The Future of Payments

It’s no secret that technology is touching every aspect of our lives. With an increasing appetite for quick and more convenient ways to conduct our everyday activities, it’s not a surprise to see technology has also impacted the way in which we shop.

How much loose change do you have in your pocket?

Cash is starting to become insignificant. With online banking, and the security of a chip-and-pin over a bag full of money, the physicality of money is becoming obsolete. If someone steals your wallet, what are the chances you’ll get your money back? Online payments and credit card protections can make consumers feel more secure. Let’s not also forget, the absence of cash means not having to acknowledge how much you are spending, meaning customers feel more at ease handing over their bank card and using their credit limit/overdraft to make purchases.

Sophisticated Devices

Chances are, you have a smartphone. With Apple and Android Pay, you can now pay for your shopping using your phone, combining all the benefits of shopping online with the real-world shopping experience. The introduction of smartwatches and other active wearables that also essentially smartphones, the methods in which we make purchases is becoming more varied and more cutting-edge.

This method of Tokenisation is as safe and secure as chip and pin.

The Biometrics Trend

The introduction of smartphone payments has also established the use of fingerprint authentication. Everyone loves a gadget, and using biometrics to establish a secure verification of a person may be gimmicky but it’s the quickest method of payment there is. A simple touch to the screen and you’ve made your purchase.

One-click Payments

If you’re an eCommerce business, you’ll already know the importance of having various payment gateways. Making the customer experience as smooth and quick as possible is guaranteed to make them want to shop with you again. One-click payments like Amazon or PayPal make it easier for customers to spend their money, which is inevitably what you want as a retailer. Not offering a variety of payment options is a big eCommerce fail. Bigcommerce is the only platform to offer Paypal One Touch, making it possible for an instant checkout.

Digital Currencies

Most of us will have heard of Bitcoin, but you may not know the benefits of digital currency. A huge benefit of Bitcoin is that it provides more payment freedom- send money anywhere, anytime. Payments are also processed with either no, or very little fees. With the ways in which make payments constantly being improved with technology, it’s likely digital currencies will play a huge part in the future online and real-world marketplace.

Online Credit

Affirm, a new company from the founder of PayPal, also offers merchants the ability to offer instalment payment plans, as well as other forms of credit to their customers, which introduces the question of whether the credit card will fall short of online repayment methods.

The change in the payments market is clearly one to watch, particularly if you’re an eCommerce business as each of the above advancements will impact the way your customers shop.

If you’d like more information on how 5874 can help improve your business and the way in which purchases are made in your store, contact us right here.