The Future of Payment Methods – Will you even need a checkout?

 

The rise of digital payment methods has resulted in purchases using cash to decrease.
And Australians are among the top users of ‘tap and go’ debit and credit cards in the world.

In fact, in 2022, a study found that nearly 70% of Australians were confident enough with the digital payment options on their phones to leave their physical wallets and cash at home.

But what does that mean for the overall shopping experience? And what does that mean for small business owners?

Have a read below to find out all about the future of payment methods.

Making In-Store Shopping Easier

While self-serve checkouts were created to speed up queuing, the results are pretty mixed. The next step forward for retailers is an in-store app where customers can scan goods as they shop.
Major retailers such as IKEA and Woolworths have introduced a ‘Scan & Go’ app in certain stores, where customers use a QR code at dedicated checkouts to pay.

Is Frictionless Shopping The Future?

Frictionless shopping is where customers can ‘grab and go’ without scanning their products or emptying their trolly.
Already popular in the United States and the United Kingdom, this process relies on computer vision AI technology to identify products. Ultimately, frictionless shopping could extend to other avenues such as transit, services and venues in the future.

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How Can Your Small Business Keep Up?

Frictionless shopping will most likely be introduced in Australia by retail giants first. However, small businesses can already implement similar technology through new point-of-sale technology. CommBank’s Smart Mini is one such device, where customers can check out anywhere in-store without needing to queue.

The future of payment methods in Australia is digital. And no doubt it will alter the way customers shop. From frictionless shopping to devices for small businesses – there are plenty of ways that you can approach these incoming changes.

How are you approaching the future of payment methods?

Now is the time to consult professionals like ourselves so that we can help you digitize your business. Contact us today so that we can help you get your business up to speed with the latest digital payment trends.