Are You On Board With the Future of Payment Systems?
Apple Pay uses the same payment format with a few modifications like Touch ID as a payment validation and generating a unique payment token per user that's stored locally on the phone, thus reducing the chance of fraud even further.
2. Mobile POS systems: Humble POS machines that retailers have been using for decades now are getting a facelift too. It's no longer necessary for a user to walk up to a cash register to swipe their card. They have the option of swiping their card at a mobile POS point anywhere in-store - or even outside. For instance, if you're planning to attend a trade show, you could integrate a mobile POS into your system and turn your smartphone into a portable POS station.
These POS systems sync with your inventory and update records on a real-time basis. They also allow you to sync your sales and inventory in your online and offline stores. Furthermore, you can even capture customer data like email ID or date of birth via these mobile POS machines, then apply it to your CRM program later. If you're considering taking the mobile POS leap, here's a step-by-step process to pick the perfect POS system.
3. Bitcoin: The controversial child of the new wave of payment systems, Bitcoin has received its fair share of attention - both positive and negative. Bitcoin is an open-source cryptocurrency that only exists in digital form. It's not controlled by any national or international governmental authority. Its prices fluctuate based on demand and supply. As of today, one Bitcoin equates to roughly $276 USD.
Bitcoin is primarily attractive to users who are keen to save on transaction fees on transferring money online, as well as those who prize their online privacy extremely highly. Users buy Bitcoins from Bitcoin wallets like Coinbase and store them in their secure online vaults. When they make a purchase online from a merchant that accepts Bitcoins, all they need to do is transfer the appropriate number of Bitcoins into the merchant's account just as they would pay cash at a cash register. The merchant need not know your name, address, credit card number or any other personal details.
Rohan Ayyar is the regional marketing manager for India at SEMrush. His blog, The Marketing Mashup, covers digital marketing from the perspective of B2B, B2C, lead generation, mobile marketing, SEO, social media, content marketing, database marketing including predictive analytics, and conversion rate optimization. In addition, he'll look at emerging marketing technology and how marketers can use it. Reach Ayyar at email@example.com.