If you order online, you rarely pay cash. This is why we deal with new payment possibilities. There is a large palatte: PayPal, credit card, or payment via smartphone – new variations for getting money to a trader keep coming up. Especially mobile payment is the future of the payment sector. Just hold your smartphone up to a scanner and you’ve already paid. Big players are also following this trend: with the Apple Pay and Google Wallet, there are payment solutions from both giants.
It is already clear now that there will be changes and innovations in everyday working life in the future. Flexible working hours, working from home and switching to digital business models are options that many companies had already integrated into their business before COVID-19. However, these innovations will be less of an option and more of a prerequisite in the future of modern companies.
It is thus recommended to think about the future today and to deal with the question of what the everyday working life will look like after the pandemic and what this means for employees. To take a look into the future, the IT service provider Tata Consultancy Services has recently proposed a number of central theses that define an outlook for the times to come.
It does not happen all that often these days that the doorbell rings. No one comes around spontaneously anymore, and anyone doing so would make himself liable to prosecution – or at least look suspicious: the coronavirus (COVID-19) has a tight grip on the world. Habits are changing: we buy more toilet paper and less clothes. Those who can, work from home, not from the office. We eat home-cooked food instead of eating in the bistro of our choice.
Or we opt for ready-made meals. They can even be healthy and delicious, and this allows us to tell success stories from the business world, even in times of the coronavirus. One of these stories is about bofrost*, Europe’s largest direct distributor of frozen foods, whose business is currently booming.
The piggy bank of children in Denmark looks weird: it is black, not pink. It is made out of plastics and metals, not porcelain. It is rectangular, not round and no coins disappear in the slot. Instead, the charger docks – if the charging process is not wireless anyway. This is because the average Danish child already receives his or her pocket money directly on the smartphone these days. 13-year olds like August from Copenhagen simply hold their phone close to payment terminals when they want to pay for a bag of liquorice at unmanned checkouts in the supermarket.
What is already common practice in future-oriented Denmark also slowly gets going in Germany: mobile payment via smartphone – that small supercomputer we all carry around in our pockets. Cash is increasingly becoming a case for the history books. Credit and debit cards are also used less frequently. But how do payment methods actually change?
Europe. Users, retailers, service providers, and politicians are looking at the continent. Not just because of the EU elections last week, but also because of Europe’s role in promoting a smart, secure, and unified digital economy through measures in various key areas such as artificial intelligence, privacy, and security in e-commerce.
The GDPR had its first birthday on Saturday. And the deadline for the implementation of Payment Service Directive 2 (PSD2) will be on September 14, 2019. This requires strong customer authentication (strong customer authentication, SCA for short).
The aim of PSD2 is to create a secure, transparent payment system and to ensure fair competition within the EU, as well as to reduce entry barriers for payment service providers.
But so far, just under a quarter of German retailers have implemented its strategies developed for it. 21 per cent haven’t planned any approach. Additionally, many online retailers don’t think they have enough info about this. Not a good thing when time is running out and further questions will arise. That’s why we’re trying to bring light in the darkness.
Digitisation is changing even most mundane things, like paying for things. Cash is almost a relic, while digital payments are multiplying and spreading. At the top is PayPal. Ever since the launch of Google Pay and Apple Pay in Germany, the enthusiasm for mobile payments is continuing to increase as the smartphone becomes the wallet of the future.
There’s no doubt that the way we’re paying for things is changing. Retailers have to act on this, especially if the complexity increases and the requirements as well. What should retailers, manufacturers, and brands in the DACH region pay attention to in order to best meet customer requirements and what does the future look like for payments?
From cash to mobile payments. From password to fingerprint. The online payment sector is evolving rapidly to meet the steady pace of technological development and recent legislative changes within the EU. At the heart of these innovations are biometric payment procedures designed to ensure better security standards and a better user experience.
Why biometric payment methods via fingerprint or selfie become more important and why retailers and manufacturers should take this type of authentication seriously, we’ll share below.
Contactless payment with a smartphone, without use monetary notes, coins, or cards are the way of the future. But this isn’t anything new for many countries already. Forms of mobile payment have long been established and analogue forms of payment money a distant past. Compared to China or the USA, Germany is so old-fashioned in this aspect. On one side there Google and Apple and on the other the traditional German banks. Both want to change the way people in Germany pay for things every day.
But German customers and businesses don’t just change their ways because of “innovative” ways of doing things – even if analysts say a potential for change is very high.
Online retail is continuing to grow in Germany. This increase can be felt in two main directions – on the one hand, the digitisation of stationary retailers and the considerable dominance of Amazon, on the other hand in the proliferation of smartphones in all day-to-day operations.
This tendency covers the main points of the current survey of the retail association of Germany (HDE) “Onlinemonitor 2018”. We’ll summarise which trends are defining German online retail and which aspects retailers and manufacturers should pay particular attention to in order to master the digital transformation.
The term Blockchain is on everyone’s minds this year and is being thought of as revolutionary. It’s clear that the technology has great potential, but so far the topic is surrounded by unrealistic promises, many speculations, and content that’s on shaky ground. Today we would like to refer to the latest innovation from the experimental singer Björk. It’s not just about bitcoin, but also about customer loyalty, reward, and music.
In China, mobile commerce is already a part of everyday life. 82 percent of the revenue from the last “Singles Day” was generated via mobile devices. Customers in this market love to make purchases using their smartphones; especially for small transactions at places like food stands via Alipay or Tenpay (the Alibaba and WeChat e-wallets). This is possible by scanning the QR code posted on the stand. The role mobile commerce plays in China is an ideal model for every western front runner who also wants to participate.
The question is: when could this scene take place in Germany?