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Published: 03/02/2019

The future of payments - things to watch out for

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The future of payments is incredibly exciting. 2017 was the first time that card payments over took cash as the most popular way to pay.

More and more ways to utilise payments are emerging, making transactions quicker and easier than ever before.

With technology changing at such a rapid rate, it is vital that independent business owners stay on top of upcoming trends so they don’t miss out!

At Payzone HQ, we feel we should give you everything you need to know about what the future of payments might hold.

Contactless to continue to increase for smaller payments

Contactless card payments aren’t a new thing, but the trend is going to continue to grow.

According to an article published by The Guardian, 52% of total in-store transactions were contactless as of July last year. This was a 30% jump from the previous year.

Therefore, the importance for independent businesses to offer contactless payments is only going to increase in 2019. More and more customers prefer the simple tapping of their card for small transactions.

If you aren’t currently offering them, perhaps now is the time to consider doing so.

Customers to pay by app to settle their bill

Now, this one should be of particular interest to restaurant and pub owners.

More and more businesses are offering customers a way to settle their bills via an app instead of waiting for a member of staff to do it for them.

The large chain Wetherspoons are currently providing this for all their branches. Customers can download their app and make an order there and then. Popular brunch franchise, Bills, also offer a similar feature.

This is yet to become the norm in hospitality businesses, particularly smaller ones. But as with any new technology, this is something to be aware of, as it’s more than likely that businesses across the country will launch apps to allow for quick payment pre-meal sooner or later!

Mobile and wearable technology payments

Just as cash has been overtaken by card, more and more people are beginning to use other payment methods to make transactions. One of the most up and coming new payment methods that’s emerged is paying by mobile.

As you know, many people are permanently glued to their phones! Therefore payment mechanisms like Apple Pay, Samsung Pay and even Google Pay (which all link to a mobile device) have made it simple for people to make payments, without having to use a debit or a credit card.

This is often referred to as a digital wallet and we think that it is only going to continue to grow over the next few years as this type of technology matures and becomes more mainstream.

But this could go even further. Wearable technology, such as smart watches, wristbands, and even rings, are able to be used by consumers to make payments in store.

Technology is creating possibilities for payment that simply didn’t exist before. And as business owner, it’s important to plan for the future and watch how this technology develops.

Cryptocurrency payment in store

We assume you heard about Bitcoin last year. It is a form of cryptocurrency which is a totally digital currency that trades entirely online, without the need for banks.

Right now, this is in its infancy. So you don’t need to start thinking about accepting Bitcoin in your store - at least not in the near future. But there might be a time when it does become a part of the retail experience.

Companies like Open Platform have started developing the possibility of blockchain, which is the underlying technology of Bitcoin, being accepted by merchants.

But bear in mind, that cryptocurrency such as Bitcoin being used by small merchants is a very long way down the line.

However, it is good to keep up to date with how this may develop. Because who knows what the future may bring…

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