Learn how your customers can pay you with their cellphone.
Gen Z, is the generation right behind the much-talked-about Millennials. Gen Z consumers are the payments industry’s future customer base. This group is projected to make up 40 percent of all US consumers by 2020.
Gen Z is naturally digital. They have never lived without Google, Apple, Facebook and Amazon. They
are mobile mavens. Eighty percent would give up television for a day—and an astonishing 28 percent would give up friends or money—to keep their mobile phone. This “see now, buy now” generation craves immediacy. Devotees of Snapchat and Instagram, their average attention span is just a few seconds. While they move fast, GenZers still demand personalized and highly-relevant experiences as consumers.
How many cards are in your wallet?
Both MasterCard® and Visa® have expanded the use of FinTech partnerships, open APIs and other tools and technologies to deliver more customized and cross-device payments experiences.
Although sometimes the words “digital wallet” and “mobile wallet” are used interchangeably, there is one slight but important difference – mobile wallets are housed in an app on your mobile device, while digital wallets can be accessed via the web on a desktop, laptop or mobile device.
How will this apply to the cannabis industry and in particular dispensaries?
We at First Merchant Bank Card Services didn’t chose to reinvent the wheel! We explored FinTech companies that are taking advantage of open APIs to deliver more customized experiences to digital-savvy customers.
With a Digital eWallet you or your customer have much more control of their funds. With a ** Digital eWallet** you can send funds received daily in your wallet to anyone, any bank, any vendor and the recipient account can be in any name.
As the consumer, when they use their Digital Wallet which is tied into their mobile number they receive an immediate text message to approve the sale to you. That’s why merchant accounts that are tied into the Digital Wallet have almost no chargebacks and no reserve accounts. Gone are the days when your bank will tell you how much you can process through your merchant account! Transfer money to anyone anywhere.
Worried about security and fraud? A proper _Digital Wallet _ “should PCI-DSS Level 1 Certified Provider” enviroment, this means that it needs to comply with the best security standards in electronic transactions and we use the most advanced technology to process and secure your information.
To learn more about Digital Wallet-based merchant accounts please reach out to us.
We want to educate the public that the time has come for both the consumer and the merchant to make decisions about there own funds.
Gen Z is very different from their parents and grandparents. Gen Z is naturally digital. They have never lived without Google, Apple, Facebook and Amazon. They are mobile mavens. Eighty percent would give up television for a day—and an astonishing 28 percent would give up friends or money—to keep their mobile phone. This “see now, buy now” generation craves immediacy. The future is now.
Our next installment will discuss the demise of credit cards. No more plastic, no more card numbers - just software code!
FIRST MERCHANT BANK CARD SERVICES
Steve Randall, Chief Commercial Officer