So what does this mean for the restaurant industry?
By Jeff Kingman, Director of Client Relations & Business Development at DigitalCoCo
Samsung's new mobile payment technology was announced this past weekend, and according to all the technology review articles since, it is anticipated to surpass Apple Pay when fully deployed this summer.
For restaurant marketers, two critical attributes emerge. First is to introduce your guests to the ease of payment by swiping a phone at nearly every restaurant in the U.S., with their magnetic secure transmission (MST) technology from LoopPay. The second is the increased opportunity to collect consumer data from card transactions, combined with social mobile data collection from DigitalCoCo's VenueBeacon service.
It should be no surprise that the bulk of today's restaurant consumers, especially in Fast Casual, feel quite at ease with new technology. While Apple Pay is a big step forward, the cost to upgrade payment systems to near field communications (NFC) can be a challenge for rapid deployment by many operators.
Samsung removes this barrier with MST technology, by embedding the mag-stripe in the actual phone case - simply press the phone to the card reader and the payment executes. This opens up nearly the entire restaurant industry to secure mobile payments. For brand marketers, this presents the opportunity to educate consumers on the ease of payment.
Collecting consumer data - both transactional and social - is exponentially increased with Samsung's new technology. The amount of traditional transactional consumer data collected should increase in scope with the ease of mobile payments using MST and NFC technologies.
For marketers seeking to truly understand their consumers and competitors, the increased use of mobile at the register also allows effective and robust social data collection with DigitalCoCo's business intelligence service VenueBeacon. VenueBeacon offers process-patented marriage of smart phone use in locations to the social data of over 225 million indexed consumers passionate about dining out.
For more information on the power of VenueBeacon in your locations, please email email@example.com.