Money as you know it may be on the verge of extinction. Don't worry, the notes, coins and cheques in your wallet won't cease to have value, but the tendency is for them to become museum pieces within a few years.
The "blame" for all this lies with the advent of alternative means of payment that cater for a consumer who increasingly values mobile transactions (via smartphone, for example) and online shopping.
If the trend still needed to be verified by the official authorities, it has recently arrived through the "National Strategy for Retail Payments 2020-2022", which ratifies the importance of the contactless and online in the national payment panorama with the obligation, in the short term, for all commercial establishments to provide an online payment system. electronic means of payment as an alternative to traditional cash.
All cards and terminals will be contactless within three years
By the end of this year, in Portugal, all credit and debit cards issued in the country will be contactless. Despite the fact that around half of the cards in circulation today already have contactless technologyThe process of replacing the traditional cards (which have an expiry date of between three and four years) will still take three years.
Unlike a traditional card, which requires you to insert it into a automatic payment terminal and the PIN code, this contactless card avoids physical contact when making a purchase in any commercial establishment, making the operation simpler, quicker and more hygienic.
The automatic payment terminals (TPA), an important part of the binomial that underlies the contactless paymentsare not escaping this revolution either. Currently, around 50% of the national TPA fleet is equipped with contactless technologyBut in two years' time it will be a majority.
At REDUNIQ this is no longer a trend, but a reality.
A pioneer in the integration of contactless technology in its terminals, REDUNIQ has recently started offering a state-of-the-art POS terminal which, in addition to accepting contactless, chip and MB Way card payments, gives merchants the possibility of developing apps to manage their business from the terminal itself.
O REDUNIQ SmartThis Android terminal, as it's called, allows shopkeepers to check and manage stocks in real time, place orders with suppliers, manage their fleet via GPS or even access their invoicing via apps that can be integrated into this POS. If you have more than one shop, you can access the entire group of shops.
The advantages also apply to the customer. They can, for example, browse the catalogue on the terminal, select the product they want, pay by card or smartphone, print or scan a ticket using a QR Code. All this from a single Contactless POS.
More secure and comprehensive online payments
E-commerce has grown exponentially, but has not yet reached its full potential. In the next few years, the online sales channel will occupy an even larger space in the economy, with many businesses opting for an omnichannel strategy (online and offline presence simultaneously).
More e-commerce platforms will generate more online payments which, in turn, raises the need for businesses to ensure simpler, faster and more secure transactions for their customers.
Strong customer authentication for e-commerce purchases is expected to come into force next year, and will include the implementation of biometric identity verification elements, such as fingerprint or facial recognition, in the online payment solutions.
More instant payments
We live in a world of fast messaging, but it can take up to one working day to process an electronic payment. This period increases if the payment is made during a public holiday or weekend.
Instant payments are one of the new trends in transactions and will allow money to be available in the recipient's account in just a few seconds, 24 hours a day, 365 days a year.
In the short term, with the generalisation of the SEPA (Single Euro Payments Area) in all EU countries, it will be possible to make payments in euros to anyone anywhere in Europe as easily, safely and efficiently as in your own country - whether by direct debit, debit card or bank transfer.
In the case of e-commerce, instant payments eliminate the risk of merchants not being paid, since the authorisation of goods and services can be easily synchronised with payment. When it comes to business-to-business transactions, instant payments improve cash flows, facilitate cash management, reduce late payments and speed up the settlement of invoices.
Easier payments to the state
Electronic payments will not only facilitate the merchant-customer relationship, but this type of transaction will have an increasing impact on the merchant-State relationship. In the short term, payments of taxes and contributions to the State will be made using electronic payment solutions that speed up payments, particularly those of high value that generally apply to companies.
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