PAYMENT SOLUTIONS
“ People can access their account 24 / 7 on any internet-connected device they have . So , not offering this functionality to customers automatically means falling behind and losing them in bulk ,” he says .
Cole is correct . The universal availability of digital technology and devices has grown the size of the payments space manifold . “ The space has become increasingly competitive , with leaders and laggards and the inevitable shakeouts of weak hands . The more choices people have , the less tolerant they are of a subpar digital experience – app , device or provider ,” Cole says .
Though technology has played its part in the march towards an increasingly cashless society , the past 12 months have also been massively instrumental , points out
Libby James , co-founder of
Merchant Advice Service , a UK-based expert advisory service for digital payment merchants .
She explains , “ Consumers have become accustomed to using smart technology as a preferred payment method as opposed to cash . For instance , many of our clients within the hospitality sector have noticed a shift towards using
order and payment apps
Open Banking
One of the biggest disruptors of the digital payments revolution has been the emergence of Open Banking , a financial services term that refers to the use of open APIs that enable third-party developers to build applications and services around the financial institution . Open Banking results in greater financial transparency options for account holders ranging from open data to private data . Service providers can use Open Banking to arrange faster finance for their customers .
in bars , restaurants and hotels since the pandemic began , which has allowed these businesses to adjust and trade as normal where allowed .”
QR codes are one contactless payment example that has seen a huge uptick in usage since the pandemic . James says that despite having been around since 1994 , QR codes have never seen so much activity as they have in the past 12 months .
“ Many businesses , including hospitality brands , have been forced to adopt QR codes in order to provide truly contactless experiences , and we will only continue to see their usage rise .”
She adds , “ This includes the implementation of QR code payments , where customers can attach a chosen payment method to a QR code , and upon scanning that code , trigger a payment and allow for a real-time reward to be delivered .
But seamless , digital , IoT-driven payments won ’ t only be those we consciously make , points out
David Myers , Financial Services Partner at Deloitte . Instead , payments will