Swansea University is set to become the first in the UK to adopt a revolutionary new payment system at its retail outlet, thanks to a mobile phone app that converts smartphones into cash registers.
The Costcutter store, based at the Students’ Union, will go live with the innovative ‘Mini Checkout’ app today, allowing it to offer a queue-free experience to students who can now scan, bag and go.
The app, pioneered by Newport retail services firm Retail Merchandising Services (RMS), allows shoppers to scan items’ barcodes and directly charges their bank account, saving the time that would have been spent queuing in store, ensuring a more convenient, less stressful shopping experience.
After downloading the app, consumers are asked to input their bank details into a secure database. Then, when shopping, they can quickly pay for the items in their ‘basket’, using their stored debit card details. When exiting the store, shoppers then scan a generated barcode on their smartphone against an optical scanner to verify their digital receipt for security purposes.
With fees charged by credit cards companies to retailers ranging from up to 2.5% per transaction, this technology – available on Android and iPhone- only takes 1.5% of each transaction, with the remainder going to the retailer.
The app, which is being targeted at Britain’s 47,000 independent retailers, will be unveiled by veteran Welsh sprinter Christian Malcolm, who has joined the RMS team following his retirement.
Mr Malcolm, who started his professional career in 1998, ran his last Welsh Athletics International race earlier this month. He will now embark on the next stage of his career as an Ambassador for RMS, alongside CEO Peter O’Toole and CEO of the Celtic Manor resort Dylan Matthews.
Four-time Olympian Mr Malcolm will spearhead the marketing and rollout of Mini Checkout, with RMS aiming to export the technology globally.
In addition to its technology offering, the company provides a full range of retail services to major retail chains including store design and build, recruitment, training and distribution. Its client base includes national retailers such as Tesco, John Lewis, B&Q, Co-Op and Asda.
The firm, which increased sales by 229% between 2010 and 2012, won the ‘fastest growing firm in the retail and wholesale sector’ award at the 2013 Wales Fast Growth 50 awards and is targeting increased sales this financial year.
Alongside that, its chief executive officer, Peter O’Toole, is the current Entrepreneur of the Year, scooping the award at the 2013 IWA / Western Mail Business Awards.
Peter O’Toole, CEO of RMS and Mini Checkout, said:
“We are delighted to announce Swansea University as the first in the UK to sign up to Mini Checkout at its main retail outlet.
“This Costcutter store’s daily customers will be students and young people, all using smartphones and operating at 100mph and with the speed of this app, shopping here will be a much faster and more enjoyable shopping experience.
“With convenience stores seeking to expand and compete against major supermarkets, this technology puts them one step ahead, without having to invest in costly self-scan infrastructure and new tills. With this app, all shoppers need to do is scan, bag and go.”
Christian Malcolm said:
“This new app will appeal to tech-savvy young people and will ease the pain of queuing in a busy student store. As everyone knows, I’m all about speed and that is exactly what Mini Checkout offers retailers.
“I’m also really excited join the RMS team I’m always seeking the next challenge in life and my next goal is to help retailers improve the customer experience.”
Peter added:
“It is with great pleasure that I announce Christian as a new member of the RMS team. His commitment to Welsh athletics over the last 15 years has been tremendous and hopefully if he can replicate half of that with us, we will be on to a winner.”
Martin Caldwell, Swansea Student’s Union Commercial Manager, said:
“We’re always looking to be an innovative and forward thinking organisation, so we were very excited to be invited to take part in this project.
“We look forward to its future success.”