Payment Solutions Provider – Trends

By | November 4, 2022
payment machine news

Payment Solutions Provider News

We are big fans of datacap systems and their payment machine integrations. It is easy to look at kiosk payment machines and the companion devices (UCP is the primary vendor there) but the middleware and merchant partners and the mechanisms used to process that payment can be overlooked.

Here is assorted recent payment machine information from Datacap

  • How Unattended Payments Are Shaping Retail and Restaurant Businesses — The self-service kiosk market is booming. According to Grand View Research, the market for kiosks with unattended payments totaled nearly $21.5 billion in 2021, and they anticipate the market will continue to grow at a 6.5 percent CAGR over the next six years. It turns out customers like using self-serve kiosks. The convenience provided by unattended payments makes it easier for dinners and shoppers to pay. According to a recent study by Radyant, 60 percent of consumers surveyed stated they preferred not to interact with someone when checking out. About half of those surveyed went on to say that they use self-checkout kiosks for nearly every purchase.
  • 2023 Payment Trends ISVs and VARs Need to Factor Into Planning — As more consumers discover the convenience of mobile wallets, fewer are carrying physical wallets stuffed to the brim with cards. Over the last two years, Mastercard has reported a 40 percent jump in mobile payments. This payment method addresses consumers’ demands for speed and convenience, both in-store with tap-and-go options and for m-commerce and e-commerce purchases they can make with just one click. Additionally, mobile wallets give consumers one tool for managing payments on any channel and keep loyalty account information handy as well.
  • 5 Ways Inflation is Impacting Consumer Spending — With inflation reaching a four-decade high, two-thirds of consumers are intentionally cutting back on discretionary spending and seeking less expensive options in categories like gas and groceries that are hit hardest by inflation. As Q4 approaches, these trends will impact consumer spending during the holiday shopping season.Areas that could particularly see a drop in revenue include restaurant and entertainment businesses that reaped the rewards after all-day shopping events when consumers would decide to dine or catch a movie before heading home.The good news is that while inflation has impacted consumer spending, it hasn’t stopped it altogether. Retailers and restaurateurs can win market share by pivoting their approach to what matters most to consumers at this moment.

VIDEO – Example of Paying by Text

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VARs and ISVs providing self-service solutions with unattended payments can find opportunities to sell to quick service restaurants, cannabis, EV charging, vending and car washes.

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Author: Staff Writer

Craig Keefner is the editor and author for Kiosk Association and kiosk industry. With over 30 years in the industry and experience in large and small kiosk solutions, Craig is widely considered to be an expert in the field. Major kiosk projects for him include Verizon Bill Pay kiosk and hundreds of others.