Advancement of Mobile Payments in the Restaurant Industry

Starbucks was the first to adopt mobile payments back in 2011, and now other brands are quickly getting on board. As mobile payments become increasingly more available, customers will begin to expect the service, so brands are now navigating through their options on how to launch their own mobile payment systems. At a panel held last week by the National Restaurant Association, brand representatives stated that mobile payments are moving toward the mass adoption stage and are no longer in the early stages.

Mobile payments offer the benefit of providing an insight into consumer’s purchasing behaviors and this information in turn can be used to influence such behaviors in order to better engage with the customer. Mobile payments also mean lower interchange rates and more secure payments. Restaurant brands will need to explore different technologies that can help facilitate payments at the point-of-sale and decide which will be a good fit.

Here are just a few of these types of technologies:

  • NFC
  • QR code presentment
  • QR code scan
  • Single use number
  • iBeacon technology

To read more about the benefits of mobile and the technologies, click here

 

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