There has been a significant change in how people experience their payments over some decades.
With the advent of technology, customers eye at conveniences, regulations, and security measures, transforming the way they pay for goods and services. Fast-forward a few years from now- cash was the only payment mode for transactions. Checks then became a practical option for larger ticket purchases, allowing shoppers to have less cash. Plastic debit and credit cards overtook the market subsequently as a payment solution, which allowed customers to have thin wallets and bestowed opportunities for significant purchasing power.
From using credit cards and cash to contactless payments, customers have diverse options for shopping. They can scan a QR code through their smartphones and pay using peer-to-peer applications.
Thus, some of the technological advancements that have come a long way in which customers make payments are:
EMV Chip Cards:
After deeming the effectiveness of EMV for curbing counterfeit frauds in developed countries, it has been successful in gaining worldwide recognition.
Unlike magstripe cards, EMV chip cards help in creating unique transaction codes after every card usage. In addition, these chip cards work well in creating two-way communication between the payment acceptance device and themselves.
And, by doing so, these tend to authenticate the varying transactions. The experts at HPS Worldwide talk about solutions for overcoming challenges associated with the tokenization framework. They exclaim that an innovative payment solution should support insurance, management, and storage of tokens. Thus, with professional solutions, there will be payments with greater flexibility and personalizations.
Recent research by Visa, chip technology has reduced counterfeit fraud in the United States by 76 percent.
Contactless Payments:
Contactless payments pledge to add speed, security, and convenience to the payment options. People of Canada and European countries accept contactless cards with open arms.
Mobile payments like GPay and Apple Pay help use the same technology to enable customers to use their phones for tapping and paying with complete ease.
By adding another layer of security through biometric authentication, customers can make payments with a sigh of relief.
What’s even better is that COVID-19 has been accelerating the contactless payment adoption. It is because they could make purchases and payments without physically touching an acceptance device. The transaction speed also improved to unprecedented levels, which gave shoppers a safer way to pay.
Mobile Point of Sale (POS):
The payment landscape is continuously redefining- all thanks to mobile POS.
With this method, businesses of all types and sizes can capture payments, irrespective of where their customers are. Know that it also creates unique experiences for enhancing customer experience. Once perceived as a solution for small and medium-sized businesses, this has become a vital consideration for enterprises.
To one’s surprise, mobile POS is gaining immense popularity, ranging from retailers facilitating an easy check-out with a curbside pickup. The hotel staff takes steps to check-in guests at the lobby itself instead of waiting a long time at the front desk.
The Verdict
Some other technologies that have eased the face of payments are peer-to-peer applications, biometric payments, and QR codes.
How customers pay today has been becoming invisible. Thereby, tech providers must ensure looking for ways to remove friction from this process. Also, as innovative payment solutions are becoming much faster, more secure, and more fun, it is vital to stay a step ahead.
After all, you need the latest technology for enhancing your customer experience.