The times of inserting a card into the payment terminal followed by a 4-digit pin are over. Nowadays for small purchases all you have to do is tap-and-go.
The ability to make contactless payments for small transactions, enable customers to make day-to-day purchases quickly and safely. While virtual card technology may no longer be groundbreaking, there are a number of innovative payment systems landing. Alternate ways to pay that fulfill customer demands for convenience and speed are rapidly becoming mainstream. With so many easy ways to pay and a shift to tap-and-go payments, a lot of people no longer carry cash and by 2025 most people in the majority of countries are expected to have a virtual wallet on their phone.
Raise your hand if you have a fitness tracker? You’re not alone. Wearable technology is expanding along with mobile innovation and is expected to have a market share of 30% by the year 2020 (that’s only 2 more years!). With fitness trackers set to partner with MasterCard and Visa in the near future, payments via wearables will be on the rise as well.
Whether you prefer to pay for your morning coffee or your lunch with your card or your watch, there’s an option for everyone. Not sure what you prefer? Check out the list we’ve put together of easy ways to buy things hitting the market right now. Who knows, with Augmented Reality (AR) being worked into shopping experiences, maybe we’ll be making AR-integrated payments soon!
Your wallet in your phone. If you forget your wallet and need some petrol or a bottle of water at the gym this is perfect. So if you’re still paying by card, you may like to give paying with your mobile device a go. Using Near Field Communication (NFC) capability, your device is able to securely and wirelessly connect to other devices. All you have to do is download a mobile payment app and load your current card of choice, then simply open the app and tap your phone in front of the contactless terminal.
Four years ago, Apple was the only major mobile wallet on the market until Google and Samsung joined the market a year later in 2015. Mobile wallets have taken off with in-store mobile payment volumes expected to grow from $75 billion in 2015 to $503 billion in 2020.
Some of the mobile payment apps that allow you to make payments on the move are listed below. Be sure to check if your device is compatible.
While most wearable technologies are designed for fitness fiends or Apple enthusiasts, the latest item in wearable tech brings a whole lot of excitement for the rest of the market. Introducing Australia’s first payment ring! Yep you read correctly, you can now get accessories that allow you to tap-and-go at contactless terminals.
One of the best bits is its one of the cheapest wearables available at the moment for just $39 and did we mention that you don’t need any software, batteries or a phone to make it work? Check out the features below:
The Halo Ring is currently only available those banking with Bankwest but there’s no doubt that as these take off other banks will follow. This ones still new so you may get some funny looks from the cashiers, all you have to do is:
Watches used to be just for telling time? Who knew! Now you can run your entire day from the little timepiece on your wrist, you don’t even have to have your phone on you! The Apple Watch syncs with your other Apple devices so if you have Apple Pay set up you can use it to pay within apps when the option is listed or you can just wave your wrist past the contactless terminal in store. If you have an Apple Watch here’s how you can pay in no time at all:
Likewise, the VivoActive 3 and Forerunner 645 Garmin Watches can now be used to pay with Garmin Pay. Follow these steps to set it up:
For the Fitbit users you can use Fitbit Pay with the Fitbit Ionic. All you have to do is add your credit or debit card details to the Fitbit app and you’re ready to start shopping.
If you’re a small business or a business on the move, this one is for you. Now you may not be able to wear the Square Contactless and Chip Reader, however it is perfect to ensure that you are able to take contactless payments from customers, especially with so many wearables hitting the market!
This pocket size square is a contactless credit and debit card reader that allows your customers to tap-and-go. For only $59 it has a whole lot of features:
If you’re looking for extended usage time, you can also get a dock to keep it on charge or for ease of use you can get a case to attach it to your phone. This one isn’t hard to find either, just head into Officeworks.
Do you have a wearable tech you can’t go past? Share it with us in the comments!