How mobile payments are changing trends in the retail industry

by sani pilani POS Machine, Payment Gateway

We are at Shalimar’s enjoying a sumptuous family dinner when I suddenly see my dad panic as the waiter handheld the bill to him.

Curious I went up to him, to ask if I could help?

He leans ahead so that the conversation isn’t overheard by other family members and speaks out in an ashamed voice, “I don’t have all that cash on me. I’m short of Rs.2000. What should we do now? There isn’t any ATM nearby too!” This time the voice seemed furthermore embarrassed.

I smile towards him and adjust my back from all that stooping and unnecessary drama of the old.

“This isn’t funny Son.” My father sounded angry now.

“I am sure it isn’t dad,” I say that and happily take my phone out and head towards the bill counter. I quickly scan the QR code and pay the total sum amount.

My father exhales a breath of relief and joins the family conversation once again.

The mobile payment market has undergone major changes in recent years. From customers paying via cash to credit and debit card are now paying via scan and pay. We have all come a long way. Retail outlets of today are diversifying the payment options and are accepting and keeping up with both the technological advancement cum customer preference of payment option. With the incessant rise of mobile phone users and the early adopters of smartwatches, the mobile payment industry has taken the market by storm.

The future of payments will not only be by cards. Biometric payment methods have also found their way to consumers. Fingerprints, blood vessel scanning, and facial recognition are no longer future scenarios. There are soon going to be household names like few famous wallets and mobile apps enabling payments doing the round.

But now the question is, “What are the factors that are leading to this change in the retail industry”

Few factors would be:-

• Rapid Globalization: with the world turning out to be a global village and people shopping more via online stores than ever before, the retail industry has been catching up with providing a payment solution that is unique and accommodates the like of many.

• Increased tourism: the tourism sector is growing higher than it ever was and so is the exchange of foreign currency in the system. And this has led to a lot of retailers accepting card and mobile payments as the mode of transaction in exchange for the goods and services they offer.

• Enhance customer experience: retailers have a huge competition in themselves and with the online retailers capturing a huge market everyone aims to provide something extra. And extra could mean enhancing the payment service by offering them payments that are contactless, user-friendly, easy, quick and hassle-free.

The above pointers are just few that has led to such change in trends at retail outlets caused by mobile payments and we are sure you are aware of many others!

This just gives us a picture of how future payments would be like. The future of payments will be fast, frictionless and convenient. Is your business ready? Do check for more details – www.atomtech.in