The rise of the latest payment technology brings a win/win situation for both the retailer and the consumer.
Driven by data and contactless payment, the smart vending space will continue to grow 12 to 14 percent over the next couple of years. This has the power to change the way we shop, establishing loyalty, and speeding the widespread adoption contactless payment.
According to Will Byrne, CEO of Worldnet Payments, “the kiosks and smart shelves that are gaining traction across any number of commerce and retail settings may even shift the employment picture a bit. Along the way, retailers are leveraging, and will continue to leverage, the latest payments technology developments to maximize revenue, while maintaining security of the transactions themselves. The tailwind to growth is that there is “a real, tangible benefit to both the consumer and the retailer, a win/win for both of the fundamental parties in the transaction.”
In a recent survey, it was found out that 50 percent of millennials, 40 percent of Gen X and 20 percent of baby boomers have said that they are “more likely” to visit stores with intelligent retail or automated checkout facilities than standard retail outposts.
Furthermore, the definition of “ünattended retail” has expanded to support all modes of payment spanning plastic and mobile app.
Byrne also noted that, “Tokenization enables customers to generate payments across multiple delivery channels from the same merchant, whether that’s in-store, online [or] across a range of devices. Enhanced security helps to eliminate operator error and cut down on theft.”
As the opportunity in technology rises, it can be expected that more low-skill, manual processes will be eliminated. This will open higher level of employment for people who are technology savvy.
Lastly, Bryne stated, “As unattended retail has shown, the value inherent in the payments industry, specifically unattended retail, is “at a position now where it’s no longer about just the transaction, … but is based on all of the information that goes with the transaction … I think the pace of that evolution is going to increase in scale and complexity over the years ahead.”
Banks roll out cheaper tap-and-go payments for business Posted on: 03-06-2019
Small and medium businesses could possibly save money by changing how their customers’ tap and go payments are processed.Read More
Square wants to help regional Australian businesses accept digital payments Posted on: 30-05-2019
Square announced partnerships with several community banks to reach thousands of small businesses outside major cities.Read More
Cashless payments: racing towards a future where cash is no longer king Posted on: 25-05-2019
Businesses and consumers are now making abrupt shift to digital payments. Most Australian carry less cash and expect electronic payment to be available anywhere.Read More
E-commerce to reach tipping point by 2030: Australia Post Posted on: 23-05-2019
According to new research by Australia Post, 49% of Australian businesses expect online operations to reach parity with bricks-and-mortar retail sales by 2030. Consumer habits drastically changed over the past years.Read More