Have you heard of Microsoft Wallet? If you do not worry, because it has been renamed Microsoft Pay. The question is, has Microsoft (NASDAQ: MSFT) waited too long to compete effectively in the mobile digital pay segment?
Microsoft is now competing in a densely populated populated area of Apple, Google and Samsung, as well as many service providers with their own applications. What Microsoft Pay has to do, is brand recognition and deep pockets, that could catapult this new service to the top of the suppliers as long as the company does not give up.
Originally called Microsoft Wallet as part of Windows Phone, the service was not used. Microsoft announced the Payment Request API for the Edge Web Platform in December 2016. It was released as part of Windows 10 Creators Update in early 2017 under the new name.
Will Microsoft push its payment framework? Small businesses interested in the option will have to wait and see, but in the meantime, here are some of the features that consumers and businesses of all sizes can expect from Microsoft Pay.
As part of your Microsoft account, your profile data can be easily viewed with payment methods and delivery addresses for faster shipments. Consumers will be able to pay online, in the app or with a robot so that they can check where they are.
If you have a Windows Phone, you can store your debit and credit cards in Microsoft Wallet to make payments using your device more easily.
Merchants will also have the option of accepting debit and credit card payments with traditional point-of-sale systems or digitally. This includes bot experience on Skype, other platforms, online or in the app.
Growth of Microsoft Pay
Microsoft Pay has been part of Windows 10 since the creators' update, but the company has not really made known its intention to progress. The information on the site is very basic.
Should your small business start using Microsoft Pay? It would not hurt, but what will Microsoft do to encourage more consumers and traders to adopt the platform?
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