Three Payment Technologies Retailers Need For Boosting their Business

By: Retail CIO Outlook | Tuesday, September 25, 2018

The retail industry is revolutionizing with the advent of many technological advancements. While much of the discussions focus on the changing consumer behavior and meeting those demands, there are other changes taking place - how consumers are paying for their products?

Well, every day a new application is coming up to simplify the payment process, the retailers must also keep an account of these to remain competitive. Here are three essential payment applications that retailers shouldn't miss.

1. Digital Wallets

The emerging innovation which has the most significant impact on the retailers is the digital wallet. A digital wallet allows an individual to store all the information of their debit and credit card instead of using them; retailers are also favoring these technological applications. Many big firms like Apple and Starbucks have introduced their wallets which are supported by many retailers in the U.S.

Starbuck's digital wallet is linked with the coffee chain's reward programs which implies that rewards can only be earned if purchases are made through the Starbucks app. It is difficult for the retailers to have their standalone mobile wallet but is expected that they will build their mobile app in the coming future.

2. Cryptocurrencies

Retailers are embracing the cryptocurrencies and the blockchain technology as it is one of the safest and transparent methods of payments. Although cryptocurrencies are much hyped, the acceptance of Bitcoins are comparatively low, but it doesn't imply that it won't be accepted ever. Big firms like Amazon and Walmart if plans to adopt cryptocurrencies, its fate would change overnight.

3. Biometrics Payment

No technology is ever safe from the cyber frauds, with the future advancements the chances of risks also increase. Payment technologies to incorporate biometrics are one of the extended techniques that are talked about. Biometric payments depend on unique physical qualities to recognize an individual endeavoring to make payment and determine whether that individual is approved to do so. Facial and Iris recognition, fingerprints and voice verification are few techniques being used for biometric payments.

While it may require some investment for biometric technology to end up to be everywhere, the advantages to buyers and retailers are substantial enough to recommend that it's a matter of when and not if biometric technology hits the mainstream. Therefore, retailers should watch out for the improvements in this space.

Check Out: Top retail payment solution companies

Check out: Top Payment and Card Solution Companies