As the retail environment is changing to accommodate a more multichannel infrastructure, the requirements of payment systems are advancing. Having an amazing store design and the greatest products on the market means nothing if a company is unable to take payments, so staying ahead of the curve is very important. “The payments infrastructure that exists today was built for another era, similar to how music was distributed and monetised before Napster almost single handedly destroyed the business model forever,” believes Martin Neill, CEO and Co Founder of AirPOS. “This will happen in payment. In fact, this is already happening in payment. Consumers are armed with greater technology now than in any other time in history, and they will drive the need for change. Mobile and digital payment is not just a notion, it’s a must do. Only those with a vested interest in keeping things as they are would oppose this…and they will do so at their peril”. The customer is the driving force for
change in this industry, and is very aware of the scope for new technology to make processes faster. It is no longer the case that consumers will wait for retailers to introduce them to new technology; in this and many other industries comsumers are aware of what they can do on their smartphones, and are calling out for the integration of smartphone technology into the payment structure. Signbox’s Managing Director, Mark
Bartlett, believes that contactless technology and Near Field Communication (NFC) enabled smartphones will be at the heart of the payment process; “With NFC, Campaign Managers and retailers can deliver payment options, coupons, loyalty programmes, brand apps, links to join interactive games, product information, social media connections and so on. The possibilities really are endless, and its
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simplicity is why there is so much excitement about this technology”. Bartlett believes that NFC and
contactless payments are going to be second nature for the customer in the not too distant future, citing contactless credit cards and Barclay’s new PayTag, a sticker that can turn any mobile phone into a new way to make contactless payments, as examples of the technology already taking off. Such payment methods are only currently in place for fairly small budget items and, according to Bartlett, retailers that deal primarily in smaller purchases, such as coffee shops, food outlets and newsagents, are now installing contactless payment readers to take advantage. “With NFC the retail landscape will
change forever, and forward thinking retailers are now making plans to exploit the amazing opportunities presented by this breakthrough technology,” concludes Bartlett. The increased speed afforded by
contactless payments is a boon for the customer and retailer alike. The customer gets to move on with their day while the retailer gets to zoom through more payments during peek times. However, as helpful as speed might be, the deciding factor for any new payment technology should always be security. If a consumer is wary about the safety of using a contactless payment solution then all the speed benefits in the world aren’t going to do the retailer any good. “A recent YouGov survey found that, in
the UK, 58% indicated they would not use NFC payments and 67% said that they feared their banking information would not be secure over the NFC connection,” explains Edward Chandler, CEO of CQR Payments Group. Chandler believes that the key to changing attitudes is to invest in “simple, secure and ubiquitous” authentication systems that will help customers to feel more comfortable with
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Above: A perfect example of how the encouragement of mobile interaction can help retailers to develop a better relationship with their customers, as recommended by Signbox.
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