{"id":27524,"date":"2018-08-23T08:00:33","date_gmt":"2018-08-23T15:00:33","guid":{"rendered":"https:\/\/paladinpointofsale.com\/retailscience\/?p=27524"},"modified":"2025-11-06T08:42:44","modified_gmt":"2025-11-06T15:42:44","slug":"is-your-business-ready-for-the-future-of-payments","status":"publish","type":"post","link":"https:\/\/paladinpointofsale.com\/retailscience\/home\/is-your-business-ready-for-the-future-of-payments\/","title":{"rendered":"Is Your Business Ready for the Future of Payments?"},"content":{"rendered":"

[et_pb_section fb_built=”1″ fullwidth=”on” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_fullwidth_post_title meta=”off” featured_placement=”background” text_color=”light” text_background=”on” text_bg_color=”rgba(0,0,0,0.53)” _builder_version=”4.16″ background_color=”rgba(255,255,255,0)” text_orientation=”center” use_border_color=”off” global_colors_info=”{}”][\/et_pb_fullwidth_post_title][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Depending on the source” _builder_version=”4.16″ use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}”]<\/p>\n

Depending on the source material, history shows some form of cash has been used to pay for goods and services for thousands of years: Metal coins date back to 1,000 BCE. In that time, the evolution of merchandising has moved from barter to coins to cash and checks to credit and debit cards to mobile payments, and most recently, to touch-free, biometrics and block chain. Never in those eons, has the future of payments been so murky, and astute merchants need to stay on top of the latest trends to remain relevant to their customers.<\/p>\n

Over just the past three years, payment card technology has moved from magnetic strips to microchips in an effort to improve transaction data security. However, conversion to the new security measures and data encryption was expensive for merchants and it slowed their checkout process which threw a wrench in customers\u2019 shopping experiences. The result was pushback from many retailers and slow adoption of the technology.<\/p>\n

The technology has steadily improved and with the development of near field communication (NFC), which allows touchless payments, the use of mobile wallets, in which payment card information is stored on a mobile device, is rising as rapidly as a blue-chip stock. While all of this may sound like technology from Star Trek, it is currently available to merchants through many advanced digital solutions and point of sale systems.<\/p>\n

According to a new study from U.K.-based Juniper Research<\/a>, nearly 2.1 billion consumers worldwide will use a mobile wallet to make a payment in 2019. Just wave your phone at a point of sale terminal and head for the door. It can\u2019t be a lot easier than that, which should appeal to customer-friendly merchants. PayPal, ApplePay and Google Pay are a few examples of these services, and it\u2019s the latest step in the evolution of money, how it is used in retail, and the future of payments.<\/p>\n

Business Insider<\/em> calls the shift in the future of payment technology the biggest single transformation in payment processing in retail history. Just four years ago, Apple was the only mobile wallet available to consumers. Since then, Google, Samsung, Walmart, Chase Bank and others have followed suit, and BI Intelligence, Business Insider\u2019s<\/em> research service, estimates in-store tap-and-go payment volume to reach over $500 billion by 2020.<\/p>\n

[\/et_pb_text][et_pb_text admin_label=”Mobile Wallet, Immobile Stores” _builder_version=”4.22.0″ use_border_color=”off” global_colors_info=”{}”]<\/p>\n

Mobile Wallet, Immobile Stores<\/h2>\n

Paying with a phone used to be the exclusive realm of eCommerce, but mobile wallets are changing the future of payments. Retail Dive found that while close to 70% of shoppers research products online, nearly 90% of buying still happens in bricks-and-mortar stores. Because of that trend, shoppers using mobile wallets are creating a certain amount of heartburn for retailers who aren\u2019t ready for the technology.<\/p>\n

“I’m not going to lie [advanced payments are] complicated. This is our biggest pain point,” Sandrine Deveaux, managing director of Store of the Future at Farfetch, said during a presentation at ShopTalk in March. “This is not only the biggest pain point of Farfetch, but of retail.”<\/p>\n

\"ManFarfetch, an online retail fashion platform that markets clothes from boutiques and custom brands around the world,\u00a0ventured into bricks-and-mortar stores last year with its Store of the Future in London. The company launched the store due\u00a0to shoppers\u2019 proclivity for making many more purchases in stores than online.<\/p>\n

Keeping pace with payment technology doesn\u2019t have to be painful, though. Independent retailers have many options for digital retail solutions that offer touchless checkout technology.<\/p>\n

[\/et_pb_text][et_pb_text admin_label=”Painful Point” _builder_version=”4.16″ use_border_color=”off” global_colors_info=”{}”]<\/p>\n

Painful Point<\/h2>\n

Many retailers are moving to touchless payment technology to streamline sales transactions for shoppers clamoring for shorter or non-existent checkout lines.<\/p>\n

Just how much retail customers hate checkout lines is highlighted by a\u00a0 Capgemini Consulting survey<\/a> of 6,000 consumers and 500 merchants that shows one-third of shoppers would rather wash dishes than wait in line, and nearly half consider shopping a chore.
\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_image src=”https:\/\/paladinpointofsale.com\/retailscience\/wp-content\/uploads\/sites\/2\/2018\/08\/RetailScience_Infographic_RetailRejection-1.jpg” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” _builder_version=”4.16″ always_center_on_mobile=”on” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”These attitudes” _builder_version=”4.16″ use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}”]These attitudes have led retailers to a variety of technology solutions.<\/p>\n

Many large retailers such as Apple, Target, Kohl\u2019s and Macy\u2019s have moved to scan-and-go checkouts with NFC payment cards and mobile wallets the key to smoothing the process. Not all these attempts have been successful, though. In March, Walmart at least temporarily scrapped its Scan & Go program, which allowed customers to scan their items and pay for them with a smartphone app allowing them to skip checkout lines. Although the program was available in only a few stores, the company felt it needed more research and testing because it wasn\u2019t being used very much.
\n[\/et_pb_text][et_pb_text admin_label=”Next Gen” _builder_version=”4.22.0″ use_border_color=”off” global_colors_info=”{}”]<\/p>\n

Next Gen<\/h2>\n

As rapidly as retail technology is moving, merchants don\u2019t need a crystal ball to see the future of payments. The Amazon Go store in Seattle is an example of where retail checkout could be headed. Billing itself as \u201cthe world\u2019s most advanced shopping technology,\u201d customers walk in, pick up items they want, and walk out. No checkout required. The store\u2019s technology detects what products a customer takes and bills their Amazon account. All that is needed is the company\u2019s free cell phone app.<\/p>\n

The system uses cameras, facial recognition and shelf sensors to determine what items have been \u201cpurchased.\u201d Standard Cognition, a San Francisco-based retail tech company, markets a similar system.<\/p>\n

Biometrics will play a larger role in the future of payment technology. Much like fingerprints and DNA are so ingrained in personal identification, facial recognition software will be one of the keys in the new wave of customer checkout. People can already unlock their mobile phones just by looking at its screen. That\u2019s why smart phones and mobile devices will play an even more significant role in how people shop.<\/p>\n

“A retailer that thinks mobile won’t be a big part of [the checkout process] even in high touch environments isn’t understanding the way consumers interact now,” Tom Gehani, director of client strategy and research at L2, a subscription-based business intelligence service, tells Retail Dive<\/em>.<\/p>\n

[\/et_pb_text][et_pb_text admin_label=”Other Technologies” _builder_version=”4.16″ use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}”]<\/p>\n

Other Technologies<\/h2>\n

A few other future payment options could add to the technological mix.<\/p>\n

Voice\/Chat commerce is on the rise. The technology that allows people to ask Siri, Alexa and Google to make purchases, perform routine electronic home tasks and schedule appointments is already utilized by more than 39 million Americans.<\/p>\n

Use of blockchain is also increasing. Blockchain is the key technology of Bitcoin, a type of digital currency that can be exchanged as payment independent of a central bank.<\/p>\n

[\/et_pb_text][et_pb_text admin_label=”Global Perspective” _builder_version=”4.16″ use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}”]<\/p>\n

Global Perspective<\/h2>\n

While North America and Western Europe may consider themselves hubs of technology and commerce, China leads the way in proximity mobile payment adoption, also known as mobile wallets. According to the Global Proximity Mobile Payment Users report<\/a> from eMarketer<\/em>, China accounts for more than 61% of proximity mobile payment users.<\/p>\n

The report shows that 2018 will mark the first time more than one-third of smartphone users 14 and older make at least two purchases at a physical point of sale with their phones. Mobile proximity payments are expected to be driven by a handful of global providers including Android Pay, Apple Pay, Samsung Pay, Alipay and WeChat Pay.
\n[\/et_pb_text][et_pb_text admin_label=”Future Shoppers” _builder_version=”4.22.0″ use_border_color=”off” global_colors_info=”{}”]<\/p>\n

Future Shoppers<\/h2>\n

The latest generation \u2013 Generation Z \u2013 loves shopping in stores, and, according to a recent study from Accenture<\/a>, they visit bank branches more often than any other age group, even Baby Boomers. Gen Z is projected to be 40% of all U.S. consumers by 2020.<\/p>\n

This group doesn\u2019t know what it\u2019s like to live without Google, Facebook, Amazon and their precious mobile phones. More than any previous generation, Gen Z craves immediacy and, despite its members\u2019 tendency to shop in bricks-and-mortar stores and visit banks, they will most likely be the first generation to embrace the future of payments and ditch their cash and leather wallets for mobile versions.<\/p>\n

Approximately 80% already say they would give up television for a day, and 28% would give up friends and money to keep their mobile phones, which contain most of their identity.<\/p>\n

[\/et_pb_text][et_pb_text admin_label=”P2P Payments” _builder_version=”4.16″ use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}”]<\/p>\n

P2P Payments<\/h2>\n

In a world of increasing interconnectivity, U.S. banks last year launched Zelle, service that allows people with digital access to their bank accounts to transfer money to another individual using a mobile device or website. The person-to-person (P2P) service is available to individuals with MasterCard or Visa-branded payment cards with U.S. bank accounts. PayPal offers a similar service called Venmo.<\/p>\n

These services allow almost anyone to accept digital payments for goods or services which should further reduce the use of coins and bills.
\n[\/et_pb_text][et_pb_text admin_label=”Fist Full of Dollars” _builder_version=”4.22.0″ hover_enabled=”0″ use_border_color=”off” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

Fist Full of Dollars<\/h2>\n

“Do I think cash is dead? No,” Peter Caparso,\u00a0Checkout.com’s president of\u00a0North America, tells Retail Dive<\/em>. “Do I think it\u2019ll be greatly diminished?\u00a0Yes. Until 2007, after the invention of the phone in 1876, you were\u00a0tethered to a five-foot semi-circle to talk. Now this younger generation, they\u2019re used to the convenience and the portability of the phone, and that’s translating to the retail arena.”<\/p>\n

That means retailers who aren\u2019t ready for the digital payment movement need to get moving. According to Bluesnap data, a\u00a0global payments company, digital wallet payment spending increased 114% from the last quarter of 2017 to the first quarter of 2018. During that period, the number of transactions increased 38% and the average sale total rose 55%.<\/p>\n

Even though the future of payments is headed\u00a0toward an electronic future, experts say cash will still be king. Just think of all the items that are purchased and services that are rendered on a cash-only basis. Many people trust more in cash than they do in their banks and governments. And, the number of people who worry about having their financial information hacked is incredibly high.<\/p>\n

A Gallup poll<\/a> not too many years ago revealed that Americans worry more about having their financial information hacked (62%) than they do about having their home burglarized (45%), being a victim of terrorism (28%) or even murdered (18%). The second most feared crime \u2013 62% of those polled \u2013 is having a computer or smartphone hacked.<\/p>\n

[\/et_pb_text][et_pb_text admin_label=”What\u2019s a Merchant to do?” _builder_version=”4.16″ use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}”]<\/p>\n

What\u2019s a Merchant to do?<\/h2>\n

Payment card company Visa has established 10 innovation centers around the world to showcase its view of the future of payments. The centers replicate shopping scenarios \u2013 a coffee shop, a public transit terminal, a sporting goods and athletic apparel store and more \u2013 all equipped with the latest touch-free payment technology. Smartphones, watches and tablets are used to pay for all sorts of goods and services.<\/p>\n

Moving to touch-free payments isn\u2019t a great leap for merchants who have invested in upgrading their point of sale systems. Many systems that utilize payment terminals such as Ingenico, Square, PayPal and others already have touch-free payment capabilities.<\/p>\n

No matter what your beliefs, opinions or preferences, merchants need to set themselves up for the digital payment movement or get left behind.
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The future of payments has never been so murky and merchants need to stay on top of trends to remain relevant to their customers.<\/p>\n","protected":false},"author":13,"featured_media":28400,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3,75],"tags":[],"class_list":["post-27524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-posts","category-grow-your-business","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\nIs Your Business Ready for the Future of Payments? - Retail Science<\/title>\n<meta name=\"description\" content=\"The future of payments has never been so murky and merchants need to stay on top of trends to remain relevant to their customers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/paladinpointofsale.com\/retailscience\/home\/is-your-business-ready-for-the-future-of-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Your Business Ready for the Future of Payments? 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