In recent years, businesses are looking to increase their adoption of new technology. There is a high demand for convenience and safety among today’s consumers, so you need to invest in tools and platforms that are shaping the business landscape.
One of these emerging developments in the use of contactless payment solutions. With the increasing popularity of cryptocurrencies, businesses will have to learn how to handle transactions using online channels. This has the potential to help increase revenues and improve customer experiences. Using the right platforms, your business can stay current as technology continues to evolve.
Smart watches and wristbands have been used primarily as fitness aids, but they now come with payment functionalities. These devices contain payment card details, and can transfer funds in an instant. Consumers can simply tap their smartwatches on a censor to complete the transaction. With wearable payment solutions, businesses provide customers with a more convenient and faster means to pay for goods and services.
In order to prepare your business for transactions using smart watches, you can use either a portable scanner or mobile card machines. You can use just about any scanning solution, so long as they can read data from wearable devices.
The cryptocurrency industry holds promise for a global paperless economy. As investments in digital currencies like Bitcoin and Ethereum continue to grow, people are now shifting to digital wallets that allow them to access their online funds and make virtual payments. If you want your business to transact and trade with cryptocurrency users, consider setting up your own cryptocurrency wallet and adding a payment gateway to your website. Make sure to use a reliable gateway that’s user-friendly and secure.
With EMV cards and RFIDs becoming more popular, businesses will need to be prepared in accepting payments through these methods. In this case, they need to invest in card scanning solutions that can capture payment details securely. Such technology can also be used to verify customer identities and detect instances of fraud. A driver’s license scanner, for instance, can help with running background checks on customers who want to purchase firearms. You just need to make sure the payment solution you are using complies with the data security standards outlined in the GDPR.
Mobile banking apps are becoming widely used. Currently, these are the most accessible to consumers who have yet to use wearable devices or set up crypto wallets. Using their smartphones, consumers can instantly transfer funds to other users. Banking and mobile payment apps can also help with financial management. Users can transfer funds across bank accounts and start investment portfolios. For businesses, accepting payments through banking apps can improve digital transactions and increase customer retention. You can start by setting up payment systems through Google Pay or Apple Pay, whichever provides the best benefits to your customers and your business.
As more people rely on digital payment systems to pay for the products and services they want, your business should be equipped with the right platforms. Keep this list in mind as your business prepares for the next stage in consumer evolution.