The future of payment methods is here
New technologies have brought changes to our habits, from the way we communicate to the way we buy and how we pay. We are experimenting this need at this time: the recent proposal of the Spanish government to phase out cash is just one example of how the trend is moving forward, but… is this possible?
In the specific case of Spain, it is important to take into account that there is still a high number of users that pay cash, especially elder. At Easy Payment Gateway we believe that a radical institutional intervention for eradication is not the answer, but that it should be consumers themselves who ends up expelling it.
Convenience has been the key of success of credit and debit cards, and currently, has been the payment method that has been recommended during the COVID-19 crisis to avoid the manipulation of cash from hand to hand. However, although this alternative has many followers, there are other alternatives that are increasingly used.
This is the case of payment through smartphones where the user only needs NFC technology and the app downloaded on their mobile phone to use it as a payment method. You can forget about your wallet, leave your cash and cards at home… you only need your smartphone to cover any unforeseen event. Payment by phone or via SMS are other options to pay easily and quickly.
But, if convenience and simplicity are at stake, biometrics is likely to be the winner on the payment methods: fingerprint authentication is already widespread and facial or eye recognition will follow, to not only confirm that payment is in the right hands, but also to carry our password with us at all times.
Half of the users abandon a purchase if the company does not have their favourite payment method. For this reason, at Easy Payment Gateway we offer 240 enabled payment methods helping businesses avoid losing sales and improving the user experience and building customer loyalty.
