PAYMENT SYSTEMS The swing to mobile payments
Cash is still accepted in many places, but technological advancements and ease-of- use have made people prefer managing everything through their mobile devices
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n general, the popularity of mobile phone payments is linked to consumers seeking out convenient and secure ways to make transactions.
This type of payment choice is most popular in areas of high smart phone penetration. In China for example, it is believed that over 80 per cent of the population is using mobile payment platforms. In the UK, the number of mobile payments are also growing
rapidly particularly among the younger generation, with a study by Vodalink revealing that 44 per cent of millennials are using mobile payments at least once a week. 365 Retail Markets regularly analyses data and finds that people
strongly prefer using mobile payment options, such as ApplePay or GooglePay, or native apps that work with self-service retail interfaces. Moreover, a market that supports both general mobile payment apps as well as native payment apps, offers a consumers stronger user satisfaction. When their preferred digital payment method is not available, people still prioritise mobile payments. The main goal is to make payments convenient on mobile devices, regardless of the specific app used.
Dealing with various payment options can be complicated and time-consuming for consumers. To simplify things, providers of self- service retail technology create mobile apps that work with their devices’ point-of-sale software. These apps enable mobile payments and offer additional conveniences like reward programs, purchase history tracking, and account management. As the industry evolves, these apps are expected to become more advanced to adapt to changing trends and consumer preferences. 365 Retail Markets head of Europe Rutger Planken explains: “For
example, companies are increasingly using artificial intelligence (AI) and computer vision to improve the consumer experience. At 365 Retail Markets, we have started testing computer vision and AI on some of our solutions to see how customers respond. These technologies not only make payments easier but also help our customers analyze which products are most popular, leading to better consumer experiences and data-driven insights. VMC is focusing on how to leverage the increasing use of phones for operators who want to maximise on their investment and are scrutinizing how customers use contactless. Laura Barwell, Head of Business Development at VMC explains: “Mobile phone payment is clearly the trend that’s on the rise. By adding options like a digital loyalty scheme and rewards to their payment system they can maximise every sales opportunity and increase repeat purchasing. Introducing a mobile app is another great way to get users more engaged and increase spend, and the VMC app is a ready-made solution that’s fully customisable to the client making it easy to implement.” For those just looking for a simple contactless solution VMC has
partnered with Payter to offer a 4G-ready reader that’s quick to install with ongoing customer service support. For operators wanting to take it to the next level VMC Flex adds further value, offering features that increase sales, improve the customer experience, and give operators a deeper insight into their customers purchasing habits to improve stock management and sales.
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