In the news, the number of mobile wallet users is expected to grow to 113 million by 2017, and a survey finds that mobile technology is driving advances in payments technology.
113 Million Mobile Wallet Users Expected By 2017
Parks Associates Research has found that nearly 20 percent of all smartphone users (40 million people) used at least one mobile wallet in 2013. By 2017, usage is expected to increase by 43 percent to 113 million people. For those that have used or are already using mobile wallets, barcode based apps rather than NFC are the dominant mobile wallet type. Parks senior analyst Jennifer Kent says proximity and e-commerce wallets will become “less distinct” as customers plan to use them to shop both in-store and online. Services like person-to-person (P2P) funds transfers and receipt/coupon storage will all be integrated into one wallet app, rather than be stand-alone services.
Survey Finds Mobile Technology Driving Payment Trends
Infinite Peripherals recently released the results of its Payment Technology Trends Survey. According to the results, 67 percent of participants believe mobile technology innovation will be driving payment technology trends. In second place, with 38 percent of responders, is the risk of fraud/criminal payment activity, followed by 35 percent who believe customer preferences will drive retail priorities. Payment providers and payment legislation were in fourth and fifth place. Swipe payments via mobile POS devices are expected to dominate the payment market over the next three years. Only 17 percent of respondents plan to use swipe at register over the next year.
Restaurant Same-Store Sales Down In December
According to the Black Box Intelligence and People Report, featured on Nation’s Restaurant News, December was a tough month for restaurants. Because of sever winter storms and a shortened shopping season, same-store sales fell 2.0 percent in December — a steep drop of 2.8 percent from November. However, the Restaurant Willingness to Spend Index increased by 2 points to 95 in December, which suggests consumers could spend more in the New Year.
Restaurant And Hospitality IT Talking points
Nation’s Restaurant News says fine dining establishments have seen growth over the past year and are expected to continue growing. This growth is being attributed to an increase in affluent customers’ spending power, more corporate spending, and more travelers. Surprisingly, Millennials have also been key contributors to fine dining restaurants. Because of the rising interest in this restaurant sector, the restaurants will most likely be looking to enhance their menus, technologies, and service.
According to Robert Braun for JMBM says, following the data theft that occurred at Target and Neiman Marcus, hotels need to be looking at their own policies to protect customers. Braun has compiled a list of considerations for hoteliers to consider to amp up privacy.
One Canadian restaurant has taken some innovative steps in bringing technology to the customer, QSR Magazine reports. Rich Tree Natural Market has begun offering ordering kiosks, interactive game walls, and video walls that inform customers about where their produce originated. There is even a hologram hostess.
For more news and insights, visit BSMinfo’s Hospitalty Tech Center.