WHAT PAYMENT TRENDS WILL WE SEE IN 2019?
“Cash or card?” They were often the only two choices we had when we shopped. However, the way we buy is changing.
The growth of “buy now, pay later” products offered by providers such as Oxipay, Afterpay, Zip Pay and Openpay will continue.
For shoppers, being able to secure something without paying upfront, along with no or low interest, is extremely appealing. For retailers, these products provide an immediate source of revenue.
However, the nature of these business models will come under scrutiny when ASIC releases its report into the sector later this year.
Smartphones are also set to dominate digital payments. These devices will become the hub for loyalty cards, transit tickets and even driver’s licences.
Finally, speed will be the new currency of retailers. They will look to remove pain points within the transaction experience. For example, new technology from WooliesX is already trailing “scan and go” technology at one Sydney store. Use your smartphone to scan and transact purchases. No more queues.