Maximize Sales with mobile POS technology
In an era where cashless and contactless payments are rapidly becoming the norm, businesses need to adapt to stay competitive. One crucial adaptation is transforming their existing devices into versatile payment terminals.
The article delves into the current state of the cashless payment market, the technologies and societal factors driving this shift, the benefits for merchants, and how Silkpay can help facilitate this transformation.
Trend of global payment market
The global trend towards cashless and contactless payments is undeniable. According to a study by Capgemini, global cashless payment volumes are expected to grow by over 80% from 2020 to 2025, reaching almost 1.9 trillion transactions.
Southeast Asia, in particular, is seeing a significant rise in digital wallet usage. In 2022, a report by Google, Temasek, and Bain & Company revealed that digital wallet usage in Southeast Asia had surged, with countries like Indonesia seeing a 27% adoption rate among internet users. Similarly, Thailand and Singapore reported usage rates of 19% and 16%, respectively.
These statistics highlight a broader trend where consumers increasingly prefer digital payment methods for their convenience and security. And the shift is not limited to Asia; in Europe and North America, contactless payments have also seen substantial growth, driven by the pandemic and the growing penetration of smartphones.
Global growth in cashless payments
In the United States, an estimated 87.4% of all transactions are cashless in 2024, with projections indicating that by 2026, 92.9% of payments in the U.S. and 91.47% of global POS terminal transactions will be cashless.
Europe has seen a significant increase in instant payments, constituting 12% of the credit transfer volume in the Single Euro Payments Area (SEPA), with potential growth up to 45% by 2027.
Digital wallet use increase
Digital wallets are becoming increasingly popular worldwide. In the U.S., PayPal leads with 36% of digital wallet users, followed by Apple Pay at 20% and Venmo at 16%.
By 2026, the number of digital wallet users globally is expected to exceed 5.2 billion, with transaction value reaching $12 trillion.
Regional adoption of digital wallets
In Brazil, almost half of the transactional revenue growth through 2027 is expected to come from digital payments such as e-wallets. In Nigeria, the push towards a cashless economy has seen a significant drop in cash transactions from 95% in 2019 to 80% in 2022, with a corresponding rise in instant.
To fully capitalize on the growing trend toward cashless and contactless payments, merchants are increasingly transforming their existing devices into payment terminals to meet consumer demands and maximize their sales potential.
Why are merchants transforming devices into payment terminals?
Several key technologies are enabling the transformation of merchant devices into payment terminals. Near Field Communication (NFC) allows for quick and secure contactless payments, while QR code technology offers a simple and widely accessible method for processing transactions. Mobile applications and APIs provide the backbone for these solutions, enabling seamless integration with existing business systems.
Societal drivers are also playing a crucial role. Consumers today demand convenience and speed, with a growing preference for digital-first interactions. The COVID-19 pandemic has further accelerated this shift, as contactless payments reduce physical contact and enhance safety. Additionally, regulatory support and initiatives promoting cashless transactions are fostering an environment conducive to the adoption of these technologies.
Benefits for merchants
Transforming existing devices into payment terminals offers numerous advantages for merchants.
Flexibility and convenience: Using smartphones or tablets reduces the need for additional hardware investment.These devices can easily integrate with existing business operations.
Cost savings: Lower transaction fees and maintenance costs compared to traditional POS systems.
Enhanced customer experience: Faster transaction times and more payment options improve customer satisfaction.
These benefits are supported by data from various studies and case studies showing increased sales and customer loyalty among businesses adopting mobile POS solutions.
Silkpay’s mobile POS solution
Silkpay’s mobile POS solutions allow merchants to download an app from the app store and transform their smartphones into versatile payment terminals. These solutions support a wide variety of payment methods, including Alipay+, WeChat Pay, PayByLink, and more.
One of Silkpay’s best selling payment methods is Alipay+. It enables the acceptance of over 16 digital wallets from the Asia-Pacific region, such as those from Thailand, South Korea, Singapore, Indonesia, and the Philippines. This capability is particularly valuable for businesses looking to attract a diverse customer base and tap into the growing market of digital wallet users.
Silkpay’s Mobile POS solutions are designed to be user-friendly, secure, and adaptable, ensuring that merchants can provide a seamless payment experience for their customers. Whether in retail, hospitality, or any other industry, Silkpay equips businesses with the tools needed to thrive in a cashless society.
Conclusion
The transformation of merchant devices into payment terminals is a game-changer in today’s digital economy. By adopting these innovative solutions, businesses can meet the growing demand for cashless and contactless payments, enhance customer satisfaction, and achieve significant cost savings. Silkpay stands out as a key partner in this journey, offering comprehensive and versatile payment solutions that cater to the evolving needs of modern businesses. Embrace the future of payments with Silkpay and stay ahead in the competitive market.
Source
https://capitaloneshopping.com/research/cashless-statistics/
https://ecommercetips.org/digital-payments/
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About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.