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Elegance And Simplicity of New Purchasing: Mobile Payments

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Are you still working harder, not smarter? Are you still drawn to solutions that make procurement and other business functions more complicated than they need to be? As Vroozi professed in a recent article about its jointly produced paper with Spend Matters, called Declaration of the New Purchasing: A Buying Manifesto, “complexity will yield to elegance and simplicity.” But, how does that “elegance and simplicity” lead to innovation? In this post, we’ll explore how even the concept of payments has become more elegant in the world of New Purchasing.

With how much our day revolves around the technology at our disposal, technology has the ability to dictate our actions, decision-making and the means for making those decisions. This is the theme of the everyday technology series, New Purchasing: The Intersection of Personal & Enterprise Technology.

In today’s tech-heavy society, nothing has popularized and embodied “elegance and simplicity” quite like the current iterations of smartphones. With beautiful resolution, an extensive list of easy-to-use features and additional applications that can be added on for a variety of purposes, smartphone use is truly the differentiator that separates us from our counterparts of 10 years ago.

Evolving from cellphones that added little more than a phonebook and an organizer to their telephone functionality, web-enabled devices are constantly incorporating more of your daily tools into their operation.

Why purchase a calculator when you’ve already got one on your phone? Why carry around a GPS or an MP3 player? Why choose between cash or credit when you can choose to leave your wallet at home entirely?

This is an example of the evolving “elegance and simplicity” of New Purchasing. Mobile wallets, like your mobile procurement platform, allow you to create and fund an account for making purchases on the go. Even better, mobile wallets, which can require device authentication and carry spending caps and remote cancelability, are safer than physical credit cards or paper money.

As Chase Paymentech explains, “Mobile wallets use near-field communication (NFC) chips inside mobile smart phones and tablets to transmit payment information. When a customer is ready to pay using a mobile wallet, they open an app on their smart phone or other device … At the time of payment, they simply tap their device to an enabled payment terminal, and the payment information is transmitted.”

Chase lists the benefits of mobile wallet payments as increased security, faster payments/quicker lines and less handling of cash. This is elegance and simplicity. As explained in our previous article on the Declaration:

Complexity does not have to bring confusion or latency. Problem solving will become quicker and more elegant. From new data collection methods to processing horsepower (in the Amazon cloud, for example) to crunch through data, the answer to complexity does not have to be more complexity. There will be simplified and elegant solutions that can do much of the heavy lifting for us (e.g. configuring a custom dashboard in Tableau in hours rather than spending months configuring a similar front-end and collected reports in Hyperion).

For enterprise procurement, purchasing cards (also known as P-Cards) are a form of company charge card that allow employees to make business purchases within merchant category code (MCC) restrictions and company spending limits. Just as individuals are continuously replacing their physical charge cards, businesses can now do the same. And, again, it’s safer.

Procuring goods and services via your smartphone is already the norm in personal life – even if you’re just now realizing as much. Why shouldn’t it also translate to your business purchasing?

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First Voice

  1. Anita Garfinckel:

    Safer??? I find this to be one big advertisement for Paymentech P-cards. I just got done helping two customers get rid of their p-card programs after suffering big losses when their end-users were buying gift cards within the restricted MCC that were allowed to them.

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