Further changes are likely to follow. We can expect to see new pricing plans that position contactless as an affordable business tool, greater transparency with Credit, and new technologies.
COVID-19 will dramatically increase the demand for contactless, online payments, Apple Pay, Google Pay, QR codes and digital banking and payment solutions generally.
Even after the pandemic has ended, it is expected that consumer demand for contactless payments will remain strong and the habits formed during months of restrictions will remain.
Work is under way in the industry (banks, card companies and Payments New Zealand) to improve the normalisation of contactless payments, and to identify any impediments, be they cost, technology or regulatory.
Contactless payments are currently about reducing touch-points, increasing consumer control, improving security (yes it is more secure) increasing speed and convenience in-store, but the future looks different with shopping preferences shifting to credentials or tokens online and engaging with customers digitally.
Wider adoption around the world will accelerate development of contactless payment systems that will only enhance their value at the checkout counter further and be more digitally focused.
This will be invaluable for New Zealand businesses looking to lift their eCommerce capabilities and promote themselves to the world.
What the lockdown has shown is that online shopping has few barriers and with the increase in not only popularity but options and choice of shopping online, New Zealand retailers need to be future ready with shifting consumer preferences.
Eftpos occupies a unique niche, and while transactions will decline it will survive the wholesale shift to contactless.
It’s the original, it’s free, but it will remain simply a way to pay for goods and services domestically while contactless evolves as a tool that retailers simply can’t live without.