How today’s innovative payment methods are changing lives

We’re living in the golden age of payments innovation. Or, at least, it certainly feels like it. Merchants and consumers have more choice than they’ve ever had before in terms of payment methods. It seems like only yesterday that cellphone and online banking were the latest craze. Now you can do most of your banking through an app or even on Twitter. Even the way we pay has taken significant leaps from the days of only cash or card. Here are some of the ways in which banking and payment innovation has led to positive change in people’s businesses and
lives.

Alternative payment methods are hitting their stride

Transparency Market Research reported that the would be 240-million mPOS (mobile POS) units on the market by 2020. Mobile point-of-sale has been on the rise (link to mPOS blog) recently and it’s thanks to the fact that businesses that aren’t traditionally mobile are finding uses for this innovation.

Recently, we spoke about contactless payments and how they’re changing the way people pay all over the world. But, they’re not the only innovation doing that. Mobile wallets and payment gateways, with the help of smartphones, have made payments nearly invisible. Payment models like the ones Uber, Taxify and Zebra Cabs use are gaining popularity and might become a market standard in the near future.

Advancements in banking technology are a force of good

This month, we also shone a light on the South Africa’s social grants system and how banking technology has helped further SASSA’s cause of social justice. As of 2012, beneficiaries of social grants have had their grants deposited into their SASSA account which they can access with new SASSA banking cards. The cards can be used to withdraw money at ATMs or to make purchases at participating supermarkets like Pick n Pay, Spar, Shoprite, Checkers and Boxer. The introduction of the SASSA cards has helped ease the rollout of grants every month. Beneficiaries never have to walk long distances to stand in queues all day to collect their grants. Thanks to the new system, they can start using their money as soon as it is deposited into their account each month.

But security, as always, should remain a priority

Last year, Sabric reported that losses from credit card fraud had decreased by 28.6% between 2014 and 2015 (from R353.3-million to R252.2-million), while debit card fraud had increased losses of 8.3%. Security should always be top of mind when as a merchant and business owner, because with every new payment technology come new ways for criminals to get to your consumers’ money. But there’s something that you can do about it, like staying alert at all times, being wary of any curiosities during transactions and acting on every suspicion you have. By implementing a few security measures you could effectively crack down on card fraud in your business and keep a safe space to transact for your customers.