Mobile Commerce Insider Featured Article

March 03, 2014

PXT Payments' Looped In Service Indicative of a Shift in Payment Methods

PXT Payments and Boston College (BC) announced on Tuesday that they had partnered to make the former’s Looped In payment service available at sporting events held at Conte Forum, an arena on the BC campus. Fans attending games at the facility will be able to make concession purchases through the service.

Looped In can be thought of as the digital version of a gift card with rewards built in. Like a Starbucks Card, it cannot be used to purchase everything; it is limited to a certain set of transactions. With Looped In, this means purchasing concessions at Conte Forum and food at area participating restaurants.

The program has incentives to encourage BC fans to sign up for the service. An initial $10 load results in an additional $5 of credit and is available monthly after that. Every $5 spent leads to $2 more in credit. This generous promo will only be available during the spring semester.

The service has several convenient features. Friends can transfer funds from their accounts to another friend. The unfortunate one in the group who got stuck with buying concessions and bringing them back for the rest of the group can now do so electronically. Users enter a 10-digit PIN instead of a credit card number through a smartphone app when ordering.

Smartphones have effectively become the digital equivalents of wallets, thanks to services like Looped In. Many point-of-sales (POS) terminals accept digital payments where the user displays a QR code on a device screen, which is scanned by a cashier and digital receipts can be sent back to the phone as proof of purchase.

The value to storefronts that use a service like Looped In is substantial. Rewards and incentive programs can easily be integrated into purchases. Anyone who has run a business appreciates the value of return customers.

Customers also benefit since routine transactions will proceed more quickly than before. Eventually all financial transactions are going to be digital and checks, coins and hard currency will become a thing of the past. 




Edited by Cassandra Tucker




Comments powered by Disqus


Related Mobile Commerce Insider Articles