Our world is becoming increasingly cashless. Perhaps you’ve already noticed this in restaurants, supermarkets, and stores where you’ve engaged in cashless payment yourself. People all over the world have become accustomed to paying with credit cards, microtransactions, and contactless payment. In fact, Australia is one of the few countries in the world where it is becoming rarer to see cash due to businesses moving toward money-free transactions. In today’s article, we have a look at 5 forms of cashless payment that are commonly available at most outlets in 2019, so read on to find out more!
(Guide) Cashless Conversion: How Businesses are Moving Toward Money-Free Transactions
1. Multiple Payment Options –
POS software systems are an integral part of any modern business. From restaurants to supermarkets, POS systems are used to increase efficiency, offer detailed receipts and also expand payment capabilities. Thanks to the shift towards a cashless society, modern POS systems now offer multiple payment options for customers. This ranges from credit and debit card payments, digital payment apps and so on. Through sophisticated POS systems, businesses are now able to accept multiple cashless payments from their customers in 2019.
2. Digital Wallets –
The age of the digital wallet sees people from all walks of life spending money without even having to bring their wallets out. Options such as Apple Pay, Google Wallet, Venmo, PayPal and Square Case offer customers the ease of shopping without having to withdraw money or even bring their bank cards out. A majority of businesses in 2019 now accept payments via digital wallets, making cash almost redundant in today’s society. Digital wallets offer quick and easy transactions, enhanced security and greater efficiency than cash, making it a huge appeal to businesses and customers alike.
3. Tap & Go –
One of the most used cashless forms of paying in 2019 is the simple tap and go or “PayPass” payment option. PayPass is a form of contactless payment that removes friction and offers customers a better buying experience. Almost all businesses in Australia are now equipped with contactless payment systems that allow customers to simply tap their card or phone on a sensor to make payments. Pins are unnecessary for purchases under $100, offering customers an efficient way of paying that doesn’t involve them lugging cash or a bulky wallet around at all times.
4. QR Code Payments –
Have you heard of a QR code? Chances are you have come across it when you purchase concert tickets or vouchers for your favorite store. QR codes are becoming increasingly popular with both businesses and consumers around the world as it simply involves a customer scanning a code with their mobile phone camera, entering the amount they owe and making a quick transaction within seconds. This cashless payment option is especially popular with businesses that want to keep costs low and don’t want to have additional POS technology as they can simply print out a QR code for customers to scan.
5. Prepaid Payment Options –
Last but certainly not least, many businesses are now offering their clients prepaid payment options. Prepaid payment options may come in the form of post-paid cards, key fobs and digital credit on mobile apps. These types of prepaid payments are typically faster than cash or credit cards and can offer consumers a higher level of security. In addition, consumers can benefit from discounts and loyalty rewards that are directly connected to their prepaid account. This is a great option for people who can’t afford credit cards or simply want to keep track of how much they are spending whilst at the same time not have to bring cash out with them.
Cashless payments are certainly not going anywhere any time soon. We hope that this article has given you some insight into how businesses are moving towards a more money-free world of transactions.