Microsoft Corporation is breaking new ground as it returns to its pacesetter status in the tech industry. The firm has wowed us with Office 365, Windows 10, Cortana and the Edge Browser on the software side. On the hardware side, the firm is making a strong showing with Surface Pro tablets, Surface Book, Surface Studio, Surface Dial and the rumored Surface Phone. Microsoft is innovating and now, it has set its sights on the payment processing market.
You may not have heard about Microsoft Wallet yet, but it seems the firm may have created the perfect payment system for simplifying digital payments. Microsoft Wallet gives you the convenience of sending digital payments with credit or debit cards – without the card. All you need to do is to tap your phone on a payment gateway and the charge will be posted to your credit or debit card.
Microsoft tests payments on Edge Browsers
Microsoft Corporation has started testing the Payment Request API in order to create a better in-browser payment system for its Edge browser. A blog post written by Andy Pavia, the firm’s Program Manager for Edge provides insight into the plan to bring payments to the browsers. Andy says the Payment Request API in Edge will provide merchants and shoppers with a “simpler checkout and payments on the web on Windows 10 PCs and Phones.”
The firm wants to get into the payments market and it wants developers to build products that make it easier for people to make ecommerce payments directly from their browsers on Windows 10 devices. Buyers will need to enter their payment information on the wallet and they can go ahead with their online purchases by paying directly from the browser without needed to enter payment info again.
The firm observes that shoppers abandoned 74% of online shopping carts in 2013 according to data from data company, Barilliance. Now, “46% of cart abandonments occur at the payment stage, and others happen at address entry points or checkout login.” An abandoned cart often translates into lost sales or delayed sales for the merchant. Hence, Microsoft Wallet could become the go-to payment system if it actually solves the problem of abandoned carts.
Microsoft Wallet could make Windows 10 more compelling
Microsoft Corporation doesn’t have a foothold in the global smartphone market; although, the story might change when it debuts its Surface Phone. The firm however controls the desktop market with its suite of Windows OS – never mind that the firm wants everyone to upgrade to Windows 10. Interestingly, about 81% of ecommerce sales happen on the desktop; hence, Microsoft is making a strategic move to build the best in-browser payment system in the market.
Microsoft could end up with massive leverage in the payments industry going forward if Wallet succeeds on the Edge browser and if the firm is able to extend the reach of payment solution to other browsers such as Chrome. The Payment Request API is still in preview build but the firm has promised to provide more support going forward- In fact, buyers and merchants can expect to see the implementation starting 2017.