enable sellers and entrepreneurs - such as businesses built by content creators , video game streamers , social commerce sellers and in person sellers - to interact with their customers and audiences in new ways .
By leveraging the capabilities of Open Banking , the service ensures sending or receiving money is not the end of a transaction , and instead enables meaningful and on going interactions to occur in-app .
Speaking about the launch , Luke Massie , CEO of VibePay , explains , “ This first of its kind feature highlights another significant step in the evolution of payments in Europe . It highlights our commitment to matching the quality of services provided by the likes of WeChat , CashApp , Alipay and Venmo globally .”
He continues , “ We are always listening to our users , whether they are business or consumers and believe transactions should be brought to life with conversations and actionable tools . As we move a step closer to launching VibePay Pro , we are excited about our journey in transforming payments for our community across Europe .”
Contextual Payments Contextual transactions are another emerging trend . These methods seek to make payments as natural and seamless as conversations .
Amazon Go stores are utilising contextual transactions , where every payment is automated . A cluster of cameras and sensors analyse all customer movements , making changes to the cart as they pick up and put back products . In the end , the final charge is added to the user ’ s card / preferred payment method . In short , the buyer can get inside the store , get all the products they want , and get out , without even removing their wallet .
QR code revolution QR codes have been a part of the paytech space for years now - but they have only recently come into their own and achieved mainstream significance . Today , they are essential for restaurants , online shopping returns and the travel industry , which issues tickets and boarding passes with QR codes , as well as passenger locator forms .
These have risen in popularity because a single QR code can be scanned and used by different payment applications . So , offering choice to the customer does not incur any extra costs . The omnichannel nature of QR codes can also help customers expand their commerce domain to a new extent .
5G and interconnectedness Though in the nascent stages , 5G networks will further transform the payment technology sector . Considering more businesses want to embed more payment