Wirecard announced the launch of a mobile checkout development platform for retailers. The retail payments platform enables retailers to increase the appeal and functional scope of their own app by integrating open- and closed-loop contactless payments, peer-to-peer gifting, offers and merchant loyalty functionality.
Today, closed-loop mobile payment and checkout applications by retailers are dominating
the mobile payments market in terms of usage frequency and transaction volumes. Retail apps are rapidly gaining market share with nearly half of all major retailers having launched their own smartphone app.
Mobile payments are also rapidly gaining traction in the global market for retail gift cards. In the US alone, the market for retail gift cards is expected to reach $149 billion by 2017, with a staggering $14 billion expected to be sent peer-to-peer between consumers as electronic gift cards.
“Annually hundreds of millions of payments are conducted with retailer-specific payment instruments – ranging from gift cards to smartphone applications developed by retailers” says Dr. Markus Braun, CEO of Wirecard AG. “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.”
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