Smaller retailers will pay the price for not embracing new payment technology, warns SME champion

Savvy internet shoppers are enthusiastically adopting new payment technology to speed up payments and ensure their transactions are secure. With the arrival of Apple Pay and the imminent launch of  Samsung Pay App, the technology-led, international courier ParcelHero is warning small retailers to make sure they are up-to-date with the changing trends in payment methods, or risk being left behind in the build-up to Christmas.

“Apple Pay is well-established in the US and already a hit in the UK following its July launch; Google’s Android Pay is imminent and Samsung’s new Pay App arrives in the US in September and will have its European launch first in the UK,” says ParcelHero’s David Jinks MILT. “Around 250,000 locations in the UK alone should be able to use Apple Pay; and smart retailers will ensure they are one of this number.”

And it’s not just the major retailers that should gain the benefits of the latest switch in consumer behaviour: SMEs need to be proactive about embracing new technology, too.

Says Jinks: “ParcelHero’s latest research reveals 40 per cent of UK consumers plan to set a strict budget this Christmas and stick to it. The majority of UK shoppers (59 per cent) believe a prepaid card with a set limit to spend on it would minimise the risk of overspending, and they are also considering new payment technologies to help them stick to their budgets.”

Over in the States, Apple Pay, which generates dynamic security codes for each transaction rather than reveal bank card numbers, is extremely popular in stores like Macys and Bloomingdales, which have welcomed the system. Google Wallet – soon to morph into Android Pay – is also popular amongst security conscious buyers.

Adds David: “In the UK, Apps such as EE’s Cash on Tapp mobile App has been widely accepted – although so far they are often limited to transactions under £20. Additionally a number of personal finance apps proved very popular last Christmas with tech-minded shoppers. Apps such as Money Dashboard and Spending Tracker enabled consumers to keep an eye on all their expenses, from gifts to coffees!”