Payment Systems
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Independent retailers and mobile
businesses, such as market traders and window cleaners who before have only accepted cash, are also benefitting from new mobile technology which enables them to accept card
payments. Comments Chris Davies, Managing Director, Global Payments.
“ IT specialists, PCMS.
Accepting a range of payment systems makes retailers more accessible to a range of different demographics. Stores that offer contactless payments for small purchases, such as a newspaper or lunch for the day ahead, will see higher sales as payments of this kind can be completed in less than a second. Research shows that consumers will spend more on their credit or debit cards so stores should make payments via this method accessible for everyone. Mobile technology is also benefitting the smaller retailer, with options to take card payments via a smart phone or tablet.
“Independent retailers and mobile businesses, such as market traders and window cleaners who before have only accepted cash, are also benefitting from new mobile technology which enables them to accept card payments by transforming their smart phones into terminals. It is also expected that the use of Near Field Communication (NFC) enabled
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devices will increase and more and more customers will pay via their smartphone.” Comments Chris Davies, Managing Director, Global Payments.
Looking to the future, we may even see a complete demise of credit, debit and loyalty cards, with all these items stored and utilised via our smart phones or tablets. David Pipe, Chief Marketing Officer, ZNAP commented “In my view, credit cards, debit cards and loyalty cards will become extinct in the near future. The functionality of these instruments will remain with us; however the method of access will evolve from physical cards to mobile devices. Soon, merchants will have the ability to create complimentary experiences to their existing infrastructure, including new value added services, such as coupons, virtual shopping and geo‐location push marketing that benefits both merchants and consumers. Customers can make payments directly from a printed advert in publications or off the television.”
So imagine this, a store with no tills, how would we checkout our goods? Another advancement is the use of RFID (Radio‐ Frequency Identity).
“This process would involve you registering your credit card with a company and every product in their store containing a mini transmitter in the packaging. Instead of waiting in a checkout line you would shop as normal and walk out of the doors through a set of detectors. Your account would be automatically charged for the items in your bag.
There is even discussion of biometrics and voice recognition being used as payment within the next five years. The future of payment will be interesting and in the end the consumer will ultimately profit. “ comments Greg Constantine, Executive Vice President and Chief Marketing Officer, SecureNet. Biometric finger print scanning would see the back of remembering passwords and
www.a1retailmagazine.com
Mobile Checkout with Chip and PIN technology by payleven.
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