A generation ago, a consumer would undoubtedly pay in cash after shopping. But today, it’s no secret the retail experience is dramatically shifting how they pay for products. With the shift to digital era, path braking innovations in payment technology is enabling seamless payments anytime, anywhere.
Businesses that adopt digital payments will be able to change their business models, scale up and expand to new revenue streams while enjoying increased profit margins. For this adoption to accelerate, payment solution providers need to contribute to an ecosystem that is secure and minimizes the risks associated with payment solutions.
Trends such as mobile wallets, EMV security, and mobile point-of-sale (mPOS) devices are shaping the future of retail payment processing. Meanwhile, technologies such as artificial intelligence are transforming the payments sector, offering better personalization and fraud prevention. Biometrics including facial, fingerprint, voice and hand movement recognition are also adopted by banks and Fintechs as a weapon in the consumer experience battle, and also for offering maximum security. The payments industry has also started adopting voice activated payments including Google Home, Alexa, Cortana, and Siri for better customer satisfaction.
Providing companies with the ability to improve customer service competency, drive revenue, and gain edge over industrial competitors, the number of retail payment solution providers has grown relentlessly.
With the number of solution providers filling up to the brim in the industry, it is an uphill task for a CIO to find the apt solution provider. Acting as a beacon in the industry, a distinguished panel comprising of CEOs, CIOs and analysts including the Retail CIO Outlook’s editorial board have evaluated firms offering innovative solutions for assisting enterprises with robust retail payments solutions.
We present to you Retail CIO Outlook’s “Top 10 Retail Payment Solution Providers - 2018”