Beacons, or Bluetooth Low Energy transmitters, are seeing a burst in popularity as components of mobile payment systems. The devices, which can be roughly the size and shape of a nightlight, allow retailers to detect a mobile app user's presence in the store.But as they exist today, they do little more than make Madison Avenue come-ons, teasing shoppers with discounts and offers that the beacons (and even the beacons in conjunction with mobile apps) can't deliver. How can this loop be closed? Can beacons directly process payments? Unlikely, but indirect payments are all but a certainty, although that's at least a couple of years away.Javelin Strategy & Research's new Mobile Proximity Payments Forecast 2015 report suggests that while 9% of online transactions are currently made on smartphones, mobile proximity payments (payments made via smartphones at brick and mortar stores) account for just 1% of all retail transactions. Though this data might make the market seem very small, experts predict the proximity payments market to take off over the next few years. The recent developments in mobile payment infrastructure (especially beacon-enabled payments) combined with more and more retailers transitioning to contactless terminals and higher number of consumers opting for mobile payments, are some of primary factors that back this prediction.The struggles with beacons also extend to a pragmatic issue. It is almost universally accepted that firms that make beacon offers must be disciplined and severely restrict how many promotions any shopper receives. If that doesn't happen, shoppers will quickly tire and will either delete that application, restrict its ability to send offers or even cut off all beacon communications entirely. Once cut off, it will be extremely difficult to convince that shopper to again trust beacons.According to Mobile Commerce Markets: Key Sector Strategies, Opportunities & Forecasts 2014-2019 report, growth in proximity payments will outpace other transactions over the next five years as mobile commerce explodes. Therefore, it is now high time that retailers and other businesses in the payments and commerce space start focusing on proximity payments.
SWIVIO helps businesses enrich their customers experience by delivering relevant mobile Ads based on context, proximity, location and business type. Unlike many existing GPS based systems, SWIVIO uses latest iBeacon & BLE technology, which is more location accurate. It helps businesses to increase revenues, branding and customer loyalty.
Swivio is an location based marketing application which shows the updates of the near by offers using beacon technology.
Source : articlesbase.com
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