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Banking and Financial Services in SupermarketsPublished by: Supermarket Strategic Alert Published: Jan. 2, 2004 - 12 Pages Table of ContentsNationwide decline in use of checks 7-Eleven to expand financial services Beware of proprietary credit cards Lowering transaction costs Wal-Mart....still thinking full service 7-Eleven goes kiosk RFID payment: soon everywhere Largest smart card test Wal-Mart: Cash, gas discounts Starbucks: credit, loyalty & free coffee Instore banks imperfect The Decline & Fall of Cash: Payment habits evolving The Decline & Fall of Cash: Retailers lead the way AbstractAs supermarkets look to squeeze out every penny, they are increasingly considering multiple avenues: (1) Some no longer accept shopper checks for payment because of processing charges. (2) Some are issuing proprietary cards good for charging elsewhere and generating loyalty points. Starbucks was the first with a debit/cash card for coffee and credit card in one. (3) Some are installing kiosks for additional services, including money orders, cashing pay checks and wiring funds.Wal-Mart continues to pursue full service banking—a move that could deliver an enormous advantage in transaction processing. Those who look more than a year ahead talk about RFID for payments to further speed checkout and satisfy customers’ desires to carry less cash everywhere. |
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