Part 1: The current landscape
The origins of commerce can be traced back to prehistoric times when early civilizations bartered goods and services. Although the introduction of currency in various forms marked a critical milestone for commerce, very little has actually changed since the early days of open-air markets. Plastic may have replaced paper, yet fundamentally, the brick-and-mortar experience has remained static for hundreds of years. Fortunately, mobile payments are allowing retailers to positively disrupt an outdated paradigm and bolster their engagement with shoppers.
To be sure, mobile payments offer a plethora of benefits for consumers, retailers and financial institutions. For consumers, mobile wallets provide a convenient, “tap and go” frictionless commerce experience that seamlessly integrates loyalty cards, boarding passes, ID cards, coupons, event tickets, alerts and notifications. For retailers, mobile wallets offer businesses the ability to engage users with an immersive, in-app experience that starts at the beginning of a retail journey and continues indefinitely with notifications, reminders of upcoming expiration dates, archived digital receipts and a real-time tally of current loyalty bonus points. For banks, digital wallets, which are far more secure than credit or debit cards, have fast become a strategic focus as consumer interest ramps up.
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