ETA Expert Insights: Imagining the Future of Mobile Payments

By the ETA Mobile Payments Committee

Our industry spends a lot of time trying to make our products and services invisible. That is, we try to make payments frictionless so that the end user doesn’t have to think about the process at all. We want consumers to focus on what they’re buying, not how they’re buying. The ETA Mobile Payments Committee works hard to make this seamless shopping experience a reality for everyone by promoting the adoption of mobile payments and identifying ways to expand the opportunities afforded by new technology. Below, committee members step back and consider what the mobile payments space will look like in 2025.

Q: Fast-Forward to 2025 – what is your wildest idea in terms of what will be hot in the Mobile Payments space?

Harry Hargens, TSYS: We may see a significant number of merchants (retail and restaurants) deploy technology that enables an “Uber experience”. Walk in, pick up an item you want to purchase, walk out. Or, finish your meal and just walk out. No interaction with a clerk, waiter, or POS required.  I can’t predict exactly how this will work, but I’m pretty sure that a mobile device (phone, wearable, or implant) will be involved.

Craig Ross, Apple: “Hey Siri, pay for my items.” This is the catch-phrase that I think will be commonplace in 2025. I envision a world where I will be able to select items in a store and place them in a lightweight, reusable, and biodegradable bag made from hemp. Once I’ve completed my shopping, all I will need to do is speak those six words and Siri will take care of the rest. I will not need to authenticate via TouchID or FaceID, as Siri will use the biometrics of my voice to authenticate the transaction and then leverage Apple Pay to complete the transaction. Also, since Siri will know where I am, based on geolocation, she will be able to also send along my loyalty credentials so that I receive my standard double-points or loyalty discount percentage. Talk about hassle-free (and hands-free) commerce …

Steve Klebe, Google: Conversational Commerce (“OK Google, I need a Tall Latte”) is here now and will become much more pervasive in the next 5 years. Starbucks’ integration with Google Assistant is available today across Android, iOS and any Assistant enabled device from a variety of purveyors.

Markiyan Malko, Paysafe: At storefronts I can envision the Amazon Go type of experience where a consumer effectively walks in, grabs what they want, and walk out. We have the tech today and by 2025 it will be cheap enough to deploy and integrate that many mid-large retailers will have it. In eCommerce, I can see the checkout experience getting more streamlined as offerings like Apple Pay in Safari grow and the W3C works on the Payment Request API to make the integration of payments simple for merchants.

 

 

Source: https://www.electran.org/publication/transactiontrends/eta-expert-insights-imagining-the-future-of-mobile-payments/

Why Every Business Can Benefit From a Point of Sale

There was a time, not long ago, when point-of-sale (POS) systems were almost exclusively for large, well-funded businesses. Large retail operations had the staff and funding to develop or buy such systems, as well as maintain and update them. This meant that the many added features that made a point-of-sale system so valuable were only available to large businesses.

Today, the reach of the point-of-sale system has changed. Turnkey options and customizability mean that POS systems are available to businesses of every size. And yet there are still huge numbers or sellers nationwide that have barebones terminals or even remain cash-only.

Business of all sizes in every industry can benefit from a point-of-sale system, but many don’t realize why. Here’s how the landscape has changed, and why every business can benefit from a point-of-sale system.

The Benefits Are Clear

It’s always been clear that there were huge benefits to well-made point-of-sale systems, but the question was previously an economic one — did the benefits outweigh the costs?

The main benefit of a point-of-sale system is how much it can simplify your business operation. When small business owners start up, they are often surprised at how much of their time is taken up by tasks that are well beyond their core expertise.

A good point-of-sale system can simplify or, in some cases, go well beyond merely accepting payments and virtually eliminate those tasks. A modern point-of-sale system can help with inventory, time-clock and employee management, taxes, discounts and pricing, and more.

The landscape is far different than it was a decade ago, when only large businesses could afford a point-of-sale system. Now, more businesses can afford and benefit from a point-of-sale system to make life easier for themselves, their customers, and their employees.

The Economics Have Changed

So while the capabilities and power of a point-of-sale system have long been undeniable, the economics of the purchase could not be justified by SMBs.

Times have changed. point-of-sale system prices are now far lower, which has made the tools that were once exclusively available to retail giants affordable for even small businesses.

Today POS systems come in various models, ensuring that a business doesn’t have to pay for a machine that gives them functionality they’ll never use.

POS Companies Know: One Size Does Not Fit All

A major benefit to modern POS systems is that they are often customizable. A one-location food truck, for instance, does not need the same tools as a major nationwide retail chain, yet in the past, this was often irrelevant as POS providers offered the same tools to everyone.

Today, you can find a mobile solution that fits your specific needs. Some point-of-sale options prioritize mobility while some prioritize organization among multiple locations. Some are created for restaurants while others cater to healthcare. But an SMB no longer needs to overpay for features they will never use—now, they have options available that cater to their unique circumstances.

Modern POS Systems Are Simple and Intuitive

Historically, point-of-sale system systems were too complex for a small business to bother with. The truly simple options were a cash register and maybe a card terminal, but anything more often caused headaches and constant service and troubleshooting calls.

Years of refinement have solved this problem. Today’s point-of-sale system are simple and easy-to-use, designed not for internal experts at the point-of-sale system company, but everyday workers. They update simply via the cloud and offer an intuitive user experience.

Something For Everyone

The technological tools once available only to the giants of retail are now available to all businesses. Modern point-of-sale system offer both powerful payment acceptance and other value-added features all in packages that are affordable to businesses of any size.

This technology makes life simpler and business easier. The POS landscape has changed, and today’s systems have something to offer every business.

 

source: https://www.tsys.com/news-innovation/whats-new/Articles-and-Blogs/Industry-Insights/Merchant/2019/why-every-business-can-benefit-from-a-point-of-sale.aspx