The payment industry constantly strives to streamline how customers pay, making it simpler and more convenient. With the evolution of mobile payments, new technologies have emerged, such as pay by link and tap to pay.
So, what exactly are these technologies, and how will they revolutionise how we pay? Pay by link is an innovative method allowing you to accept payments by sharing a unique link with your customers. This link can be accessed on any internet-enabled device, allowing customers to pay for your services quickly. This approach eliminates the need for additional hardware to accept payments, making it incredibly convenient.
Another groundbreaking technology enables businesses to use their smartphones as mobile card readers. Customers can tap the merchant’s phone to pay by leveraging Apple and Android technology. This seamless and contactless method of payment is both efficient and secure.
Now, let’s explore some unique use cases that are becoming a reality. Imagine a concierge who needs to accept payment from a customer for tickets, but the customer doesn’t have cash. Thanks to Tap to Pay, they can conveniently complete the transaction by tapping their device against the merchant’s phone.
With the advent of these technologies, how we handle payments is undergoing a remarkable transformation, providing greater convenience, security, and efficiency for businesses and customers alike.
In July this year, Apple introduced tap-to-pay functionality to the UK market. This groundbreaking feature enables iPhone users to accept payments swiftly and effortlessly using their devices. With the impending arrival of Android’s version later this year, the payment industry is on the cusp of significant transformation. Traditional hardware will become obsolete as newer and more innovative payment methods gain momentum.
Another instant payment method has emerged with faster banking payments: bank transfers.
This industry is rapidly growing and provides a way to bypass the expensive processing fees merchants charge. As a result, the need for physical cards is diminishing. Apple Pay and Google Pay have played a significant role in this shift by reducing the importance of physical cards. Most banks now allow the addition of virtual cards to their services. The next logical step could be eliminating cards, allowing direct bank-to-bank payments. Although still in its early stages, this emerging method is gaining traction and has the potential to revolutionise the way we make payments without the need for cards.
With the introduction of this new payment method, all parties involved in payment processing are now exploring innovative ways to generate revenue. Technologies such as pay-by-link and tap-to-pay are paving the way for these advancements. These novel forms of payment acceptance offer users the convenience of taking payments on the go, and they cater to various professionals, such as concierge, chauffeurs, medical staff, and beauty technicians. Despite their diverse fields, they all share a common need for a simplified payment processing solution.
The future holds great promise as we witness the evolution of Artificial Intelligence, the rise of self-service in the fast food sector, and advancements in payment technology. In the coming years, we can anticipate many new technologies that will continue to shape our world.
