How Embracing Innovative Payment Technologies Benefits Businesses
Development and Innovation Canadians easily adapt new payment methods and businesses should invest in high-security, cashless technologies.
When you’re in the business of serving customers, payment transaction systems that save seconds without sacrificing security can make sales.
According to a recent Vancouver Sun article, cash is predicted to make up only 10 percent of the money spent in Canada by 2030 — compared to 35 percent today. With Canadians of all ages, especially the younger generations, predicted to continue adopting innovative payment technology in record numbers, mobile payment solutions and terminal-based systems could soon comprise the vast majority of day-to-day transactions.
“On a global stage, the Canadian consumer is very tech-savvy and the payments market is considerably different than in, say, the United States,” says Chris Tyghe, the VP of Strategic Development at Ingenico Group. “Usage data shows that the average Canadian consumer is completely comfortable adopting new technologies, like ‘tap’ for example.”
Indeed, contactless — or tapped — payments in Canada have grown exponentially over the past two years, with recently released industry figures pointing to an over 60 percent increase in the volume of dollars tapped in the first quarter of 2017. Compare this to a 20 percent increase in the United States.
In fact, Canadians have long been at the forefront of adopting new payment and transaction technology, from the early days of the “Johnny Cash” ATMs to today’s high rate of credit and debit card transactions through Ingenico’s network of smart terminals.
“I believe Canadians are extremely receptive to payment services, including smart terminals and mobile solutions. These continually enhance the consumer experience, while enabling merchants to secure the sale as soon as the consumer has made their purchase decision,” says Richard Giannini, the SVP of Product Development at Ingenico Group. “To achieve this, our innovative and reliable payment solutions combine the most advanced technologies with the latest security requirements.”
Security remains a top consideration
Consumers today are better informed than ever before, which means that increased convenience and an enhanced experience are important elements of the consumer purchase decision. But security is the most vital element, for merchants and consumers alike. Business owners equipped to offer shoppers the payment convenience, simplicity, and security they demand are able to increase sales.
By investing heavily in security, with an annual research and development budget nearing a double-digit percent of its annual revenue, Ingenico has brought several innovations to the market, including the proprietary Telium operating system. Combining the latest cryptographic schemes with future-proof key length, Telium TETRA OS adds another level of security to Ingenico’s devices.
“The Telium TETRA operating system combines our expertise in secure payment with the agility of the web by embedding the best security mechanisms to protect transaction privacy,” says Giannini. “Backed by Telium, our payment terminals provide the most secure form of payment available.”
The future is connected
With the shift to new and secure payment methods already in full swing, there are more ways for consumers to pay and buy than ever. The sheer number of purchase options available in such a competitive environment means retailers are increasingly beefing up their technological offerings in order to survive and thrive.
Ingenico makes it easy for businesses to do both, by providing a comprehensive range of systems and software designed to make purchasing quick, seamless, and secure — whatever the sales channel or payment method. And thanks to Ingenico’s ongoing investment in research and development and its extensive worldwide network, the latest payment systems are affordable to businesses of all sizes, especially when compared to potential growth in both sales and customer loyalty.
“We are at a very unique moment of time in terms of both FinTech and consumer expectations. We have to anticipate that the retail experience of the future is going to be radically different from that of today,” says Tyghe. “As either a business owner or consumer, you want to be part of defining that future.”