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26/11/2015

Retailers need to embrace contactless pay

With the suggestion that alternative methods of paying are set to take off in the coming years, convenience store retailers must be willing to embrace new methods.

Richard Koch, head of policy at the UK Card Association notes that “people increasingly expect to be able to pay with contactless”, this is reflected in the fact that the total amount spent via contactless in 2014 was more than double all the previous 6 years combined. Whilst cash still remains the most popular method of payment in the convenience sector, this could soon change.

The benefits to retailers of providing contactless payments are not hard to see; faster transactions mean reduced queues and an improved customer experience whilst cutting down the time it takes retailers to handle and bank cash can also help to improve efficiency.

Aside from contactless pay the option to pay for goods and services via your mobile phone is also thought to become more and more popular in the coming years. Launched in July, Apple Pay allows customers to purchase an item at the touch of a button via their iPhone 6 plus, iPhone 6 or Apple Watch. Much like contactless pay, UK Chief Marketing Officer at Worldpay James Frost notes that Apple Pay is “both convenient and secure, which ultimately means that there are few barriers to adoption”.

The overall message here is that although for the time being convenience retailers will continue to see a higher percentage of cash payments, they must be willing to move forwards and embrace new payment technologies in order to continue to improve the customer experience. As Spar store owner Brian Humphrey’s puts it “retailers need to grasp the technology and go with it – if they don’t they will move backwards, not forwards”.

Source >> Convenience Store

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