Retailers across the UK are embracing significant change in the form of the digital revolution and a cashless payments process that will over time be the number one way to pay for goods and services.
Whilst most of the focus remains with the physical elements of retailer and customer buying habits there is growing implementation of digital payment solutions.
The likes of Apple Pay has made an incredible impact at point of sale globally and this trend is set to continue.
New technology especially in Fintech companies has allowed for innovative new ways to disrupt the sector. Disrupt in a highly positive way.
Retailers are seeing a surge both on and offline month on month throughout 2016 with no signs as of yet from a Brexit slowdown. Making payments easier for the customer is only a good thing. The explosion in digital and contactless commerce which now is topping a whopping £110 billion of yearly expenditure has been fuelled with the development of electronic payments from the likes of Mastercard.
Digital wallets, iPhones, Apple iWatch / Apple Pay, Android Pay and Masterpass using cutting edge technologies with a lot more to come. Biometric verification that may soon bring non contact frictionless payments closer again.
Installing a contactless payment solution is an obvious step for small retail businesses as research suggests that all payment terminals will be contactless by 2020 although it seems most retailers would have made the move to contactless payments well before this date. Research by Mastercard suggests that UK consumer intend to use their mobile to make contactless payments over the next 12 months.