The Future of Connected Payments
Over the past 12 months we have seen a dramatic increase of awareness and interest in ‘connected payments’ – payment systems that can be seamlessly incorporated into everyday items such as clothing and jewellery. It’s a hugely exciting time because, as consumer interest grows, so too does the opportunity for businesses from every sector to surprise and delight customers by embedding quick, easy and secure payment methods into their brand and customer experiences.
For marketers looking for new and innovative ways to strengthen the relationship between brand and consumer, connected payments offer a chance to reinvent the nature of promotional materials by marrying cutting-edge technology with tried-and-tested marketing techniques.
This is only the beginning for connected payments as an important tool in a business’ marketing strategy, and recent technological innovations to make systems cheaper and smaller mean that they’re now more attractive than ever. With data from Barclays’s Contactless Spending Index 2017 showing that ‘touch and go’ spending rose 166% year-on-year, it’s clear that contactless and connected spending is now a part of our day-to-day lives.
Thinking even bigger and better, the next horizon for connected payments is to merge with the rapid expansion of the Internet of Things. This will take businesses and marketers one step further from mobile payments, tapping into the universe of internet-connected devices and offering the opportunity to facilitate payments beyond mobile phones, cards, and point-of-sale terminals. For marketers, IoT technology creates entirely new channels with which to engage and source insights from consumers, in a way that, far from being intrusive, is embedded with the user’s everyday life.
As more and more consumers recognise how connected payments can make their lives easier, demand will continue to grow, and the technology will continue to develop. Marketers who can get in on the ground floor and incorporate this innovation into their strategies will see first-hand how connected payments can strengthen the connection between brand and consumer.