Everyone wants a share of your payment systems (digital) wallet. This year’s Black Friday online sales tally alone hit $1.2 billion, a 15% increase over 2012. The continued explosion in mobile device usage is creating a plethora of payment delivery system advancements and initiatives.
Facebook plans to test a new payment systems product that would allow online shoppers to make purchases on mobile apps using their Facebook login information.This capability would allow any shopper who has previously provided Facebook with their credit card details to make purchases on partnering e-commerce mobile apps without entering billing information each time it is used for a purchase.
Another intitiative, like Square, Leaf makes software that helps small businesses sort, track and analyze their in-store transactions and access that information anywhere from the cloud. Unlike Square and others, Leaf makes and sells its own tablet that runs on a custom version of Android so it can have end-to-end control over the experience the merchant receives.While wanting to own the hardware and software, Leaf is attempting to build an open platform on which others can build apps. Leaf won’t actually process payments; it lets its customers choose from several payment processors.
Yet another much ballyhooed, but not fully-defined payments product is an app called Clinkle. Said to rival PayPal, it has considerable venture capital funding to speed its development. PayPal, too, is focused on expanding its mobile reach. On top of these options, there are a number of smart card ventures that seek to add all of your payment account numbers on a single card, whereby you choose which to use for any particular purchase. All in all, expect to see a change in how consumers pay and small businesses accept payments, particularly in the mobile environment going forward.