HONEYWELL MOBILE PAYMENT SOLUTION HELPS MERCHANTS MEET CUSTOMER NEEDS ANYWHERE, ANYTIME

Rhea-AI Summary

Honeywell has launched Honeywell Smart Pay, a new contactless payment software solution that transforms mobile computers into secure payment terminals. This service allows businesses to accept payments on-the-spot, enhancing customer experience in retail, parcel delivery, and public transit. Smart Pay eliminates the need for traditional mPOS hardware, significantly reducing costs while maintaining security. Supported by major credit cards covering 85% of global transaction volume, the platform was developed in collaboration with Amadis, ensuring high-level security compliance for payments.

Positive

• Launch of Honeywell Smart Pay enhances payment capabilities and customer service.
• Elimination of traditional mPOS hardware reduces costs for businesses.
• Supports major credit cards, covering 85% of global transaction volume with plans for more regional brands in 2023.
• Collaboration with Amadis strengthens security and compliance of payment processes.

Negative

• None.

Honeywell Smart Pay enables on-the-spot payments in retail, parcel delivery, public transportation services and other businesses to expand their payment capacity, increase top-line revenue, more effectively serve customers and help minimize operating costs

CHARLOTTE, N.C., Nov. 1, 2022 /PRNewswire/ -- Honeywell (Nasdaq: HON) today announced the release of Honeywell Smart Pay, a contactless software payment solution enabling the company's powerful mobile computers to become secure and compliant payment terminals, accepting contactless mobile payments from anywhere a business sells or delivers goods and services.

Honeywell Smart Pay gives sales associates and service employees the power to finalize payments on-the-spot in retail, parcel delivery, public transportation services and other businesses where mobile payment can be used.

With a major chip-enabled credit card or contactless payment-enabled mobile phone, any employee with a Honeywell mobile computer, including the award winning CT30 XP and CT40 XP, can accept payment from a consumer either out in the field or in store, improving the overall customer experience and providing a seamless transactional experience with increased security and flexibility of payment options.

"Effortless check-out and the delivery of specialized customer service can help create loyal customers and make lasting impressions," said Taylor Smith, chief technology officer of Honeywell Productivity Solutions and Services. "We designed Honeywell Smart Pay with the goal of helping merchants make consumer purchasing faster, easier and secure – making the customer experience better."

More people are using cards and digital wallets to make purchases in store instead of using cash. The Federal Reserve Board noted that in 2021, only one in five consumers preferred to pay with cash for in-person payments. Salesforce¹ recently reported 83% of consumers have already used contactless payments, and 65% of customers plan to use contactless payments more in the next three years. 

For a merchant, traditional mobile point of sale (mPOS) accessories that mount on a mobile computer come with a recurring lifetime cost for hardware for card readers, costs for encryption keys for payment processing which, when combined, rival the cost of the mobile computer alone, nearly doubling the total upfront cost for mobile payment. Smart Pay software point of sale eliminates these added costs and the bulk and weight of the accessories while keeping customer data secure.

The software solution was designed in collaboration with leading payment software and consulting provider Amadis, whose software has been deployed in more than 40 million mobile devices globally.

"Honeywell Smart Pay incorporates sophisticated secure code and anti-tampering technology with Amadis' proven card processing and security software essentials, providing a secure payment acceptance services solution," said Emmanuel Haydont, CEO and co-founder of Amadis. "This technology emulates in software the physical secure platform and tamper detection employed on traditional payment terminals to maintain the high level of security compliance demanded by payment networks to assure safe retail payments."

Honeywell Smart Pay supports major credit cards representing more than 85% of global transaction volume, with additional regional card brands to come in 2023.

Honeywell Productivity Solutions and Services develops and deploys an innovative range of solutions, software and services that help keep workers and workplaces safer and more productive, and supply chains and assets more efficient, accurate and reliable. For more information, visit sps.honeywell.com.

Honeywell Safety and Productivity Solutions (SPS) provides products, software and connected solutions that improve productivity, workplace safety and asset performance for our customers across the globe. We deliver on this promise through industry-leading mobile devices, software, cloud technology and automation solutions, the broadest range of personal protective equipment and gas detection technology, and custom-engineered sensors, switches and controls. For more information, please visit: sps.honeywell.com.

Honeywell (www.honeywell.com) delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

¹ Salesforce, Inc., State of the Connected Consumer, 5^th Edition, May 11, 2022.

Contacts:

Media 
Whitney Ellis 
(704) 621-4354 
whitney.ellis@honeywell.com 

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SOURCE Honeywell

FAQ

What is Honeywell Smart Pay?

Honeywell Smart Pay is a contactless payment solution that enables mobile computers to act as secure payment terminals, allowing transactions from anywhere.

How does Honeywell Smart Pay benefit businesses?

It enhances payment capabilities, reduces operating costs by eliminating mPOS hardware, and improves customer experience with on-the-spot payment functionality.

When was Honeywell Smart Pay announced?

Honeywell Smart Pay was announced on November 1, 2022.

What percentage of global transaction volume does Honeywell Smart Pay support?

It supports major credit cards representing over 85% of global transaction volume.

Who partnered with Honeywell for Smart Pay?

Honeywell collaborated with Amadis, a leading payment software provider, to develop Smart Pay.