With smartphones, tablets and who-knows-what next, we're living in an increasingly mobile world--and so is our money. According to Juniper Research, some $240 billion in transactions were conducted via mobile devices in 2011, with that figure expected to climb to $670 billion by 2015. Welcome to M Commerce, where not only consumers but retailers as well are cutting the cord from traditional payment transactions in favor of apps and services based on mobile devices. M Commerce actually refers to two parallel trends: the growing use of mobile wallets that allow consumers to transact purchases on their mobile device, and mobile cash registers, with which retailers can process credit cards on their phone or tablet.
Mobile wallets such as PayPal Mobile, Google Wallet and Starbucks provide a simple method for consumers to pay at the point of service. Mobile wallets may be accessed using near-field communication (NFC), a secure radio technology that enables customers to wave an NFC-enabled device near a similarly enabled terminal to complete a transaction. Alternatively, the transaction could be completed on an app without NFC. The advantage for both parties is convenience and efficiency, but retailers can also deploy targeted marketing techniques such as discounts, enhancements and purchase suggestions and aggregate information to create a fine-tuned customer profile.
With mobile cash registers, it's the merchant that is using a mobile device to process card payments--whether it's accepting payments in the field or in a traditional storefront setting. The mobile device is enabled to accept card payments--either by swiping through an attached card reader or by keying in the transaction for processing through a web browser. Payment acceptance software is often easily downloaded as an app. Both are dramatically changing how businesses transact, and will continue to do so going forward.
The future is now. These apps aren't the only ways to go mobile. Online services offered by PNC bridge the gap between mobile and online by providing an easy way for customers to send or receive money simply by using email or text messaging. Likewise, business owners can transfer money to a customer or supplier account (and vice versa) using an email address or mobile phone number.
PNC Merchant Services® offers a full range of online and mobile services to make your business life easier. To learn more, visit their website.
Start Your Cash Flow Conversation
Give us a call at 1-855-762-2365 or fill out our simple form and a PNC Business Banking representative will get in touch with you.
Request a Contact »
Merchant Services provided by PNC Merchant Services Company and are subject to credit approval.
PNC Merchant Services is a registered trademark of the PNC Financial Services Group, Inc.
The article(s) you are reading were prepared for general information purposes by Manifest, LLC. These articles are for general information purposes only and are not intended to provide legal, tax, accounting or financial advice. PNC urges its customers to do independent research and to consult with financial and legal professionals before making any financial decisions. These articles may provide reference to Internet sites as a convenience to our readers. While PNC endeavors to provide resources that are reputable and safe, we cannot be held responsible for the information, products, or services obtained on such sites and will not be liable for any damages arising from your access to such sites. The content, accuracy, opinions expressed, and links provided by these resources are not investigated, verified, monitored or endorsed by PNC.