05 Apr 2022
Developments in payments technology are evolving so rapidly it can be difficult for customers and merchants to keep up.
How will these advancing technologies affect businesses and their customers? How will merchants have to adapt to capitalise on these new opportunities? And what developments might we see in coming years that will redefine the world of retail payments - again?
“I think there’s a huge amount of opportunity for businesses to use mobile devices differently to improve their customer experience.” – Anne McDonnell
Recently we had a chance to explore some of these issues with Anne McDonnell, Chief Market Officer of ANZ Worldline Payment Solutions – a joint venture between Europe-based Worldline and ANZ.
Q: What are the top trends to watch out for in the payments space in 2023?
Anne McDonnell: We’ll see greater demand for mobile payment technology from businesses and consumers. Several major payment providers, including ANZ Worldline Payment Solutions, recently introduced or commenced piloting mobile app technology that turns Android mobile devices into a terminal – no additional hardware required. This innovation will improve how large businesses serve customers. For example, allowing them to accept payments anywhere in-store and eliminate the frustration of queues.
Another trend spurred by the pandemic is the convergence of payment channels. Consumers now want the flexibility of shopping from their phone, online or in-store. Achieving an “omnichannel” experience is no mean feat and this will continue to be a challenge for businesses.
To help with this complexity and emerging innovation, you’ll also see more partnerships, allowing businesses to focus on their core business and customer experience. They can then leverage experts in areas like data and security compliance, inventory management and payment technology.
Q: Are payments becoming too diverse and, in turn, too complicated for consumers?
AM: The payments space has always been complex and will continue to be so as more channels are added and consumers become more accustomed to having their personal preferences delivered. I think the challenge with payments is that it will always be as diverse as your consumer base and this is where personalisation has a big role to play.
With complexity comes opportunity and I see organisations getting the edge when they have the right experts involved to support their transformation.
Q: Which payments products or solutions will prove to be most disruptive in 2023?
AM: My number one is technology that turns mobile devices into a payment terminal. I think there’s a huge amount of opportunity for businesses to use mobile devices differently to improve their customer experience.
The ANZ Worldline joint venture will launch our new product portfolio for both small to medium businesses as well as large enterprises. Many of the solutions we’re bringing to Australia are already available internationally and localised for the Australian market, including our Tap on Mobile technology.
Philippa Campbell, Head of Transaction Banking Australia & PNG
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.
05 Apr 2022
12 Oct 2021