Merchants and the Race for Mobile Payments
Major retailers announced so far for the service include Neiman Marcus, Old Navy, Gap, Athleta and Staples.
MasterCard offers a similarly simple service through its MasterPass program, which stores consumers’ information in a single, secure location and allows them to use a single payment service across all devices. And, like Visa Checkout, MasterPass allows customers to use multiple cards, not just MasterCard.
While both have yet to achieve widespread adoption, Visa Checkout and MasterPass are trusted brands with established roles as payment enablers that will likely become popular with consumers. Major retailer partners for MasterPass include J.Crew, FTD and Major League Baseball.
Launched in 2007, Amazon Payments allows shoppers to log into a participating retailer's site with their Amazon.com ID and arrange the same shipping details and payment information included in their Amazon accounts.
An increasing number of online retailers are adopting the service as a way to help customers leverage their Amazon account information to check out without needing to re-enter credit card numbers or shipping addresses. Users can also check out using the online retail giant's popular one-click option, and can track their transactions through their Amazon account.
2015 will be a year of profound experimentation and flux in the mobile payments arena. Retailers should consider several factors before deciding which providers to partner with, including the percentage of their customers using mobile devices. Those with brick-and-mortar stores need to consider that an increasing number of their customers will be expecting to not only interact with their mobile devices in-store, but be able to purchase goods through them as well.
While integrating multiple alternative payment options into your site can seem like a logistical headache, you should weigh your own inconvenience against those of customers, who, spurred by a wider array of mobile-optimized payment options, will expect mobile transactions to be faster and more seamless than ever before.