When was the last time you found yourself rummaging through your pockets to search for loose change or counting out the correct amount of notes to pay a shop teller? Looks like you’re not alone:

According to the findings of a recent Pew Research Center poll:

41% of Americans in 2022 said that they never use cash to pay for any of their weekly purchases, up from 29% in 2018 and 24% in 2015.

Similarly, from 24% in 2015 to 18% in 2018 to 14% in 2022, the percentage of Americans who claim to pay for all or almost all of their purchases with cash in a typical week has steadily fallen

Accelerating payment technology to meet consumer demand involves a shift from cash to contactless payments in retail. This shift is driven by the increasing popularity of mobile and digital payments and the outbreak of the COVID-19 pandemic.

Consumers are seeking fast, convenient, and secure payment options, and retailers are readily offering a variety of contactless options, such as mobile wallets, near-field communication (NFC) payments, and QR codes.

Contactless payments are faster and more convenient than cash, which can lead to shorter lines and faster checkout times.

However, the transition to contactless payments requires significant investments in new technology and infrastructure, and retailers should train their staff to use and support these new payment options.

Retailers who can meet this demand through investments in new technology and infrastructure, and offer multiple payment options will be well-positioned to benefit from the growth in contactless payments.

Partnering with Oracle Retail can make things a little easier. In this piece, we shall gain insights about how Oracle Retail can help you plunge into the New World of Retail.

Transforming Transactions: The Contactless Payment Landscape Today

A survey made by VISA says that 65% of consumers prefers to continue with contactless even after vaccines.

The pandemic has boosted the demand for contactless technologies forcing retailers adopt new digital payment methods. Indeed, multiple options for contactless payments, both in-store and online are the cornerstones of a retailers’ survival strategy. Consumers shall keep coming back when they continue to feel delighted and they are being offered a unified solution.

Simplifying Transactions: Oracle Retail’s Contactless Payment Solution

Contactless payment options simplify transactions and allow customers to make payments using their mobile devices or contactless payment cards, eliminating the need for cash or physical card swipes.

Accelerating payment technology to meet consumer demand involves a shift from cash to contactless payments in retail. This shift is driven by the increasing popularity of mobile and digital payments and the outbreak of the COVID-19 pandemic.

Contactless payment is indeed a powerful tool for retailers looking to deliver a modern, efficient, and seamless shopping experience for their customers.

Oracle Retail Xstore Point-of-Service is a game-changer for retailers looking to simplify transactions and provide a unified shopping experience for their customers. Its ability to integrate with other systems, such as inventory management and customer loyalty programs, enables retailers to experience location-agnostic consistency. Moreover, a unified and integrated payment solution leads to a better customer experience due to the enhanced degree of convenience and innovation.

Speeding Up the Evolution of Retail

For retailers to achieve success across all channels, they can no longer rely on siloed payment solutions. A unified view of all its payment data is indispensable.

Embracing an integrated approach is crucial for retailers to move forward.

The goal is to identify customers regardless of whether they make purchases online, via mobile apps, or in-person. It allows retailers to offer a personalized shopping experience. Moreover, as retailers plan for the future, they should adopt a single payment solution that can be used globally to expand their reach and presence.

Conclusion

How will retailers thrive in a contactless world

Retailers can reimagine the future of retail by embracing contactless payments such as mobile payments, NFC-enabled devices, and QR codes. It also includes integrating contactless payment options into their point-of-sale systems, implementing contactless checkout processes, and offering mobile apps that enable customers to easily browse and purchase products.

Additionally, retailers can leverage contactless payments to deliver a seamless and efficient shopping experience by reducing wait times at checkout, providing customers with the ability to make purchases without handling cash or cards, and enabling customers to pay with the payment mode they prefer.

Contactless payment allows retailers to improve customer delight and increase efficiency. Besides, retailers should define new customer journey possibilities that enable store associates to interact efficiently with customers in various, contactless ways. All of these factors, and many more, are critical to surviving in today’s fiercely competitive world. 

References

  1. https://www.pewresearch.org/fact-tank/2022/10/05/more-americans-are-joining-the-cashless-economy/
  2. https://usa.visa.com/content/dam/VCOM/blogs/visa-back-to-business-study-jan21.pdf
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