There’s a silver lining to the unpredictability we experienced last year: 2020 accelerated the growth and advancement of the current payments landscape. In fact, the way operators set up their payment systems now will truly be a testament to how they thrive moving forward.
In my previous blog post, I discussed the growth of QR codes as a payment method and the different types that are available in the market.
To recap, the first one is a Static QR Code that the merchants display for the consumers to scan and pay. The second one is a Dynamic QR Code – Merchant Displayed – which generates a unique QR code for every transaction for the merchant to display and the consumer to scan and pay. The third one is another Dynamic QR Code format – Consumer Displayed – which generates a unique QR code for every transaction on the consumer’s device for the merchant to scan and accept payment.
2020 was a year to remember. From multiple Zoom calls every day to baking sourdough bread at home, people have quickly adapted to the “new normal.” In retail, to implement safe in-person interactions, many businesses are turning to mobile solutions and other innovative technologies. This allows them to accept payments securely and drive better engagement models between consumers and employees.
Ever since Mastercard announced its efforts to make contactless payments even more secure the industry has been buzzing with questions. From what the technology is to how it will benefit the industry and the players in it. Even though Ecos is in its early stages, it is important to have these conversations and better understand how it applies to everyone from the merchant to the end consumer.
The age-old question in the retail industry has been about who possesses the power of influence. Can the retailer change consumer behavior or do consumers have the power to affect what retailers offer or how they operate? This question is harder to answer than you think, as in most scenarios both retailers and the consumers meet somewhere in the middle. When you think about impulse purchases in a retail setting, you think of candy or gum at the corner store, sunglasses or wallets at an apparel retail chain, even automobile accessories when paying for your car being serviced. While impulse buys are based on consumer behavioral psychology, over the past few decades they have evolved into an effective strategy for retailers to influence shoppers into buying not just these products but anything new that is introduced in the stores.
