It’s an exciting time to be in the payment industry where the dynamics are quickly evolving, as businesses and customers shift from cash to digital payment methods creating opportunity for innovation and growth. The rise of alternative payments coupled with the increased adoption of contactless payment methods, such as Apple Pay and Masterpass, means that retailers need to diversify their payment offerings to meet the demands of their customers.
The success of QR-based payments has greatly assisted with making customers comfortable with alternative payment methods, and the increase of in-store financing and micro-credit options utilising the mobile QR code payment mechanism will play a key role in boosting merchant sales and growing loyal customer bases. This trend of instant credit payments is already evident in the e-commerce domain and will soon be felt in the physical store environment.
Alternative payments refer to the methods that are used as an alternative to cash, credit card and debit card payments – these include digital wallets, instant EFT, and payment instalment options.
Shoppers, particularly millennials, are increasingly wary of accruing additional debt through high interest credit cards and are looking for simple, affordable, and flexible payment options. Retailers can provide their customers with access to numerous alternative payment providers, including in-store instant credit, to pay for goods and services, such as:
The payment experience is becoming a focus for retail innovation as it quickly fosters customer loyalty, boosts sales, delivers an enriched customer experience and ultimately differentiates a retailer against its competitors. By implementing QR payments, utilising existing payment hardware and infrastructure, such as Pin Entry Devices (PEDs), retailers can enable a host of alternative payment providers.
If you are a large multi-national, independent, entrepreneur or an online retailer, we have the technology and expertise to help you understand which Alternative Payment methods will grow your business. Learn more at adumo.com/alternative-payments