Digital technology is reshaping our lives – especially the ways we handle financial transactions, writes Dalene Deale, growth consultant at Halo Dot.
Both consumers and merchants have options, and should exercise them, to fully engage in the digital economy without fear, capitalising on the myriad of choices and opportunities now available.
A world of choices
Remember when entering your credit card details on a website was the only online payment option?
Times have changed. From digital wallets to Instant EFTs, the list of alternatives has exploded.
Could the next alternative be tapping your card on your own phone for a payment alternative?
Yet, for all this convenience, many consumers still hesitate to enter their card details online. Given the looming threats of fraud and data breaches, this apprehension is more than understandable.
Expanding merchant options
It would be a mistake to think that the digital payments revolution isn’t confined to consumers.
Merchants have also reaped the benefits, moving beyond traditional, bulky PoS systems to embrace more affordable and portable mPoS solutions and instant EFTs.
A revolution for merchants
The real game-changer lies (initially) in the transformation of Android devices into secure payment terminals.
For small business owners, your smartphone isn’t just for communication anymore; it’s a portable POS system that can be carried everywhere. Forget the worry of leaving an mPOS device at home or its battery running out; as long as there is signal, it’s business as usual.
For larger establishments like those in the hospitality space, this technology offers incredible scalability. Imagine not needing to rent additional POS systems for temporary events or peak seasons. Your Android-carrying staff becomes mobile payment terminals, introducing newfound flexibility into your operations.
Creating safe spaces
The promise extends to consumer trust. Now, even those who’ve been sceptical can simply tap their card against an Android device for a secure, fully encrypted transaction.
This innovation even allows for “Card Not Present” transactions to become “Card Present” scenarios, significantly reducing fraud risks.