What are mobile wallet applications? Mobile wallet apps enable iPhone and android users to store debit card numbers, credit card numbers, and other relevant payment information on a single app. Once signed in, consumers can simply tap their phone to pay in thousands of mobile-friendly stores and locations.
Although experts herald the technology as fast and convenient, it is still lagging behind expectations. Mobile payment technology is steadily climbing and slowly gaining acceptance, however. “Thirty-seven percent of U.S. consumers reported using a mobile payment method of some kind, including both mobile commerce and consumer-side payments made in stores with mobile devices,” Business Insider reveals. What things are likely to propel this technology from a novelty to widespread use?
Big Name Companies Get On Board
Retailers are being especially careful about point of sale systems — or POS systems — after large-scale security breaches and data theft, such as the infamous Target hack in December 2013. It is welcome news, then, that large companies, such as Dominoes, are confident enough in mobile technology and point of sale to open up the option to all of its consumers.
Fast and Convenient Medication Distribution
Pharmacies can easily gain a great deal from the new technology. Many hospitals lose money because patients leave without their medications. Mobile technology, such as mobile pharmacy point of sale systems, allows pharmacists to prescribe necessary medications and treatments at patients’ bedsides. Patients can even pay and sign for their medication — all without leaving their room. This information is then wiped from mobile pharmacy point of sale software for added security. By enabling pharmacists to go directly to patients, the mobile technology streamlines the process, gets patients their necessary medication, and helps small hospitals earn money.
Top Competitors Now Will To Work Together
Google and PayPal announced that they will work together, at least to an extent. Google will allow its consumers to pay using PayPal’s mobile technology. Although there is certainly room for niche brands or companies in areas like pharmacy point of sale, the technology is much more likely to take off (generally speaking) if large companies work together.