Wirecard Gives Retailer Apps a Boost with More Functionality (June 30, 2015)
Wirecard this week has launched a mobile checkout development platform enabling retailers to boost the capabilities of their own apps by integrating open- and closed-loop contactless payments, P2P gifting, offers, merchant loyalty functionality and electronic receipts.
Wirecard’s platform enables payments based on QR code and NFC technology, using host card emulation as well as secure elements on mobile phones and SIM cards. Payment transactions can be processed either through a retailer’s own closed-loop scheme or using open-loop payment networks, such as Visa or MasterCard, according to an announcement. The platform also integrates with a retailer’s existing loyalty programs and promotions, and enhances the in-store experience by providing consumers with real-time information on loyalty and discount offers.
Closed-loop mobile payment and checkout applications by retailers are dominating the mobile payments market in terms of usage frequency and transaction volumes, according to Wirecard, which is a 2015 Paybefore Awards Europe winner in the Change Agent of the Year category. Several European retailers are piloting closed-loop payment programs built on Wirecard’s mobile retail checkout development platform, with commercial launches expected in the second half of this year.
The most effective strategy for retailers to thrive in an omnichannel age is to enroll customers for payment in their own mobile shopping apps, according to a Viewpoint from Richard Crone and Heidi Liebenguth, who lead Crone Consulting LLC.