Mobile Appcessories and the Payment Revolution
In the payment industry, payment readers designed by Square in the US and iZettle in Sweden, are creating an alternative to more expensive POS (Point of Sale) hardware. In the case of payment processing, devices that attach to the smartphone bring functionality associated with business use into the consumer sphere at a cost which is viable and which would have previously been prohibitive. On both sides of the Atlantic, companies are focusing on creating add-ons to the mobile device to enable small traders and retailers to take card-payments without expensive POS (point of sale) infrastructure. Square in the US and iZettle in Sweden are both currently expanding their services. Square recently announced over 4 million registered individuals using its service in North America and the company is processing over $15 billion in annualised payments via its Register service. Companies developing a payment smart wireless accessory strategy have a clear service proposition and they are conveying this strategy effectively. In our recent research on smart wireless accessories, we noted that the business case supporting payment smart wireless accessories is both intuitive and credible. While this supports the rapid development of payment accessories in the medium term, companies are likely to focus on core markets for the foreseeable future, accounting for the market being skewed towards the US, Europe and Far East where services are currently being offered.