Payment Processing Tech and Retail are Getting an Augmented Reality Check

What compels the consumer experience? Payment processing technology, product variety, something else? There are several popular and accurate answers to this question, but one of the more obvious ones is convenience. Between browsing and checking out and paying, the goal for merchants should be to provide a customer experience with as little friction as possible. Things like NFC and mobile payments play a role in this goal, but now, so will augmented reality.

Although augmented reality is starting to become more prominent in fields like payment processing and retail, we may have neglected to realize that we’ve actually already been using it. Everyone’s Snap chat selfies are now never complete without a filter that creates an enhanced environment, and Pokemon Go created an alternate world in our actual reality. Recently, even Facebook has ventured into the augmented and virtual reality realm. There is no such thing as one reality anymore.

We’ve seen it before, but now we will be seeing augmented reality more as it becomes part of shaping the future of payment processing and retail, particularly through mobile commerce. In 2015 alone, augmented reality as well as virtual reality companies have already raised more than $650 million in financing to make augmented reality a component of transforming the retail shopping experience, particularly through online and mobile.