The technology landscape has been disrupted by Mobile, Social and The Cloud. This transformation has been 20 years in the making but has been hurried along by a number of significant events over recent times:
- Apple and Google nailed the Smartphone with beautiful designs and an App ecosystem
- Facebook defined Social Media and connected 1 billion people hungry to share and be included
- IBM, Amazon, Microsoft and Salesforce executing the cloud vision, shifting large amounts of the complexity of running infrastructure and software platforms into their data centres
These events have had a significant impact on payments at the Point of Sale (POS) as they have with many computing platforms by:
- Lifting the customers expectations of what software should be like to use, what it can be used for and where it can be used from, for both the merchant and the consumer
- Presenting new operating models for running, distributing and managing the software, lifting it from PCs and placing it across mobile devices and the cloud
- Lowering the barrier of entry for participants and thereby encouraging innovation
- Creating a new value proposition to reduce cash
The POS is totally collapsing onto mobile devices, served via cloud services on the internet, replacing historical POS models. As this happens consumer cards and payments will collapse into the smartphone and wearable devices, communicating to these systems over the air. Customer journeys are already changing significantly as they traverse the omni-channel.
As software eats the world, all software becomes an app as the hardware gets progressively commoditized and miniaturised. At the same time payments will digitise further as Bitcoin models reincarnate to show us the future of currency, while Google, Apple, Amazon and new arrivals such as Square will give us more tools to move retail payments away from the traditional queue and till model towards a model of roaming shop assistants and payments on the shop floor and on the street.
Moroku helps Banks and Retailers understand the opportunity and threat presented by mPOS and build software strategies and solutions to help them compete and exploit the new wave of computing, whilst avoiding the hardware wars presented by Square, iZettle and others.
Rather than a “Rip and Replace” mPOS presents an opportunity to go where POS has been previously unable to go despite its name: mPOS really allows payment to be take at the Point of Sale. Previously it has really only been at the Point of Purchase (POP):
- • In a restaurant the Point of Sale is at the table – not the till (POP)
- • At a stadium it’s in the seat, not at the bar (POP)
- • For the Plumber it’s at the customer’s house, not the inbox where the invoice is sent (POP)
And for all of the places where cards are truly not present and cash is dominant, mPOS presents a real opportunity to remove the risk, expense and lack of data with digital payments:
- • At the farmers market
- • Collecting for charity
- • At the school fair
As a Commonwealth Bank of Australia Pi Panel Developer we have proven our credentials. Check out some of our work with the bank on their AppBank here
So drop us a line and ask what we can do for your mPOS or take Marrakash for a test drive today