Why Mobile Payments Aren't Gaining Traction with Small Businesses

From Entrepreneur –

“A year after the launch of Apple Pay and five months into Google’s Android Pay service, it seems like mobile payments have finally caught fire with the public. Thousands of banks and retail giants have jumped onboard, yet small businesses—which account for more than 90 percent of businesses in the country, according to the U.S. Census Bureau—are so far responding with a collective meh.

“I would say it’s been a fairly negligible adoption rate so far,” says Jordan McKee, senior analyst covering mobile payments at 451 Research in Boston. “There hasn’t been a tremendous amount of interest given the cost of upgrading terminals to accept NFC payments.”

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Set up Android Pay on your mobile device

From Tech Republic -

“You might have noticed that a new app has been pushed to your device. That app, which takes the place of Google Wallet, is the long-anticipated Android Pay. If you don't happen to find it on your device (you may not if you never installed Google Wallet), you can easily get it from the Google Play Store.

This new payment app requires Android 4.4 or higher, works with NFC (so you'll need an NFC-equipped device), and makes it very easy to use your credit or debit card.

Here are the steps to install Android Pay…”

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Banks eye tech upgrades and mobile tops the list

From Mobile Payments Today –

“Financial institution executives are thinking about how consumers interact with their smartphones, and it's not just about mobile banking.

Of the financial institution executives who took the 2015 ATM and Self-Service Software Trends survey:

• 90 percent said their institution was either considering, piloting or rolling out a branch transformation project;
• 55 percent said they were planning to implement mobile ATM withdrawals via NFC in the near future; and
• 69 percent said they were planning to implement at least some type of mobile-ATM integration within the next few years.

In the questionnaire for the first edition of the ATM Software Trends in 2007-2008, nobody would have even thought to ask such questions. Today, the entire ATM industry is asking them.”

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