Digital payments hit the tipping point

Businesses that fail to embrace new payment technologies such as contactless payments, payment apps and virtual currencies will get left behind, according to new research from Sage Pay.

Launched on the same day as the new Paym phone payments app, Sage's Payments Landscape 2014 report reveals more than a third of customers would be more likely to shop at outlets that offer a range of payments methods or innovative payment types.

Despite this increasing customer demand, 80% of businesses surveyed said they would only embrace new payment methods if customers actually requested them.

This passive stance on payment technology has created a gap between what customers want and what businesses provide, opening up an opportunity for business growth among early adopters.

“We’re at a turning point,” explained Sage Pay chief executive Simon Black...

Continued...

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Comments

Yes and no ...

JC | | Permalink

Seem to recall that Sage had a hiccup with their original payment system many years ago - believe it proved to be a disaster and was sold. They subsequently re-entered the market with the current one a few years later (all air-brushed out of their history)

'.. One of the standout results from the survey was the fact that £12bn was lost by small and medium sized retailers last year by them not accepting cards ..'

There are many reasons for this, however, one suspects that the inability to accept card payments on devices has been a major factor and products such as iZettle & Zapp (different approaches) etc. will change this. (SagePay is a Zapp partner - so good marketing boys! - but what about citing others where you are not involved?)

Although quite why it has taken quite so long for this approach to be introduced into the UK is beyond belief. Of course Sage could have taken a lead in this area years ago rather than now just spouting rhetoric about market research, however, they chose not to! Once again demonstrating that Sage are followers and not innovators with marketing their forte rather than IT - after all talk is cheap! and once upon a time they were burn't by a payments system

Nevertheless, apart from the iZettle approach what contactless approaches allow payment to market traders or those who do not have a permanent base of a shop front or premises
 

Digital payments

johnporter | | Permalink

With the use of Credit cards becoming increasing costly  7 as Retailers are now passing these costs to customer & who can blame them.

The use of cash monies may come back into its own

Increasing customer demand?

slarti | | Permalink

"Sage's Payments Landscape 2014 report reveals more than a third of customers would be more likely to shop at outlets that offer a range of payments methods or innovative payment types.Despite this increasing customer demand"

 

So nearly 2/3rds are not interested?

 

 

Sounds like a sales puff to me!

No surprise

seeroo | | Permalink

No surprise that "research" done by an online payments processor would result in a recommendation that the sky will fall if businesses do not use online payment processors