Keep up with the latest payment solutions news
June 8, 2017 10:36 am by Bronwyn Watt
The payment solutions space is always evolving but the changes rarely happen overnight. They take shape incrementally and the only way to prepare for the big movements is to align with the smaller shifts that contribute to them. It’s our mission to keep our finger on the pulse of all things fintech and payment solutions. Here are some of the highlights from what we covered in May.
Everything you need to know about the mobile payments landscape
Mobile payments have taken off successfully, perhaps too successfully, some argue. Regardless, it’s essential that every business owner familiarises themselves with the relevant names in the mobile payments sector. The giants – Apple Pay, Android Pay, Samsung Pay and PayPal – each hold a sizeable share of the market but it is their differentiators that will determine which of them will reign supreme. On the P2P (peer-to-peer) payments side of things, PayPal acquisition Venmo is becoming a household name while its contemporaries, Zelle and Square Cash, race to steal the title.
Mobile payments are already an integral part of the growing omnichannel retail business model that smoothes customer-brand interaction across all your transactional and communication channels. Research has shown a significant increase in customer retention and attraction in businesses that employ omnichannel strategies. And in the connected retail environment, it’s not difficult to see why.
The consequences of going cashless
In some parts of the world, legal tender has come under fire. A handful of countries are deliberately working towards a cashless society but the consequences of going cashless are leaving many consumers with fewer payment options and at risk of financial exclusion.
While the reasons cited for the move towards a cashless society make sense (decreasing crime and improving efficiency), they have to be weighed against the unimpeachable benefits of cash. Cash remains the simplest way to transact and it’s essential for consumers in emerging markets where infrastructure hasn’t caught up with the developed world.
Here in South Africa, SASSA grant recipients withdraw all of their money on the day grants are paid out and use the money as cash for the rest of the month. A cashless society would further marginalise these citizens.
Card payments are here to stay
You may think that mobile payments will make card payments a thing of the past, but the figures show that the opposite is true. The number of cards in circulation worldwide is increasing annually to an estimated 22 billion within the next three years. The reasons are fairly simple: people are used to their cards, they’re universally accepted and the disruptors that were meant to eliminate payment cards (mobile payments and contactless payments) have been shown to work even better when combined with payment cards.
As a retailer, you’ll be accepting card payments well into the future. That’s why it’s essential that you ensure that you have the right payment solutions in place to guarantee all your transactions are optimised and your customers’ experience is maximised. We recently answered all your FAQs about our EFTPOS range so you can be comfortable and confident when using our products.
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Categorised in: Blog