Electronic payments group Wirecard has developed a new form of checkout technology that will allow merchants to facilitate open and closed-loop payments.
The retail payment development platform will integrate open and closed-loop payments together, making it easier for retailers to process payments and gift card spending on their mobile applications. According to Wirecard, nearly half of all major retailers have launched their own smartphone app.
Payments made via QR codes and NFC technology will be facilitated by Wirecard’s new tech. Merchants will be able to process payments either from their own closed-loop system or using platforms such as Visa and MasterCard as an open–loop solution.
‘‘Annually hundreds of millions of payments are conducted with retailer-specific payment instruments – ranging from gift cards to smartphone applications developed by retailers,” commented Dr. Markus Braun, CEO of Wirecard AG.
The new technology will also enable peer-to-peer gifting, as the market for retail gift cards in the United States has skyrocketed. By 2017, over $14bn will have been spent between consumers in the form of electronic gift cards.
‘‘Our new retail payments platform enables retailers to increase the appeal of their smartphone applications by leveraging Wirecard’s extensive range of payment, couponing and loyalty functionalities,’’ continued Braun.
The platform is in an early stage of its release, with European merchants piloting the technology. Commercial use of the product is expected to happen later on this year.
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