Apr 04, 2017
Payments Radar: From merchant payments solutions to cashless festival payments
Technological development is leading society to become entirely cashless. It is exciting to see new systems being developed with the aim of making transactions easier. Last month we looked at sunglasses, which Visa are working on, Google P2P launching on Android in the USA, Samsung Pay’s rumour to launch in the UK and the increasing development of Blockchain.
International money transfer service, Azimo, is quoted in a BBC article asserting that mobile banking is saving Europeans billions in charges. The article further quotes that two-fifths of UK consumers have already avoided up to £100 in debt or charges because they used tech software to manage their money.
Today, we look at four exciting payments services which promise to benefit both businesses and everyday customers.
Twitter founder, Jack Dorsey, is finally launching Square in the UK. Using this service allows the merchant to accept card, contactless and mobile payments by using readers connected to smartphones or tablets. The company claims to offer next-day settlement and lower prices. Reportedly, Square does not aim to take on its competition’s market (iZettle, WorldPay, Barclaycard); on the contrary, it aims to focus on the “millions of small businesses” which need a quicker, cheaper and more efficient service.
As of 22 March, DocuSign customers in the UK are able to use DocuSign Payments after its launch late last year in the USA. This new service allows the collection of payments and contract signatures in a combined process. It aims to assist businesses that experience delays in receiving payments after receiving a signed contract. Android Pay and Apple Pay, as well as all major credit and debit cards, are accepted. In the near future, PayPal, Authorize.net, Braintree and other payment partners will also be accepted.
We reported last time that Samsung Pay is rumoured to launch in the UK in April 2017. Reports are coming in now that the service is opening up to online merchants through Visa Checkout. Samsung Pay users will be able to complete transactions with just fingerprint authentication and by tapping a Visa Checkout / Samsung Pay button. No need to enter card details, usernames, passwords and any other data. Just a simple tap and your online transaction will be complete. Assuming, of course, that Visa Checkout and Samsung Pay are accepted at the online store of your choice.
Cashless solution specialist, Weezevent, is opening its first UK office in Manchester. The French-Canadian company offers services that allow festivalgoers to pay for on-site services, food, drink and merchandise via a cashless wristband. Music Week reported that the average purchase at music festivals has increased from £12 to £18 between 2015 and 2016. 20% more festivalgoers load money onto cashless wristbands rather than cards. Interestingly, Weezevent managed more than £32 million worth of transactions for 3.5 million customers.
Source: Music Week