Organizations have finally realized that the key to success in this digital world is to evolve continuously in order to remain competitive and relevant to consumers. The way in which all businesses accept payments is quickly becoming the next battleground of innovation, according to recent findings in the global payments insight survey.
Consumers are now surrounded by a wealth of technology and expect businesses to lead the way with innovation. The rise in new payment capabilities represents a wealth of opportunities for businesses, but are they too busy protecting and defending the status quo?
The global payments survey revealed many interesting talking points such as the revelation that 25 percent of organizations stopped accepting cash last year. With a rapidly growing number of customers managing their finances electronically and using their cards or smartphones to pay for goods and moving away from cash, further disruption and innovation in payment systems is easy to predict.
These changes in consumer behavior, combined with advances in technology, are fueling investment into next-gen biometric authentication, targeted messaging and real-time payments. In a growing list of countries around the world, including many on the African continent, If you forget your wallet or purse when you go out with friends, you simply transfer some cash electronically from your phone. No need for any involvement with a bank or rushing home to pick up the card. A friend and a smartphone is all they now need. If this is already happening in other countries, it will happen here as well.