Why Retailers Struggle To Adopt Mobile Payments
While big banks and tech giants are selling the idea of faster, safer retail transactions, retailers have a harder time getting on board. In the past three years, Apple, Samsung and Google all launched mobile wallets. In November, JPMorgan Chase and Citibank launched their Chase Pay and Citi Pay programs. In theory, there are tools retailers can easily implement, but they’ve hit the breaks for three reasons: Legacy retail giants are still focused more on cutting costs than improving the customer experience; overhauling hardware and software is enormously complex; and consumers need more incentives to use mobile payments on a daily basis. “Before you worry about integration, you’ve got to have a business strategy that appreciates innovation and makes it a priority,” said David Sica, a principal at Nyca Partners, a fintech venture capital firm. “Once you have a plan for what you’re going to do at X retailer, then the integration is certainly doable, but you’ve got to put resources and people behind it, and it’s going to cost money.” Read more at Digiday.