Verifone Europe makes 2018 payments predictions
Alternative payment methods will shake the retail industry in 2018, according to Verifone Europe.
“The introduction of new payment methods is constant and customers have high expectations,” says June Felix, President. “Retailers must stay nimble to accommodate new technologies as they emerge. 2018 will continue to see mobile payment applications and their use grow exponentially. Apple Pay is already reporting more than one million new users each week. Popular cloud based wallets such as WeChat Pay and Alipay will also break down borders and disrupt the payments ecosystem.”
The Nordics may offer an indication as to where we are headed. Banks there have collaborated to establish successful mobile payments schemes. MobilePay, which launched in Denmark in 2013, has grown to more than 3.6 million users (about half the population) in three years. Norway’s VIPPS and Sweden’s Swish are two other strong models. These schemes support bank account to bank account transfers – a different model to the now-familiar use of a smartphone to initiate a card transaction.
Meanwhile, new advancements in portable and mobile PoS technology will signal the end of the traditional retail checkout line, according to Raja Ray, Director, Products and Solutions, Verifone. “Many retailers are already ‘queue busting’ by adopting mobile payment devices and contactless payments as they make it possible for customers to pay in the ‘aisles’, when the customer is ready and most eager to pay. Mobile and portable payment devices will help till points flow faster which is ideal for boosting acceptance during peak times such as January sales, when throughput is particularly high,” he says.
He adds: “Click and Collect programmes will increase in popularity and utility as more and more consumers reap the benefits of faster and more streamlined shopping experiences that encourage online ordering and in-store pickup. As retailers leverage their online and in-store identities they will see the benefit of omnichannel behaviours such as saving the sale by ordering merchandise for a customer from another location or online when the store is out of stock.”