Ecommerce companies like Amazon are taking over the world of retail, winning customers by being convenient, efficient and global. Industry giants such as Apple and PayPal have partnered up with ecommerce sites to provide secure payment services, all of which can be processed with the click of a few buttons. Now, people can shop for an outfit or order a meal without leaving their home.
In many areas of our lives, what was fiction is now fact, so is a cashless society really so crazy? We tend to favour convenience, and with advanced payment technologies such as PayWave, Smart Pay and chipping, buying a cup of coffee has never been easier. Cash is easier to lose, harder to manage and is often annoying to carry around. This has led to the rise in popularity for any payment method that doesn't involve tactile notes and coins. But despite the hassle, is cash really becoming irrelevant?
As people of the West, we’ve acquired a taste for convenience and efficiency. With that in mind, it’s not surprising to see the evolution of payment systems around the world. As consumer behaviours change, so has the way in which we purchase goods, both online and in stores. Today, mobile payment solutions are gaining more momentum. Easy, fast and light, it’s the ideal payment option for many consumers.
Alipay, China’s largest digital payment platform owned by ecommerce giant Alibaba, is now available in the U.S. The U.S. is a popular travel destination for the Chinese, and businesses are taking advantage of this opportunity. First trialled in California and New York, it is now connected with over 4 million businesses. Alipay customers can not only make online payments and money transfers, but they can also use the company’s app to pay for a taxi, book a hotel, buy tickets and book medical appointments.
We live in a world that often feels like it’s a treadmill set at the highest setting. The city is full of go-getters on the run, making pit stops to fuel up on coffee and ready-to-go meals, with no time to waste. That’s why MasterCard’s recent collaboration with Verifone and Global Payments is such fantastic news.
In May of 2017, Mastercard announced that it would be incorporating the new M/Chip technology into Verifone POS terminals across the United States, promising faster, easier and more secure transactions. The move is sure to be well received by businesses and consumers alike. After all, time is money, and life’s not a waiting game.
Research and Markets, the world’s largest market research store, has released a new report forecasting the outlook for the POS terminal market in India. The biggest takeaway: India’s POS terminal market is projected to grow at a compound annual growth rate of over 16% from 2017 to 2023.
Learn more about the report's findings here.
India, like many countries in south and southeast Asia, is a society where cash is king. By volume, cash transactions in India make up 98 per cent of all transactions (by value, it’s around 75 per cent). In part, this reliance on paper-and-coin currency is because the infrastructure for cashless transactions just doesn’t exist to the same extent it does in countries like the U.S. and China. Whereas the ratio of point of sale machines to people is one for every 25 people in the U.S. and one for every 60 people in China, it’s only one for every 1,785 people in India. It’s not the desire to pay without cash that’s lacking; it’s the ability.
But all that is beginning to change.