May Developer Tracker: Busting lines, one wearable at a time
Wearable technology like fitness trackers and smartwatches are becoming more widely adopted by consumers, and technology companies are taking notice. This month’s edition of PYMNTS.com’s Developer Tracker™ powered by Vantiv, features startup LibriSpark which is entering the market with a wearable point of sale (POS) solution designed to bring speed and mobility to the checkout experience. LibriSpark CEO Jeremy Feldman explains that the solution includes both hardware and software, with the POS wearable device accepting a variety of payment methods (near field communication, magnetic stripe cards, QR Codes, etc.).
This “line busting” solution eliminates the single point of interaction – the POS terminal – as the only place to complete a sale. This is especially important when stores are busy. Feldman explains, “Busy times are a critical time for a business. The more efficiently the POS can work, the better the user experience while minimizing the loss in sales due to waiting.” The solution’s software uses real-time data analytics to provide meaningful insights and gather data metrics from the device to help fight fraud.
Initially, the wearable POS solution will be targeted at the restaurant and bar industry, as well as merchants who need to accept payments while making deliveries. In these scenarios, the ability to provide the consumer with the opportunity to make a payment on the spot may serve as a true time saver.
Read this and more in May’s Developer Tracker, which also covers:
- Developments in mobile payments technology for vehicle fleets
- Snapchat’s investments in shoppable ad experiences
- The rise of biometric payments in Japan
- Visa’s new Quick Chip for EMV, designed to speed up checkout time for chip card transactions
- Samsung’s connected fridge and how it’s designed to streamline grocery shopping