Question: When was the last time you used cash?
The payments landscape is changing rapidly. From the moment you wake up, to your commute, to your lunch, to your extra-curricular activities, to dinner. The market for alternative payment methods has exploded, its origins beginning with the introduction of the humble smartcard. Based on near frequency communication (NFC) the protocol based technology allows two electronic devices to pair in order to complete a transaction. Londoners experienced this evolution over 13 years ago with the introduction of the now ubiquitous Oyster Card.
Conversely, banks have been sluggish to adopt this trend, but since the introduction of contactless credit and debit cards, payments using this format have surged 36.4% from last year. Indeed, with this option now so prevalent, we breathe a huge sigh of exasperated impatience when the customer in front of uses the traditional pin method.
What caught my eye was the two articles on industry changes highlighted in national publications this week. The first explored changes in security protocols, or how transactions are actually authenticated. Amazon are in the process of patenting the use of selfies as a method of secure payment. The second was Tossed cafe chain refusing to accept traditional cash payments in any of their venues. Neil Sebba, finance director at Tossed, explains: “Contactless, digital ordering and mobile payment make cashless payment systems so quick and painless nowadays”. I for one, applaud this type of forward thinking. Lunch time can often be as stressful as the daily commute, with every one of us desperate to either maximise our break, or to hurry back to our desks and quickly eat between telephone calls. I genuinely hope that as this practice becomes more widespread, companies do not forget that in the quest for faster service, personalisation is still paramount. For many of us, it is the human touch that we buy into.
Businesses need to work hard to keep up with developments in this fast moving industry – and events and exhibitions are a key means of doing this. Events, such as PayExpo Europe on 7 & 8 June enables businesses to explore new innovations, share insight and network.
At Clareville Communications we recognise the importance of events across all sectors and work hard for our clients to ensure the word is spread, delivering the right message to the right audience to ensure the event is successful.