Velocity Lets Patrons Pay for Restaurant Meals & Earn Rewards on a Phone
Laura McQuarrie — July 2, 2015 — Tech
References: velocityapp & pymnts
Velocity is a restaurant payment and lifestyle app that promises diners will never have to wait for another bill. The app makes it possible to view charges incurred in real-time and empowers restaurant-goers to settle the bill at their leisure, while also freeing up the responsibilities of restaurant staff so that their attention can be directed elsewhere.
As well as being a powerful tool for payments, as Velocity's Alex Macdonald describes, "Velocity empowers restaurants to turn the point of payment into a point of engagement as part of their own loyalty programs." On the spot, diners are able to view a collection of their earned loyalty rewards and apply them on the spot to their bill.
The aim of the app is mainly to modernize the hospitality industry, especially for the affluent young Millennials. So far, businesses that have partnered with Velocity reported that diners tend to spend about 14 percent more with the use of this app.
As well as being a powerful tool for payments, as Velocity's Alex Macdonald describes, "Velocity empowers restaurants to turn the point of payment into a point of engagement as part of their own loyalty programs." On the spot, diners are able to view a collection of their earned loyalty rewards and apply them on the spot to their bill.
The aim of the app is mainly to modernize the hospitality industry, especially for the affluent young Millennials. So far, businesses that have partnered with Velocity reported that diners tend to spend about 14 percent more with the use of this app.
Trend Themes
1. Real-time Payments - Opportunity for businesses to implement real-time payment systems to enhance customer experience and increase efficiency.
2. Loyalty Program Integration - Restaurants can integrate loyalty programs into payment platforms to incentivize customer loyalty and drive repeat business.
3. Mobile Payment Solutions - The rise of mobile payment apps presents an opportunity for restaurants to offer convenient and seamless payment options to their customers.
Industry Implications
1. Hospitality Industry - Restaurants and other businesses in the hospitality industry can leverage real-time payment systems and loyalty program integration to enhance customer satisfaction.
2. Mobile App Development - The demand for mobile payment solutions creates opportunities for companies specializing in mobile app development to create innovative and user-friendly payment apps for restaurants.
3. Millennial Marketing - Restaurants can target affluent Millennials by incorporating modern payment solutions and loyalty programs as part of their marketing strategy.
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