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Mobile Payments

Mobile Payments. http://www.mobilemarketingwatch.com/wordpress/wp-content/uploads/2010/08/Mobile-Payment-Transactions-To-Reach-56.7B-By-2015-NFC-Adoption-Stands-At-1.7-Percent.jpg. Kristen Meyer, PharmD Candidate University of Charleston School of Pharmacy PCCA CPMS Intern

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Mobile Payments

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  1. Mobile Payments http://www.mobilemarketingwatch.com/wordpress/wp-content/uploads/2010/08/Mobile-Payment-Transactions-To-Reach-56.7B-By-2015-NFC-Adoption-Stands-At-1.7-Percent.jpg Kristen Meyer, PharmD Candidate University of Charleston School of Pharmacy PCCA CPMS Intern January 3, 2011 – February 3, 2011

  2. Outline • Smartphone use • Mobile technology utilized in pharmacy • Mobile Payments • Types of Mobile Payments • Mobile Payments use in pharmacy practice • Recent news in mobile payments • Questions/thoughts/opinions

  3. Smartphone Users on the Rise • An estimated 73.3 million people in the United States own smartphones • Predicted that 1 in 2 Americans will own a smartphone by Christmas 2011 • 69% of smartphone owners have downloaded an app • Text messaging remains the most popular feature manufacturer.com geek.com weblearners.com macworld.com

  4. Mobile Technology and Pharmacy • Walgreens Mobile App • Refill prescriptions • Reminder text-messaging service • Weekly Ads/Coupons • Store locator • Order photos • Flu shot locator bestapps.com walgreens.com

  5. New Trend: Mobile Payments katu.com iranmobin.com mybanktracker.com tomnoyes.wordpress.com paymentscouncil.org.uk

  6. Predicted Mobile Spending http://money.cnn.com/2011/01/24/pf/end_of_credit_cards/

  7. Types of Mobile Payments • Mobile-to-mobile payments • Mobile devices as credit card processors • Mobile devices used as credit cards

  8. Mobile-to-Mobile Payments • Merchant applications allowing instantaneous transfer of funds from one account to another via smartphone • Examples: • Paypal Bump • Bump phones together to receive account info • Or enter email address to download appropriate account info • 1.9% - 2.9% + $0.30 transaction fee

  9. Mobile Devices as Credit Card Processors • Square, Inc. • Device acts a mini credit card reader inputting pertinent transaction information into the phone through Square App • Cost: 2.75% + $0.15/card swiped; 3.5% +$0.15/card keyed in • Intuit • Mobile credit card reader • Cost • Low Volume: $0/month, 2.7% + $0.15/swipe, 3.7% + $0.15/keyed in • High Volume: $12.95/month, 1.7% + $0.30/swipe, 2.7% + $0.30/keyed in *Also additional fees for non-qualified transactions allaexpression.com http://www.multicellphone.com/category/mobile-payment/page/2/

  10. Mobile Devices as Credit Cards • Near Field Communication (NFC) Technology • Allows consumers to wave their mobile phone over a point of sale terminal to purchase retail items • Thought to threaten the existence of the wallet • Companies set to launch pilot programs: • Wells Fargo • Google • ISIS(partnership between AT&T, Verizon Wireless, T-Mobile, Discover Financial Services and Barclays) • Costs: • Approximately $200/reader • Phones with microchips would cost an additional $10 to $15 • Transaction fees? news.softpedia.com

  11. Adoptability of NFC Technology • Multiple transaction systems (like with credit cards) would need to be put into place before the technology would work • Banks, merchants, phone makers, and wireless carriers would need to agree on transaction fees and technical specifications • Security threats • May be useful for small transactions (fast food, transit costs, etc.), but not predicted to be used for big purchases

  12. Others • Some carriers have considered allowing consumers to use their phone as a payment device and their purchases are added to their monthly phone bill • Consumers would used their telephone number in place of a credit card number or utilize NFC technology

  13. Use in Pharmacy • Purchasing Rxs and merchandise in the pharmacy – gives patients additional option of payment • Ease of payment for services provided outside the pharmacy • Deliveries • Sales • Consultations

  14. Starbucks launches mobile barcode-based service across the US Customers download the Starbucks Card Mobile App and can make payments by scanning the apps on-screen barcode at the register The app allows customers to manage their Starbucks Card account, check the balance, reload money on the card with any major credit card, earn rewards and find nearby stores Recent News in Mobile Payments January 24, 2011 blogs.oracle.com

  15. Recent News in Mobile Payments January 25, 2011 • iPhones & iPads to gain NFC Payment Features • Technology will be introduced this year in new generations of iPhone and iPad2 • Service would access credit card numbers, iTune gift card balances, and bank information and hold loyalty credits and points • Cut costs of credit card processing fees to Apple by directly accessing customer bank accounts, thus cutting costs to retailers who sell Apple products • Offering merchants free NFC payments terminals that are compatible with the services in their devices

  16. Works Cited • Bannan, K. J. (2010, May 19). Cell phone payment system options mutiply. Retrieved January 8, 2011, from Fox Business: http://www.foxbusiness.com/personal-finance/2010/05/19/cell-phone-payment-options-multiply/ • Bell, S. (2010, October 13). In Accepting Mobile Payment, Merchants Face Higher Fraud Risk. Retrieved January 8, 2011, from Insurance Networking News: http://www.insurancenetworking.com/news/insurance_technology_mobile_payments_risk_fraud_credit-26090-1.html • Clark, Sarah. (2011, January 24). Starbucks ‘will continue to explore NFC’ . Retrieved January 24, 2011, from NFC World: http://www.nearfieldcommunicationsworld.com/2011/01/24/35709/starbucks-will-continue-to-explore-nfc/ • Eichenbaum, P., & Collins, M. (2010, August 2). AT&T, Verizon to Target Visa, MasterCard With Smartphones. Retrieved January 8, 2011, from Bloomberg: http://www.bloomberg.com/news/2010-08-02/at-t-verizon-said-to-target-visa-mastercard-with-smartphones.html • Intuit, Inc. (2011). Service Fees. Retrieved January 24, 2011, from Intuit, Inc.: http://payments.intuit.com/products/basic-payment-solutions/mobile-credit-card-processing.jsp • Kharif, O. (2011, January 4). In the Works: A Google Mobile Payment Service? Retrieved January 8, 2011, from Bloomberg Businessweek: http://www.businessweek.com/technology/content/dec2010/tc20101231_087039.htm • Kharif, O. (2011, January 25). IPhones, iPads to Gain NFC Payment FeaturesRetrieved January 25, 2011, from Bloomberg Businessweek: http://www.businessweek.com/technology/content/jan2011/tc20110125_174308.htm • King, R. (2001, January 4). Wells Fargo to Employees: Leave Wallets Home, Pay by Phone. Retrieved January 8, 2011, from Bloomberg Businessweek: http://www.businessweek.com/technology/content/dec2010/tc20101231_921299.htm • PayPal. (1999-2011). Fees & Mobile Technology. Retrieved January 8, 2011, from PayPal: https://www.paypal.com/ • Square, Inc. (2011). Service Fees. Retrieved January 8, 2011, from Square, Inc.: https://squareup.com/

  17. Questions/Thoughts/Opinions?

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