October 31, 2013
Next time you are in the SoHo district of New York and fancy a coffee, you can walk right down to Nespresso cafe and order a drink by paying using your mobile.The mobile payment solution that powers the Nespresso cafe has been developed by 'I Love Velvet', one of the leading provider of Mobile Point of Sale solutions.
I Love Velvet is a Mobile Point of Sale innovator for large retailers, entertainment groups and restaurant chains. It provides a proprietary hardware and software solution, offering retailers the flexibility of mobile payments with a fully integrated POS solution.
I Love Velvet was founded in 2010 by three former SAP, Oracle and Enterprise retail executives. The company is currently headed by Patrick Bouaziz who is also the CEO of the company.
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Source: I Love Velvet
The differentiator for I Love Velvet is its design and that it is compatible with a large set of popular devices. Including Apple's latest devices that feature the lightening connector - the iPad, iPad mini, iPhone 5, iPod Touch. Also Android and Windows 7 operating systems.
I Love Velvet has successfully been deployed with retailers and merchants in the US & Europe and has recently expanded into Asia.It uses a fully encrypted process in order to process the payments. I Love Velvet provides solutions to not only the food and beverage industry but also to the hospitality industry. In the hospitality sector ILove Velvet has installed a customized mobile payment solution for Nesspresso cafe in New York. This solution uses its own patented application and hardware which includes an Apple certified microchip.The mobile solution enables PoS payment and taking orders.
I Love Velvet was doing well in 2012, and Reuters said that it stands as the third largest mobile payment software globally behind Ingenico and Vodafone. Back in May 2013, I Love Velvet expanded their services to Asia with a focus on large retailers in China, Japan and Singapore.
Here is a video where team I Love Velvet demonstrate their offerings and how they work:
LTP View: I Love Velvet claims that it is present in most of the countries around the world in the Mobile Point of Sale application space. It sets itself apart in its compatibility to Apple & Andriod devices and by supporting various payment options and enterprise grade built-in security features. There were a few players in the end to end MPOS capability space in the past and early mover advantage is there with I Love Velvet. It continues to expand its reach to different geographies in its quest to improve the customer experience for its clients & to define the mobile payment technology.