Yet again, the mobile payment industry is revolutionizing your shopping habits. After self-checkout was introduced it didn’t seem like the shopping experience could get more convenient, then AisleBuyer stepped in.
AisleBuyer, a mobile app development company announced the addition of credit card capturing to it’s apps. This new app puts AisleBuyer in direct competition with Square, one of the fastest growing mobile payment startups. AisleBuyer has an advantage over Square — all you need is to snap a photo on your smartphone for it to work, this provides a faster experience than using a reader or entering credit card numbers manually.
How Credit Card Capturing Works
As mobile payment technology evolves so do purchasing habits. AisleBuyer uses a camera equipped smartphone to take an image of a credit card which gives anyone the ability to scan or receive mobile payments. When the card has been successfully scanned into the phone special computer vision technology then extracts necessary information, allowing customers to use it for in-store or online purchase.
In a AisleBuyer press release Dan Preston, Aisle Buyer CTO stated, “By enabling payments through computer vision technology, retailers have an easier way for customers to pay, thus increasing customer satisfaction with the shopping experience.”
Not all companies will be as excited about this feature, particularly financial institutions. On top of revenue lost from a proposed cut in debit swipe fees, they are in even more danger of losing profits due to mobile technology. Therefore, some are considering of stepping in to make up for revenue by adding fees to these features.
MyBankTracker.com wants to know what you think of this new card technology. Do you think it puts shoppers in danger of overspending? Let us know in the comments: