02 Jan Retailers Embrace Payment Apps to Sidestep $90 Billion in Swipe Fees via @Bloomberg
Cumberland Farms is a prime example of this approach. Drivers who fill up at one of the privately held chain’s gas stations can save 10 cents a gallon if they sign up for its SmartPay app, which connects directly to their bank account and is much like paying utility bills or rent. The company says its users have saved more than $100 million by using the SmartPay app.
Sourced through Scoop.it from: www.bloomberg.com
WHY IT MATTERS: the electronic payment apps can save huge amounts for retailers, and it is a loyalty card at same time. Made popular by Starbucks payment apps which now accounts for 14% of all transactions, it is a wonder why not more retailers adopt it. The reason probably is that it requires internal systems to be upgraded which is often a very difficult thing to do.