Embrace the rise of mobile payments!
In my professional life, I see the huge impact of digital trends on the way we pay for things. The smart phone is a major driving factor, of course. Yes, we all know that smart phones continue to revolutionise how we live, but now they’re beginning to disrupt the payment services market in a big way.
Keep all your payment options open
Consumers expect to make payments with whatever means they choose, but it’s smart phone payments that will quietly take over. In fact, it’s now commonplace to take payment by phone or watch, mainly by NFC (Near Field Communication technology) such as Apple Pay. For Application Providers and Merchants, this means choosing a Payment Service that keeps all payment options open, whether that’s EPOS, mPOS, SmartPOS, Pin on Glass (POG), Pin on Mobile (SPOC), Crypto, QR codes, Apple Pay, NFC Payments and more.
In fact, there’s an array of options and mobile is a top agenda item. Just think about consumer behaviour. These days, it isn’t just settling the bill in a restaurant, or buying something enticing in the sales, people are paying for their morning coffee with mobiles, contactless and QR payments, as well as many other casual, pre-order and prepay and incidental payments. The convenience of mobile payments is compelling.
There’s huge potential for change in the payments sectors
Add to that PSD2, along with associated deregulation and openness. These are presenting consumers with ever increasing payment choices in the banking and financial services industry.
The potential upheaval within the payment sector is huge. Will cards continue to dominate, for example? Maybe not. Consumers will soon be making real-time peer to peer direct payments to merchants and each other from any monetary source. In fact, this is already happening in some parts of the world.
Leapfrogging to a new world of mobile payments
The trends speak for themselves: In many emerging economies, people are by-passing traditional bank and card accounts altogether and adopting mobile payments in much the same way that they have missed out broadband landlines – it’s a whole layer of infrastructure that they simply don’t need.
A top-of-mind example is the payment market in China. Most people there don’t have a credit or debit card, or plastic of any kind. They’ve leapfrogged straight to mobile apps and user-friendly ecosystems that seamlessly blend social media, ecommerce, payment and other finance functions. Unless they are abroad, consumers in China now rarely carry a wallet or cash, and even buskers display a QR code so that people can leave tips!
Partners and Merchants prepare!
As a business who takes payments, you’ll want to make it as easy as possible to take payments. Added to that, you must achieve new levels of data security and compliance, speed of transacting and soon real-time settlement. And you’ll need to make sure that all transactions are painless, swift and secure – every time. Either that or face both revenue and reputational damage. But this is nothing to be concerned about. You want frictionless payments and it’s something your payment service providers should be delivering. Just keep an eye on making sure they do!
The maze of checks
So we all need to stay ahead of the game as we address these ever-changing digital trends and consumer challenges. That means it’s even more vital to make the right choice for your payment processing and especially your payment gateway. But in doing this, do take care in negotiating your way through a maze of critical checks.
My advice is based on many years experience with merchants and partners at Anderson Zaks. Because we’ve helped so many customers, we know what those checks are. As an independent provider of a market-leading Payment Gateway services, we’d be delighted to offer you sound guidance on what to look out for when choosing a payment service.
For morecall us or take a look at our top checks for choosing a Payment Service Provider.