With the rise of contactless card and mobile payments, there’s no denying that consumer spending habits are changing as technology continues to evolve, with contactless payments now making up over 50% of all card payments. The question that will be on many businesses minds over the next few months however will be “How will this impact my consumer relations?”
It’s been less than a decade since Barclaycard introduced their contactless technology to the UK, but already we’ve seen contactless adoption rise at a rapid pace, with contactless already making up 51% of card payments, a 90% boost in usage in the past year alone.
This, in combination with the increasing popularity of banking apps and mobile payment technologies such as Apple Pay and Android Pay, is creating a new generation of consumers, reliant upon these new, convenient payment methods for the majority of their everyday in-store spending.
The Future of Consumer Spending
With customer engagement technology evolving at a record pace, financial representatives are keen for banking technology to keep pace, constantly updating and introducing new methods of payment for consumers, allowing them to control their personal expenditure from their mobile device, transferring funds and making payments at the touch of a button.
These innovations are set to continue with the constant evolution of customer expectations, driving convenience to encourage consumer spending.
Positioning Yourself for Growth
As a business owner or leader, these advances in consumer technology and convenience present a great opportunity, and the best way to take advantage of these trends and position yourself for growth is to cement your position as a market leader in retail technology.
From unique and efficient POS systems to advanced stock management and delivery, our specialist team have the knowledge and resources to transform your customer experience and prepare you for the future of consumer spending. To find out more, give our friendly team a call today on 01844 264000.