Barclays launches two new m-commerce alternative payments solutions
Barclays has launched two new features within its mobile payment app, Barclays Pingit. 'Mobile checkout' is a payment feature for quick and easy purchases from a mobile web or app checkout page and 'buy it' bridges the gap between advertising and sales by enabling consumers to purchase advertised goods and services immediately.
The new features mean businesses such as retailers are now able to offer their customers two new mobile payment solutions that provide a fast, easy and secure way to pay for goods and services.
'Mobile checkout' is optimised for a mobile experience, with only a few clicks required to make an instant settlement via a 'Pay with Barclays Pingit' button. It eradicates the need for the entry of long or large amounts of personal details, which can be challenging and time consuming on small handsets.
Mike Walters, head of UK corporate payments at Barclays said: 'For mobile enabled businesses, this is a great way to increase sales conversion by reducing payment input errors and increased consumer assurance at checkout. For new players to the market, it is an easy, low risk way to enter into mobile commerce.'
The advent of the 'buy it' feature on Barclays Pingit enables instant purchases from traditional advertising collateral. By logging onto Barclays Pingit, consumers can buy products direct from an advert and other marketing collateral by scanning a QR code. Barclays Pingit displays the product information (price, merchant information, delivery information and stock levels). Confirming these details enables a Barclays Pingit user to initiate an instant purchase, which can be delivered to a chosen address. Once confirmed, the customer receives a confirmatory SMS and email.
For businesses this process can transform their adverts into a highly accessible and convenient sales channel. Additionally, it increases the value of their existing assets, for example, by enabling people to buy from window displays, or from unmanned display stands, at any time. Businesses can also encourage immediate sale of items with marketing incentives such as limited time offers, offers on new products and limited stock offers. The feature can also help businesses evaluate the effectiveness of an advertising campaign by tracking adverts that are driving sales. Walters added: 'Mobile commerce has grown more than 250% over the last two years and it is important that businesses provide consumers with a convenient and easy payment method through this channel.' Research by Harris Interactive has shown that while 68% of mobile and tablet owners have tried to make a purchase on a mobile or tablet, as many as two-thirds of those have abandoned the purchase due to issues with the payment platform. Many of the payment solutions in the market today have not been optimised for an m-commerce environment. Launched in February last year, Barclays Pingit was the UK's first service to facilitate the instant payment and receipt of money using mobile phone numbers to anyone with a UK current account and UK mobile phone number, without the need to share bank details.