From tethered to cordless, handheld to hands-free. As payment processing hardware continues to evolve, retailers are beginning to experiment with allowing customers to actually become their own point-of-sale systems.
The latest wave of touchless payment solutions are designed for small merchants dealing with the fallout from the pandemic. Contactless payments went from being “nice to have” to a being an essential service for retailers in 2020, as consumers around the world discovered that they really didn’t want to touch cash or POS hardware while they were making purchases at local stores.
The payments industry will move forward from the seismic shifts in behavior we’ve seen to new puzzles: how to make a card top of wallet, how to expand the on-demand economy to new product groups, and how the Buy Now, Pay Later space evolves in time. But the changes we’ve seen will impact the course of the industry for years to come. How merchants and payment providers adapt to these changes will have a key part to play in how they recover from the impact of the pandemic.
Remember when Amazon launched Prime? The entire retail customer experience (CX) changed overnight — for everyone. The bookseller-turned-everything-seller suddenly offered low prices and fast and free delivery, leading traditional retailers to pivot drastically to keep up with their mega-competitor.
But sometimes, unexpected CX overhauls are a good thing — especially when competitors have to pivot, too.
Retailers have dozens of ways to go when implementing contactless payments in brick-and-mortar stores. The best option usually depends on the retailer’s size and budget. Smaller businesses tend to rely more on app-based contactless payments and mobile solutions as a way to minimize the costs associated with integrating an entirely new point-of-sale system.
Here are six mobile payment and contactless payment options that retailers can use to help curb the spread of coronavirus inside their stores.
In this episode of Location Weekly, the Location-Based Marketing Association hosts Vanjo Wandscher, Group CEO, ROQQIO Commerce Solutions.
The team also covers Westfield’s Mall of the Netherlands using LEDs and AR to drive social distancing, MapinHood ensuring social distancing on sidewalks, and PayPal facilitating QR code contactless payment.