2016 is set to be an important year in the payments industry, with a number of new technologies being introduced. Recent news has reported a number of key developments in the payments industry.
Charity Tins to be Fitted with Contactless Payment Points
Later this year, contactless payment technology is to be fitted to charity tins. The devices will be developed by the UK Cards Association with major charities such a Cancer Research UK. With cash now accounting for less than one in every four pounds of retail spending, it is key for charities to stay on trend with the technologies that define the direction of the payment industry.ht The technology will allow enabled cards to spend up to £30 without entering a pin.
Apple Pay Being Introduced Worldwide
Having seemingly had a fairly straightforward job of introducing Apple Pay to the UK market, with much of the general public being very used to using contactless payments, Apple Pay now faces the challenge of tackling the international market. Whilst the technology does offer considerable convenience, particular for holiday makers, it does come at the cost of which currency to pay with. Currently DCC technology (dynamic current conversion) requires a fee, which is included at the point of transaction with the hotel or retailer. Customers can choose not to use it if they would prefer to not use the technology, paying in the local currency, or that that the retailer deals in.
Cards and Contactless Payments Arrive in London’s Black Cabs
In another example of contactless payments becoming more commonplace as an everyday payment option, London Black Cabs are set to introduce contactless payments to their vehicles. Black Cabs will introduce PayPal’s NFC enabled Chip and PIN card reader, called PayPal Here. With contactless payments clearly becoming a major factor in payment tech and being introduced to a number of services, it’s clear that the technology will continue its dramatic growth in 2016. We’ll be interested to see how businesses make use of it. If you would like to discuss Direct Debits or Payment Gateway solutions with the London & Zurich team, you can get in touch with us on 0121 234 7999, or you can use our contact form.