Digital payments

Posted in: Industry News | by: Steven Garner

As we all know, the pace of change seems to increase every year and nowhere more so than in technology.

Its pace is exponential as it feeds on itself enabling ever faster change and functionality. One area of innovation and sure change is in digital payments

Just think about it: the first credit card in the UK (Barclaycard) was launched in 1966. It took 21 years (yes, 21 years) before the first debit card was launched in 1987. Compare that with the first contactless payment card transactions in 2007 and the launch of mobile banking apps just 3 years later. And the pace will continue to grow with product life cycles becoming ever shorter. If one thing is for sure, digital payments are here to stay.

Take the contactless card for example – still being rolled out to customers across the UK (8 years after its launch) with a ridiculously long timetable caused through (it seems) interbank rivalry, procrastination and distraction (financial crisis being a case in point). There is a strong likelihood that before the roll out has been fully completed it will have been overtaken by Payment via Device.

Raman Bhatia, head of digital at HSBC UK says “Peoples familiarity with using mobiles to buy goods and services online is driving banks ever faster toward enabling new transactions on the devices. The future digital payments and your phone will coincide” he says. “The mobile wallet will become a reality – experts have predicted this for ages but it is now happening and the trend will accelerate in the next few years”.

No surprise there then. But think about the impact on the Vending industry.

How far behind the curve are we? Do we even recognise a curve exists?

Make no mistake – the Digital Superhighway is fully open with 5 lanes of fast traffic (Apple, Google, Paypal, Amazon, Virgin, Banks etc) coming our way.

Time to get your motor running, as Steppenwolf would say, otherwise, you may find you are Born to be wild!

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