Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Radiant Systems Expands Mobile Payment Capabilities
Radiant Systems, Inc. today announced its expanded mobile payment platform, which enables restaurant owners and retailers to pay via mobile phone.
“Historically, the checkout and payment process has created excessive wait times, caused customer frustration and resulted in bottlenecks for retailers and restaurants,” said Andy Heyman, chief operating officer at Radiant Systems. “We believe strongly that improvements in technology can leave consumers with a more favorable and lasting impression of our customers. Radiant has heavily invested in mobile payment capabilities, including several we are introducing to the market this year. While many start-ups are bringing increased attention to the mobile space, Radiant can quickly enable our customers to accept and seamlessly integrate mobile payment into their operations by leveraging our open, secure point-of-sale technology.”
Radiant has a history of bringing mobile payment solutions to market, including its Orderman handheld technology used by servers and cashiers in over 30,000 restaurants worldwide.
With consumers becoming more comfortable using technology in the palm of their hands, they are driving new demands on how they pay for purchases and interact with the businesses they frequent. Radiant is working on pilots with several companies that are planning to bring mobile wallets to market later this year. In addition, the company is adding its own mobile payment capabilities to its core product lines as well as integrating with other third party payment solutions to provide relevant functionality that meets the unique requirements of individual businesses across all of its industries.
“We are piloting the mobile pay functionality with our Aloha solution from Radiant Systems and are extremely excited about the prospects for this capability,” said Crawford Moran, co-owner of 5 Seasons Brewing Company, a restaurant group in Atlanta. “We are always looking for ways to improve guest satisfaction, and we feel enabling them to pay on their smartphones will create an improved experience and communication flow between our guests and our restaurants.”
According to Kim Eaton, executive vice president of marketing at Radiant Systems, “there are many new and competing mobile payment solutions entering the marketplace and it is our intent to support those that we and our customers believe will become most relevant to their businesses. We are in a great position to provide the solutions that have the highest impact for our customers and help them drive loyalty and engagement.”
Source: BusinessWire