EPOS Software Update | Every year, retailers look forward to Black Friday. The sales event that makes the biggest in-store shopping day of the year. While retailers themselves always enjoy massive sales on the day, the event can also tell us a lot about consumers’ approach to payments. Figures from 2016’s event highlight some interesting talking points.
One fascinating figure is that, despite significant efforts from technology providers such as Apple and Google over the last year, the take-up of mobile payments in-store remains low. Although m-commerce as a category continues to grow. Many people turn to Smartphones and tablets as their primary computing device. This doesn’t seem to be translating to the physical space.
Indeed, research by payment processor Cayan, reported in Business Intelligence suggests that just 0.6 percent of in-store on Black Friday used a mobile wallet such as Apple Pay or Android Pay. Though this was a 100 percent increase on 2015’s figures.
There may be a range of reasons for the relatively low take-up of mobile contactless payments. Such as the fact that the convenience of mobile wallets is viewed as a benefit for low-value payments. Many countries limit the use of mobile payments to transactions under a certain amount. Unless there is also biometric authentication (such as a £30 cap in the UK).
EPOS Software Update – What do customers want?
One takeaway from these figures is that customers don’t see a need for the use of mobile wallet solutions in-store. As they’re happy with existing payment options. Nearly one in five people (19 percent) stated they hadn’t used this option because they’d just forgotten about it, indicating there’s still work to be done if providers want to get the technology to register in consumers’ consciousness as an option.
If this is the case, in-store capabilities may well be seen as an extra feature. Rather than as an essential part of the technology’s offering. And if providers want to encourage more consumers to embrace the technology, they’ll have to demonstrate it offers users more than just a little extra convenience.
What the figures do indicate is that, in an environment where there is a broad range of payment options competing for attention, providers will have to be innovative and original to stand out from the crowd.
CES Software Payment Solutions provides you with a leading card processing service for any retail sector. We deliver to our customers: the latest terminal hardware; Faster Payment Solutions; the most competitive rates in the market and around the clock customer service from our dedicated team.