5 Beacon Solutions Driving Change in Mobile Payments
Last Updated: May 15, 2018
iBeacon technology is fast gaining momentum and paving the way for efficient and seamless solutions across multiple domains today. Beacons are being used in almost every sector, from retail to events to education, to build and improve multiple solutions from indoor navigation to loyalty programs to pushing contextual notifications. One of the latest applications of beacons today are for proximity payments.
Proximity payments have experienced significant growth in the recent past and is projected to witness rapid growth in the near future. According to the latest proximity mobile payments forecast from eMarketer, the total value of mobile payment transactions in the US will grow upto 210% in 2016.
Beacons are among the newest additions that are helping drive sales and digitise consumer payments in the FinTech world. Here are a few successful deployments of beacon based payment systems:
Successful beacon-enabled payment deployments
A successful beacon deployment was at the Levi’s stadium in Santa Clara, where 1000 beacons were deployed. As a result of the beacons and the Levi’s Stadium app, visitors were treated to an enhanced experience from easy navigation to ordering food and making payments. This beacon deployment led to an increase of $1.2 million in revenue, through the mobile app.
Another industry that benefits equally from beacon enabled payments is retail, given the benefit of stitching it together with other beacon enabled efforts such as loyalty programs, couponing and in-store navigation. For example, leading beauty brand, Sephora, recently piloted beacons together with mobile wallets. The brand used their Beauty Insider program–to nudge women about the products in their basket, through their mobile wallets. Beacons also alerted them to get a mini-makeover near the store’s Beauty Studio and reminded shoppers to use their Beauty Insider card to obtain reward points which ultimately led to increased customer loyalty.
A large number of companies today are venturing into beacon enabled payment solutions, given its imminent benefits and wide ranging applicability. In our blog, we have covered some of the most innovative companies that leverage iBeacon technology to deliver valuable payment solutions. They are as follows:
PowaTag is among the frontrunners of the m-commerce revolution and uses a plethora of powerful technologies such as beacons, digital audio watermarks, visual tags and embedded social media links to deliver cutting edge payment solutions. They recently partnered with more than 1,200 global brands, to empower consumers to make quick purchases.
PowaTag aims at converting every point of contact into a point of sale by easing the interaction with customers, offering personalised promotions and delivering efficient payment solutions. In one of PowaTag’s recent deployment at the Royal Air Force Museum (RAF) in the UK, beacons that were connected to the museum’s shop allowed customers to buy over 250 online products through the PowaTag app on the their mobiles.
Paij is a Germany based mobile payment solution, that strives to provide cashless, fast and secure payments through its app, which is available on both iOS and Android devices. Their beacon based payment solution provides great value for merchants and customers alike; the customizable iBeacon technology solution has many advantages like rapid self-checkout, promotions and personalized discount offers.
To ensure payment safety, Paij also has a sophisticated risk-check processes to verify each customer, before the payment is collected.
iMobile3’s cloud based PassMarket platform enables retailers to offer gift cards and mobile payments, powered by iBeacon technology. The PassMarket platform and application are intended to optimise the loyalty, rewards, gift cards and payments processes for both retailers and consumers. Consumers who join the participating retailer’s loyalty program are required to install a virtual beacon enabled pass in their mobile wallet.
The beacons can then be used to inform consumers to redeem coupons, earn points or pick-up items on their shopping lists and make payments for them. Popular deployments of this payment solution include Marble Slab Creamery and Moe’s Southwest Grill.
TruBeacon is a services platform that enables retailers of all sizes and types (restaurants, hospitals, malls, sports arenas) to engage, manage, and provide payment options to shoppers. It has developed a range of bluetooth-based technologies for mobile payments across different market segments, such as healthcare, data management, payments, rewards, community banks and credit unions.
TruBeacon’s Payments Beacon is a white label platform that works with smartphones, payment terminals and other point of sale technology systems. It provides an API that allows retailers and banks to incorporate mobile wallets into their iPhone and Android apps, supporting contactless payments, e-receipts and offer redemption.
LabWerk is an Amsterdam based start-up creating innovative applications using iBeacon technology. The platform connects the digital and physical worlds, enabling businesses to communicate with their customers at all touch points. The platform connects the digital and physical worlds, enabling businesses (from museums to festivals to airports) to communicate with their customers at all touch points via an all-in-one app.
The app allows businesses to easily process payments, without the need for expensive point-of-sale equipment, using iBeacon technology and the customer’s mobile device.
Beacon enabled payment solutions are the natural next step in the iBeacon technology landscape. Currently, beacon applications are largely used in the couponing and brand loyalty space, where the payment and redemption of the coupon may not always be processed inside the app; which is why combining a beacon based wallet or payment solution is the best way to build a completely seamless consumer experience.
If you are planning a beacon pilot, take a look at Beaconstac, that includes everything you need to get started. Using Beaconstac you can set up your own campaign, without a developer’s help!