Card payments have become part of everyday life. But did you know, latest technology can bring a lot of new opportunities
There’s no getting around it: payment cards are here to stay in day-to-day shopping. Nowadays, consumers don’t think twice about using their bank cards or their credit or debit cards. Credit and debit cards are the favorite means of payment in the worldwide retail sector.
Gift cards and coupons open up whole new opportunities
Retailers have also come to love card payments: processing is much cheaper and easier than handling cash. At the same time, gift cards or coupons open up whole new opportunities to acquire new customers. Existing customers’ long-term loyalty to a company is enhanced using so-called co-branded cards, which use the retailer’s corporate design.
New kinds of services show that payments are far beyond traditional
New kinds of services, such as location-based services and industry efforts to put all of the technology requirements in place for contact-free payments show that the principle of “card payments” at the point of sale already goes far beyond traditional acceptance of credit cards and their processing.
Mobile card readers offers full flexibility to retailors
However, there are new business models in the starting blocks, which are available thanks to the increasing prevalence of smartphones. Various operators worldwide are now on the market with mobile car readers, which turn mobile phones into a payment terminal at the blink of an eye, and which offer full flexibility.