It seems that the world of money and commerce changes at an incredible rate. Perhaps no more so than within the past 20 years or so. Gone are the days of needing to haul around loose change just in case. Nowadays you can find electronic payments in almost every walk of life. The trends of consumer payments are moving more and more towards the electronic and contactless. As a result, card terminals themselves are still very much on the rise and there are many companies and products that continue to try to innovate within the market.
Here’s a few examples of new products designed to take card terminals to the next level:
Poynt: Poynt is a multi-functional tablet that comes in different models depending on how many services you need. It accept all major cards and has a number of functions including an app. for tracking sales, integration with other existing apps. and access to merchant capital advances.
Good Box : Good Box is a a terminal that accepts card payments for the purpose of charitable donations. There are a range of different sub-products depending on the situation – on the street or at a place of worship. The idea is to get a greater number of contributions by cutting down on those that don’t ordinarily carry cash with them but still wish to donate.
Here are some useful things to note:
- During 2018, the number of contactless payments increased by 31% to 7.4 billion
- From 2008 to 2018, cash being used as payment fell from 60% to 28%
- Almost 124 million contactless cards were in circulation at the beginning of 2019
- In 2018, card terminals rose by 12% to 2.4 million.
Card terminal usage
It was only a little over 10 years ago when contactless payment first arrived. Now, all terminals that collect payment come with a contactless function. Not only do people not require physical money to make purchases, they rarely even need to remember their PIN number.
The benefits are obvious. Being able to make payments quickly and efficiently, which in turn speeds up the process of buying in general. Although there are drawbacks (there have been reports at times of contactless cards paying for other people’s shopping) the positives tend to outweigh the negatives.
It’s not just a matter or the widespread usage of card terminals, it’s also the range or places and innovations you can see. As shown in the examples are the top of the article, there are dedicated devices in you are a charity or an ordinary business. This means that there are likely to be different devices if you work in other sectors like at a pub or club, retail business or elsewhere.
The trends show that card terminal usage is not only on the rise, but contactless payments too as they both go hand in hand. More people are wishing to pay in more efficient and convenient ways and this means that they make more purchases on average. With a drive to increase the use of mobiles and other devices as terminals, you may expect to see this as the dominant form of payments going forward.