Mobile Payments Competition Heats Up
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Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 2.3%
Revenue Growth %: +11.9%
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It's no secret that, given the right set of variables, technology changes can happen fast. The effect these changes have on businesses caught up or left behind by the new technology can be breathtaking. Recent history is littered with the charred remains of companies who simply couldn't keep up with the rapid pace of evolution. Today's most rapidly advancing technology crucible, for those who haven't been paying attention, is the field of retail mobile retail payments.
Recently Keith Rabois, the COO of Square, a company seen as one of the fastest rising star in mobile payments, predicted that in the future nearly all retailers will be running their businesses off an iPad or comparable device. This isn't a huge surprise to most. However, if Square's COO is right, the pace of the transition will give many investors and businesses whiplash. Rabois's time frame: 18 months.
"The era of standalone machines is over," said Rabois, a former executive at PayPal. "Everyone will be migrating to iPads and comparable devices, which will be powered by an app - that is, hopefully, Square."
A recent survey by the National Retail Federation found that while only 6 percent of retailers said they used mobile point-of-sale devices, half of the respondents said at the time that they planned to adopt such devices over the next 18 months. Additionally, about 75 percent of U.S. merchants said they intended to buy a tablet over the next year, according to market researcher NPD.
Square isn't the only company in on the game. eBay's PayPal (Nasdaq: EBAY) , Verifone (NYSE: Pay) and Intuit (Nasdaq: INTU) all have plans to help merchants upgrade their systems without new hardware. NCR (NYSE: NCR), one of the largest manufacturers of payment processing equipment, recently introduced the first cloud-based point of sale software platform, called NCR Silver, which allows retailers to make purchases through credit cars or mobile payments. And today Oracle (Nasdaq: ORCL) introduced Oracle Retail Mobile Point-of-Service, a mobile extension to Oracle Retail Point-of-Service.
Recently Keith Rabois, the COO of Square, a company seen as one of the fastest rising star in mobile payments, predicted that in the future nearly all retailers will be running their businesses off an iPad or comparable device. This isn't a huge surprise to most. However, if Square's COO is right, the pace of the transition will give many investors and businesses whiplash. Rabois's time frame: 18 months.
"The era of standalone machines is over," said Rabois, a former executive at PayPal. "Everyone will be migrating to iPads and comparable devices, which will be powered by an app - that is, hopefully, Square."
A recent survey by the National Retail Federation found that while only 6 percent of retailers said they used mobile point-of-sale devices, half of the respondents said at the time that they planned to adopt such devices over the next 18 months. Additionally, about 75 percent of U.S. merchants said they intended to buy a tablet over the next year, according to market researcher NPD.
Square isn't the only company in on the game. eBay's PayPal (Nasdaq: EBAY) , Verifone (NYSE: Pay) and Intuit (Nasdaq: INTU) all have plans to help merchants upgrade their systems without new hardware. NCR (NYSE: NCR), one of the largest manufacturers of payment processing equipment, recently introduced the first cloud-based point of sale software platform, called NCR Silver, which allows retailers to make purchases through credit cars or mobile payments. And today Oracle (Nasdaq: ORCL) introduced Oracle Retail Mobile Point-of-Service, a mobile extension to Oracle Retail Point-of-Service.
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