When JP Morgan Chase acquired the Merchant Customer Exchange payments technology last month, a 5-year saga came to a bitter end. The payments industry, which has proven difficult to navigate and succeed in over the past decade, claimed another victim.
McDonald’s and its recently unveiled plans to implement mobile ordering and curbside pickup is proof that even the mightiest brands now know mobile ordering is the order of the future. But, chains must lay the groundwork for this major transition by preparing a foundation that helps them clear the potential hurdles and move on to future success.
Companies are always looking for new ways to solidify their relationship with their customer base and grow. Some do a good job while others miss. New technology often helps, but is not always the answer.
If 2015 was a defining moment for mobile use in retail, then 2016 showed the industry what is possible as merchants continued to fine-tune their app experiences for consumers. And they will continue along that path well into 2017 and beyond.
With an estimated $817 billion expected in digital travel sales globally by 2020, airlines are missing significant revenues by failing to exploit the potential of mobile commerce and payment innovation.
Transactions are just a part of the mobile payment story. Merchants are learning how to leverage payment data for mobile marketing campaigns that attract new customers and keep loyal customers coming back.