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.
Kohl’s to Launch Mobile Payments
Kohl’s (NYSE: KSS) announced today the nationwide launch of Kohl’s Pay, a mobile payment option which integrates the Kohl’s Charge private label credit card into Kohl’s mobile app. Kohl’s Pay allows more than 25 million active card holders across the country to pay for their in-store purchases with their Kohl’s Charge card directly from their mobile device. Kohl’s Pay also its customers to apply their Kohl’s offers, Kohl’s Cash and Yes2You Rewards with a single transaction right from the mobile device at checkout.
“Kohl’s Pay truly redefines convenience for our loyal Kohl’s Charge customers by simplifying the checkout and payment experience – making it easier than ever to shop in store this holiday season,” said Ratnakar Lavu, Kohl’s chief technology officer. “We’re combining value and convenience by bringing together the incredible savings opportunities that our customers love like Kohl’s Cash and our Yes2You Rewards loyalty program with the ability to pay with a Kohl’s Charge, all from your mobile device.”
Integrated Commerce Experience
With Kohl’s Pay, savings opportunities are organically built into the experience, allowing customers to automatically redeem offers, Kohl’s Cash and Yes2You Rewards that are saved in their mobile wallet and pay for their purchases with their Kohl’s Charge in one transaction. Additionally, every Kohl’s Pay transaction is stored on customers’ mobile devices allowing them the opportunity to easily make a return or an exchange right from the Kohl’s App.
How It Works
To use Kohl’s Pay in store, Kohl’s customers save their Kohl’s Charge information to Kohl’s Pay within the Kohl’s App on their iOS or Android device. To pay for their purchase at checkout, customers can launch the Kohl’s App and select Kohl’s Pay from the menu options to bring up the Kohl’s Pay QR code reader. Once a QR code appears on the customer display at point of sale, customers can scan the code using their mobile device, apply their savings offers and Kohl’s Cash then tap approve to complete their transaction using Kohl’s Pay.
Source: Business Wire