While we are all aware that consumers are increasingly abandoning manual payment methods and moving to electronic forms of payment, the U.S. Faster Payments Council has released the results of a study* indicating just how quickly organizations are shifting in response. Two details stood out:
- 86% of the respondents have already begun enabling faster payment services for everything from paying bills to paying for goods.
- 85% of the respondents said they plan to invest in at least one additional faster payment system in the next two years.
These investments don’t have to mean high upfront costs and implementation complexity. Renting payment devices enabled for faster payments is a great way to get started and figure out what methods will work for your business.
Mobile moving the needle
Along the same lines, a recent Experian Global Insights Survey* reports that digital is becoming the “new norm” for payments and financial transactions, with mobile wallet use steadily increasing. A notable takeaway was that use of mobile wallets now rivals traditional payment methods.
- 62% of survey respondents said they currently use mobile wallets.
- 63% of respondents said they also use traditional forms of payment.
New technology to support swift, seamless payments
To see one area where payment checkout speed is heading next, we turn your attention to Mastercard’s Biometric Checkout Program.*
- Using the same technology that currently allows for fingerprint or face recognition, a customer that is enabled for this form of payment will have the ability to smile or wave into a camera associated with a card reader and confirm payment at checkout.
- This allows merchants the ability to authorize payments faster and customers the opportunity to make payments more conveniently and securely.
- Mastercard has enhanced the software to globally launch an option for biometric checkout services in person or even at home, through a merchant or identity provider app.
This article was originally published in Elavon’s Payment Smart newsletter. The Washington Hospitality Association’s payment processing program is backed by U.S. Bank/Elavon.