Istock 964211902 1 jpg 640x360 q85 crop subsampling 2 3 ways mobile payments are changing the fast casual industry

3 ways mobile payments are changing the fast casual industry

By Alex Barrotti, founder and CEO of TouchBistro Restaurants are diversifying the payment methods they accept. Cash, credit, and debit payments are almost universal across restaurants in the U.S., but restaurants are increasingly accepting digital wallets like Apple Pay, Google Pay and Samsung Pay. As of December 2018, it was found that nearly 20% of FSRs are set up to take all three. These findings are based on an independent study conducted by research firm Maru Matchbox on behalf of TouchBistro in December 2018 of over 500 FSR operators.

Mobile payments are changing the restaurant industry in three significant ways

Mobile payments are changing the restaurant industry in three significant ways First, as consumers are becoming more comfortable substituting their mobile phones as a payment form factor that replaces plastic, they are taking advantage of the convenience and security of tapping their phones on payment devices to pay for their orders rather than digging through their wallets for one of their credit cards. Nowadays, no one will leave their homes without their cell phones, but they may opt to leave without a bulky wallet of charge cards. Early adopters of smart watches experience even more convenience with mobile payments.

The second way mobile payments are having a major impact is with online ordering. Online ordering platforms are now used by four out of five restaurants – such as Grubhub, Ubereats and Doordash — increasing revenues and check size. When diners place their orders on their cell phones or tablets, this is done through an app and requires a mobile payment at the time of order.

READ  Digital Currency Has Real Value — Here’s Why | CNBC

The third way is where restaurants offer loyalty programs. Patrons of restaurants that have adopted loyalty programs are able to earn loyalty points that are synched with their payment at the time the payment is made, automatically applying awards toward the cost of the order for the convenience of both the restaurant and diner. Most loyalty programs provide an app to place and pay for an order with a cell phone.

The U.S. has lagged behind most other countries in wide adoption of mobile payments. In order to accept mobile payments, a restaurant must have a device that accepts contactless payments, but few have been available in the U.S. until a couple of years ago. In comparison, these devices have been prevalent in Canada for more than 15 years.

With the rollout of mandatory EMV compliance in the U.S., restaurants have been installing EMV payment devices which all accept contactless payments. Virtually all updated POS systems and new payment devices now accept contactless payments, as well. This has opened the door to broad acceptance of mobile payments in the U.S. along with all the convenience and revenue generating opportunities made available with this technology. Cover photo: iStock Related Content Latest Content

Spread the love
  • Pinit fg en rect gray 20 3 ways mobile payments are changing the fast casual industry

Related Posts

Bully Bitcoin s Value Is About To EXPLODE Why Fed Printing Cash

Bitcoin’s Value Is About To EXPLODE! Why? Fed Printing Cash

With the Federal Reserve Printing Money LIKE CRAZY Combined with SMART MONEY Buying… Bitcoin’s PriceRead More

Spread the love
Man power electricity strong man royalty free thumbnailcut 1 How to Set Up the BlueWallet iOS Based Bitcoin Wallet

How to Set Up the BlueWallet iOS Based Bitcoin Wallet

Learn how to set up a blue wallet through your android and iOS phone. BlueRead More

Spread the love
1140 federal reserve building washington dc Federal Reserve Index The US Is Already in Recession

Federal Reserve Index: The US Is Already in Recession

  The Federal Reserve Bank of Chicago’s monthly index has plunged, suggesting that the U.S.Read More

Spread the love

Leave a Reply