Increasing adoption of the cashless society
After a recent trip to the local supermarket, having queued the required 2 metres apart, collected my santised basket, followed the arrows with impeccable diligence and selected the few items I had gone in for, I stepped up to the till. The checkout operator scanned my items through the protective screen and told me the amount to pay, I reached into my pocket and went to hand over a £20 note, well you’d have thought I had pulled a weapon out on him! He could barely speak with fear as he pointed me to the self checkout and quickly returned my items for me to process it myself.
So cash is clearly not king anymore, post pandemic, will cash be a thing of the past as Covid-19 accelerates us to a fully contactless payment future? In the last decade alone the world has seen an incredible amount of technological advances which are continually changing the way people go about their daily business.
The move to online solutions may be inevitable, and what businesses and organisations now need to figure out is how to minimise the challenges associated with such a move (e.g. customer experience, increased fraud etc.)
With the increasing emphasis on mobile devices various ways have been developed to allow consumers to pay conveniently through a phone. But as we know FinTech moves fast so we are seeing progression from digital wallets and QR codes to newer, cutting-edge solutions, such as, sound wave based payments where transactions are processed through unique sound waves containing encrypted data about the payment.
As some of these new advances are deemed to carry a higher risk of fraud and security issues the welcome introduction of biometric authentication or fingerprint and facial recognition could be the solution and the demise of the physical cards.
The opportunities that e-commerce and cashless transactions offer in terms of convenience, efficiency and affordability will help your business grow in years to come. In a recent survey done by market research specialists, OnePoll, it was found that 83% of UK consumers claim that technology, that improves payment ease and flexibility, forms an important part of their decision in choosing which retailers, telecoms and utility companies to use.
Our experienced team has helped our customers to build mobile wallets; mobile banking apps; blockchain based applications and authenticated messaging for banking, to name but a few.
Let us help you with your cashless solutions…..