A New Attitude to Payments
There is a 'pocket-based' revolution taking place in payments. Consumer adoption of multiple card formats including contactless payment cards, multi-application payment cards, prepaid gift and loyalty cards are all fuelling the growth of advanced electronic payment devices. This and consumers increasing familiarity with sophisticated handheld devices – from mobile phones to games consoles – is transforming how retailers engage at the Point of Sale (PoS).
A recent study by the Centre of Retail Research, commissioned by Visa Europe, confirms this. It reports that multi-application cards and phone-enabled promotional offers are expected to be used by 35.2% and 34.6% of retailers respectively, and pre-paid cards by 33.9%. Phone-enabled contactless payments were also highly rated (32.7%) and contactless cards by 26.4%. Keyfobs/tags were expected to be accepted by 19.1%.