The most recent Sage Pay survey demonstrates that there is demand for a variety of payment innovations. The research states that 90% of UK consumers surveyed think that businesses should offer a wide choice of payment methods. More interestingly, 58% claim that a shop offering diverse payment methods would be a more likely choice for them to spend their money. Although recent reports claim that mobile payments are far behind contactless card use, 69% of consumers surveyed by Sage Pay claim they have used mobile payments to pay or receive money.
The argument in the survey is that businesses and organisations are advised to consider offering a variety of payment methods, instead of dictating what method the customers should use. Businesses and organisations offering a wide range of payment options not only demonstrate a modern and progressive approach, but also increase their access to a wider, more diverse customer base and, thus, leads to more business.
Payments technology is constantly innovating. Below we look at disruptive payment services that are worth keeping an eye on.
Nexledger, the business-to-business digital financial platform based on blockchain technology, owned by Samsung SDS, is available for sale. It is claimed that the enterprise can be used in other industries in addition to financial institutions. Nexledger’s launch coincides with the launch of Samsung’s Nexsign which is a biometric authentication solution based on the Nexledger platform. Cryptocoins News reports that Nexsign enables users to gain access to a multitude of financial services with a single ID authentication. Samsung SDS, along with Korean blockchain startup Blocko, are planning to launch a “blockchain digital swap system” for Samsung Card members in the near future.
UK Fundraising reports that charities using mobile technology platform, Thyngs, can now “transform passive objects like collection tins into cashless donation points”. Donors just need to tap or scan the points with a smartphone in order to donate. The process also allows collecting Gift Aid declarations and contact details. This is made possible by Thyngs’ integration with Apple Pay and follows the official launch of Apple Pay for Donations.
Person-to-person payments via Facebook’s app Messenger have been available since early 2015 in the USA. Facebook entering the financial services sector is no surprise, especially since they acquired licenses for e-money and payment services out of Ireland, and recently hired former PayPal president David Marcus. The tech giant has announced in mid-April 2017 that the person-to-person payments within Messenger now also applies to group messaging. This means that users in the USA can now send payments to both single and multiple users within a group chat. Following their license acquisition, the service is expected to be implemented in the UK soon.
The Chinese messaging giant WeChat is partnering with UK company Tramonex. This will integrate Tramonex with WeChat Pay to allow Chinese tourists in the UK to make payments within the mobile app without taking out foreign currency.
The Facebook-owned messaging app, WhatsApp, is reportedly considering testing in-app payments in India. If this goes ahead, it will allow users to send payments to each other, probably in similar fashion to the aforementioned Facebook Messenger app.
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