Let’s face it: physical wallets can be a pain in the you-know-what. If you’re tired of sitting on a deck of cards—credit cards, debit cards, loyalty cards, etc.—the solution could be closer than you think. Like, in your other pocket, where you keep your smartphone. Because now you can store almost everything in your wallet on your smartphone through mobile payment technology. Mobile payments may be the future, but for the present they’re still fighting for mindshare among most consumers. According to Wakefield Research, roughly half of the population is unfamiliar with mobile payment technology and, not coincidentally, it tends to be the older half of the population; nearly two of three consumers under 40 are familiar with mobile wallets. And most people who use mobile wallets find them useful and helpful. Yet, for all that, mobile wallets currently account for a small fraction of all payments, far behind credit cards and cash.
The Battle of the Bulge, however, may be over sooner than you think. Companies like Seamless, a Dialogic business partner, are making great strides in advancing mobile payment technology to displace traditional payment methods. Their SEQR(pronounced “secure”) solution is already being used by many mobile operators and businesses to provide a better mobile payment experience to consumers. Compared to the new features in SEQR, traditional wallets simply fold:
˃ Retail stores can read your phone just like a card. SEQR uses Quick Response (QR) codes--those blotchy black-and-white boxes that you can scan--as well as Near-Field Communications (NFC) to allow payments to be made by scanning the QR code directly from the phone screen or scanning the mobile phone remotely for its NFC-enabled chip.
˃ It provides a seamless experience in stores and online. SEQR can be used at more than 500,000 online retailers through its integration with leading e-commerce platforms including Mageto, OpenCart, PestraShop and Woo Commerce.
˃ It connects securely and directly to your bank account. In other words, it can work like a debit card or electronic fund transfer (EFT) directly from your phone.
˃ It lets you purchase products right on sight. Using QR codes, smartphones can purchase products directly from print ads, websites or store displays and pay for it using SEQR.
˃ And, yes, you can even earn cashback rewards. At the time of this writing, SEQR offers consumers up to 3% in cashback rewards based on their monthly usage.
Of course, one of the keys to the success of mobile payments is its mobility, especially as consumers move between different networks and devices. For Seamless, using proven signaling technology from Dialogic to provide that mobile interoperability is like money in the bank.