Payments are crucially important to U.S. retail commerce, which is valued at more than $5 trillion annually. Synchrony Financial, a company that's been in the business of consumer finance for over 80 years, it is exciting to see how emerging technology and new users of existing technology are driving innovation in the payments industry.
Synchrony continues to build, partner, and invest in innovative mobile solutions for the entire credit lifecycle - from acquisition to servicing and loyalty to payments.
Earlier this year we announced a strategic partnership with mobile developer GPShopper to offer solutions that empower retailers to drive customer engagement and loyalty by bridging the online and in-store shopping experience with the use of mobile technologies.
Working with GPShopper we have developed native apps, installed directly onto a mobile device, which take advatage of device features like GPS and TouchID to offer a seamless user experience and enhanced functionality. The apps also give retailers, merchants and service providers the ability to send push notifications for location-based promotions and special offers to drive awareness and repeat business.
Technology innovations allow us to expand how we are thinking about the evolving customer retail experience - especially for mobile shoppers. As more merchants and customers embrace mobile payments it continues to be an exciting time in the payments industry.