developer has to ensure that the solution(s) they choose will provide their merchants with the highest-level of capability and support available. They don’t want to invest resources in multiple integrations with no value-add for their VAR and/or merchant customers.

With the vast number of payment types and value-add solu-tions converging, how will POS developers know which will reach critical mass? Making the wrong decision could cost a developer a great deal of expense in technical time, but also risk their reputation in the industry and with their customers.

And, which will provide the highest level of security and PCI compliance? More payment, loyalty reward and commerce options significantly increase the complexity around payment security. Therefore, new integrations must provide enhanced security or remove the POS developer from Payment Application Data Security Standard (PA-DSS) scope.

POS developers want and need maximum flexibility – a payment technology solution that accommodates the pay-ment types and value-add offers of today, but is scalable

to integrate those of the future. Simplicity in terms of both system integration and ongoing updates is critical; as is security, ongoing support and business value for their VARs and merchant customers.

Agents/VARsAs new payment types and customer reward offerings continue to enter the market and mobile wallets gain traction, agents and VARs are, like many others in the payments space, looking for the solution. Faced with endless choices, detailed research and comparisons, agents and VARs are faced with the challenge of selecting individual options or ‘walled garden’ bundled offerings when what they need is a unified, future-proof solution that provides flexibility, security, scalability and access for their merchant customers.

In addition, agents and VARs rely on the value of working with a payment solutions partner that has a long-standing reputation – selecting the partner that offers pricing trans-parency, competitive revenue share models, award-winning customer service and technical support, and helps build their reputation as a trusted advisor in their respective marketplace.

• Which of these new payment applica-tions will reach critical mass in terms of both adoption and acceptance?

• how do I know which to integrate to or offer?

• how quickly will these new payment and program applications be adopted?

• how is security handled?

• What is my risk?

• When will my customers expect these offerings?

• how do I ensure regulatory compliance?

• how are new technologies supported and managed?

• Which will yield the greatest opportunity and drive revenue growth for my business?

Although the questions are

the same, getting to the

answers and the potential

impact on individual busi-

nesses varies for each group.


WhaT’s nexT?So, what’s the next step? A study by Deloitte Consulting found that mobile phones currently influence 5.1%

of all in-store retail sales in the U.S., or around $159 billion in forecasted sales for 2012, as shoppers use

smartphones for product research, price comparisons, and other information either on their way to a retail

store or in-store. That amount far exceeds the $12 billion consumers will spend via direct mobile shopping.xxviii

Yet, this figure demonstrates the strong foothold that smartphones are making in consumer’s lives.

S Develo

TIPS for merchants: Improving the Customer Experiencexxvii

how can your in-store mobile payment experience match the quality that customers expect from your brand?

1) Make the process easy - Mobile payments should save your customers’ work, not create more work for them.

2) Ensure security and privacy - Many consumers still hesitate to embrace mobile pay-ments because they fear that their personal financial information will be hacked, lost or stolen. To ensure se-curity, merchants should encrypt all account data at the card reader level. Stores should also enable the trunca-tion of card numbers, to allow them to identify custom-ers without storing all of their credit card information.

3) Acclimate Your Employees - Take the time to ensure a high-quality rollout of mobile payment technology. Invest in pilot programs so that you can become aware of both technical and training issues ahead of time. Dealing with employees who are either negative about mobile payments or not up to speed will be frustrating for your customers.

MerchantsAccording to a survey from the etailing group, 85% of mer-chants say mobile commerce was a focus in 2012, up from 68% in 2011.xxvi Retail experts say if you’re serious about staying competitive, having a significant presence in the mobile space is mandatory moving forward. While the desire is there, merchants still have the daunting task of research-ing and analyzing the business value and impact for each new payment type and associated hardware (NFC, EMV, signature capture, QR/2D readers, and PIN Debit), gift and loyalty programs, and new mobile wallet offerings (PayPal, Isis, google, Sprint, v.Me and others).

Even with the best assessment and analysis, the final deci-sion, if made today, will be a guess. Simply put, none of to-day’s options have significant market share. Today’s decisions also have immediate and long-term financial impact on mer-chants due to hardware exchanges, software updates and potential disruption to business through POS integrations.

And, let’s not lose sight of the fact that, in order to meet the demands and needs of all existing and potential customers and grow their businesses, merchants need to offer multiple options from payment types and mobile wallets to gift and loyalty rewards.

how can POS developers, merchants, agents and VARs make the best decisions on which technologies to adopt to support emerging payment systems? Merchants today need and want to do it all – accept any payment type or mobile wallet application, engage new and existing customers through mobile gift, loyalty rewards, and targeted marketing campaigns, grow their business today and insulate against future disruptions. Yet, based on a survey by RSR Research,

75% of survey respondents anticipate that the biggest internal barrier to mobile payment adoption is going to be integration with their legacy point-of-sale systems in stores.xxix however, a new platform has been introduced in the market that will help cut through the indecision and move mobile payment adoption forward.


The new genius™ Customer Engagement Platform™, from Merchant Warehouse, has the power to do what no other payments solution can do. genius delivers a unified solution for merchants, POS developers, value-added resellers and agents. genius has the ability to aggregate and integrate every conceivable transaction technology, payment type and customer program – both present and future – into a single platform. And, genius is also configurable to accept any customer reward, gift, loyalty or couponing offers.

genius is the only payment technology that provides mer-chants with a single point of entry into the mobile space. It is easily integrated into a POS system or available via a stand-alone device and seamlessly updated via cloud-based architecture. As a PCI/PED compliance solution, genius delivers ultimate protection against fraud. The customer controls the transaction offering additional protection and security against theft and manual errors. All sensitive data is encrypted immediately at the initial point of contact, and carried through the entire transaction until processing where it is tokenized. And genius removes the POS from PA-DSS scope.

The genius Customer Engagement Platform provides a complete suite of payment and program acceptance solutions built upon an open and future-proof cloud-based platform. genius unlocks consumer purchasing data to fuel better business decisions and drive growth by turning transactions into interactions.

Learn more about genius at merchantwarehouse.com/genius

Twitter @mwarehouse

Merchant Warehouse is a recognized leader in payment acceptance

solutions and merchant services. The company enables retailers, agents,

POS developers and VARs to achieve strategic business advantage

through the delivery of current and emerging payment, offer and

program solutions and merchant services that dramatically enhance the

merchant-customer experience. Merchant Warehouse is one of the fastest

growing and innovative payment solutions companies in North America.

GROWTHSECURITY ACCESS FLEXIB ILITYPCI/PED compliant and POS taken out of PA-DSS scope

Tailor the solution that is right for your business payment needs

Any payment type, offer, loyalty program from a single device

Value-added capabilties increase revenue and profitability

GROWTHSECURITY ACCESS FLEXIB ILITY

















i noVa, “The history of Money” http://www.pbs.org/wgbh/nova/ancient/history-money.htm

ii 2011 Credit Card facts & statistics http://www.indexcreditcards.com/finance/creditcardstatistics/2011- report-on-credit-card-usage-facts-statistics.html

iii Mashable, “17 Things You Didn’t Know about ecommerce,” 11/6/2012 http://mashable.com/2012/11/06/ecommerce-statistics/

iV Turban, e. King, D. McKay, J. Marshall, P. lee, J & Vielhand, D. (2008). electronic Commerce 2008: a Managerial Perspective. london: Pearson education ltd. p.550

v Ibid.

Vi fortune“surging yes, but mobile shopping still has a long way to go” by Verne Kopytoff, December 21, 2012 http://tech.fortune.cnn.com/2012/12/21/mobile-shopping-is-surging-but- has-a-long-way-to-go/?iid=sf_f_River

vii Mobile Payments Today, “Report: mobile payments to hit $1 trillion by 2017,” november 15, 2012, http://www.mobilepaymentstoday.com/ article/203809/Report-mobile-payments-to-hit-1-trillion-by-2017

viii nfC World, “Juniper scales back nfC forecast,” by Mike Clark, December 5, 2012, http://www.nfcworld.com/2012/12/05/321429/ juniper-scales-back-nfc-forecast/

ix Pew Internet, “smartphone ownership Update: september 2012,” http://pewinternet.org/Reports/2012/smartphone-Update-sept-2012.aspx

x fortune, “surging yes, but mobile shopping still has a long way to go” by Verne Kopytoff, December 21, 2012, http://tech.fortune.cnn.com/2012/ 12/21/mobile-shopping-is-surging-but-has-a-long-way-to-go/?iid=sf_f_River

xi Majority of americans foresee smartphone Payments Replacing Cards and Cash, harris Polls, november 2012, http://www.harrisinteractive. com/newsRoom/harrisPolls/tabid/447/ctl/ReadCustom%20Default/ mid/1508/articleId/1127/Default.aspx

xii c|net, “bank of american tests QR code mobile-payment service,” by Marguerite Reardon, september 27, 2012, http://news.cnet.com/8301-1035_3-57521614-94/bank-of-america-tests-qr-code-mobile-payment-service/

xiii Tech Crunch, “PayPal Tests QR Codes in shop Windows,” by leena Rao, november 14, 2012, http://techcrunch.com/2012/11/14/paypal-tests-qr-codes-in-shop-windows-mobile-check-ins-at-stores-for-personalized-service/

xiv Goldman sachs Global Investment Research, “Mobile monetization: Does the shift in traffic pay? “ June 4,2012, p. 37-38., http://pg.jrj.com.cn/acc/Res/Cn_Res/InVesT/2012/6/4/c082230d-932a-4720-87b3-608f1edaa40d.pdf

xv Media buzz, “What Can be learned from Mobile Payments leader Japan,” July 2010, http://www.mediabuzz.com.sg/asian-emarketing/ju-ly-2010/1047-what-can-be-learned-from-mobile-payments-leader-japan

xvi c|net, “no nfC for you, iPhone 5. here’s apple’s explanation,” by Charles Cooper, september 12, 2012, http://news.cnet.com/8301-13579_3-57511682-37/no-nfc-for-you-iphone-5-heres-apples-explana-tion/

xvii Mobile Commerce Daily, “Why the mobile wallet will reign in 2013,” by Rimma Kats, January 7, 2013, http://www.mobilecommercedaily.com/why-the-mobile-wallet-will-reign-in-2013

xviii RIs, “2013Pos Trends: The Year of Customer experience,” by Jay Gra-ham, January 2, 2013, http://risnews.edgl.com/retail-trends/2013-pos-trends--the-year-of-customer-experience83952?referaltype=newsletter

xix The RoI factor blog, “Mobile Commerce: Consumers Demand It, so Why aren’t You Doing It?” by Jared friedman, June 29, 2012, http://www.bluefountainmedia.com/blog/mobile-commerce/

xx c|net, “Mobile Payments: a solution in search of a problem?” by Mar-guerite Reardon, october 22, 2012, http://news.cnet.com/8301-1035_3-57536676-94/mobile-payments-a-solution-in-search-of-a-problem/

xix c|net, “Mobile Payments: a solution in search of a problem?” by Mar-guerite Reardon, october 22, 2012, http://news.cnet.com/8301-1035_3-57536676-94/mobile-payments-a-solution-in-search-of-a-problem/

xxii Call for Change, ericsson blog, “swipe Your Card or Tap Your Mobile – Is nfC convenient?” by Christina black, november 12, 2012, http://www.ericsson.com/m-commerce/2012/11/23/is-nfc-convenient/

xxiii bloomberg businessWeek, “Mobile Payments: a new frontier for Crimi-nals,” by olga Kharif, october 4, 2012, http://www.businessweek.com/articles/2012-10-04/mobile-payments-a-new-frontier-for-criminals

xxiv Ibid.

xxv Internet Retailer, “Retailers are taking a measured approach to mobile investments,” by Katie Deatsch, sept 12, 2012 http://www.internetre-tailer.com/2012/09/12/retailers-are-taking-measured-approach-mobile-investments

xxvi Mobile Commerce Daily, “Merchants up investment in mobile as traffic, revenue grow,” by Chantal Tode, april 24, 2012, http://www.mo-bilecommercedaily.com/merchants-up-investment-in-mobile-as-traffic-revenue-grow

xxvii The eTail blog, “Mobile Payments: Improving the Customer experi-ence,” by Kelly hushin, May 3, 2102, http://www.theetailblog.com/mobile/mobile-payments-improving-the-customer-experience/

xxix Deloitte, “smartphones will influence $689 billion in Retail store sales by 2106: Deloitte study,” June 27, 2012, http://www.deloitte.com/view/en_Us/us/press/Press-Releases/21b5a46ee8828310VgnVCM2000001b56f00aRCRD.htm

xxix Mobile Commerce Daily, “Why the mobile wallet will reign in 2013,” by Rimma Kats, January 7, 2013, http://www.mobilecommercedaily.com/why-the-mobile-wallet-will-reign-in-2013

Documents

WHAT’S NEXT PAYMENTS?giftmarketingloyaltyprograms.weebly.com/uploads/9/9/5/1/9951066/wh… · or tablet, but proximity payments using technology such as Near Field Communication