Handling payments and transactions has always been a unique interaction between customers and businesses. For many centuries, payment involved either bartering or exchanging currency. However, in just the last couple of decades, payment and transaction technology has evolved so much further to give customers many options on how to close out a sale. These options include new ways to increase security, speed, and convenience, and they can come in the form of a credit card all the way to Apple Pay or biometric payment.
Over time, it is clear that the evolution of payment technology is showing no signs of stopping, including new methods that customers will expect their favorite businesses to offer. In fact, 52 percent of customers in an Accenture study said that technology plays “a prominent role in almost all aspects of their day-to-day lives” and is “an extension of themselves.” It is therefore a safe assumption to see consumer technology use continue to extend into their payment and purchasing decisions.
In other words, today that is biometrics, but what will tomorrow bring? Is your business going to be ready?
The Evolution of Payment Methods
While cash will always be a key part of any economy, technology has enabled an evolution in other forms of payment and identity verification. In just the last decade, we have seen movement from swipe debit and credit cards, to chip-enabled cards, and now to the integration of contactless payment methods. Add in the health and safety concerns related to the COVID-19 pandemic and researchers have seen adoption of digital technologies accelerate even faster to deliver three years’ worth of innovation in three months.
However, the evolution has not stopped there: original equipment manufacturers (OEMs) are now also rolling out biometric authentication. As customers become more comfortable with any and all of these different types of payment methods in their everyday life, they will be looking for the businesses they frequent to adapt to these new methods, too.
What Biometric Payment Means for Your Transaction Ecosystem
Diving deeper, biometric technology is a payment method using a unique physical feature to authenticate the payee. In practice, the technology has grown from fingerprint scanners, to facial recognition, to even voice and eye scanners.
For customers, businesses, and for payment processors, the use of biometrics is appealing given the speed, ease, and security it provides for each transaction. In fact, according to Juniper research, mobile biometrics will authenticate in-store and remote payments worth $2 trillion by the year 2023. The same Juniper study notes that biometrically-verified transactions handled via mobile devices will make up 57 percent of total biometric transactions in 2023, an increase from 28 percent in 2018.
Stay Agile for What’s Next
Is your business ready for this new wave of payment and transaction processing?
If you need help navigating this fast-growing payment option, Burroughs has been in the payment and transaction technology business for over 130 years. As other brands have come and gone, Burroughs has evolved and continues to deliver best-in-class service and integrated solutions to businesses no matter their size or scale.
As an expert that is original equipment manufacturer (OEM) agnostic, Burroughs can provide your business detailed consultative support to identify the best solution to fit your customers’ needs, outfitted with the latest technology, features, and security, regardless of the OEM. In addition, Burroughs provides end-to-end support from installation, to integration, to facilitating hardware and software upgrades, and repairs, taking all of the stress out of managing your ecosystem so you can focus on your customers.
Finally, as payment and transaction technology continues to evolve, Burroughs can make sure your business has access to participate in demonstrations and learn all of the features included in the latest equipment, software, and middleware to keep you at the cutting edge.
Take the Next Step
Are you ready to learn more about how Burroughs can make sure your payment and transaction technology ecosystem is ready for what's next?
Then take this opportunity to have a complimentary consultation with a Burroughs expert team member. We’ll discuss where your business has come from, where it is going, and what payment and transaction technology you need to ensure your company is ready for success.
To take the next step, you can contact a member of the Burroughs team here.