Retail Trends: Global Payment Methods in Retail

Retail Trends: Global Payment Methods in Retail

Summary
New innovative payment methods are evolving at a rapid pace with new providers, technologies, and payment platforms emerging quickly. Consumers are looking out for convenience and omni-payment options which enable them to pay with the same method whether buying in-store, online or via a mobile device. This shift demands retailers to opt for fast, simple and secure payment methods.

Scope

• Convenience is the major driving factor for innovative payment methods
• Cash remains the preferred mode of consumer payments followed by payment cards
• Usage of cash is declining gradually with rise in electronic payments
• Retailers are adopting smarter payment options to offer enhanced security
• Contactless payments overtaking traditional payment methods
• Self-checkout stores gain traction
• Mobile payment apps provide consumers with new ways to exchange money
• Increasing adoption of smart phones is propelling the growth of m-commerce

Reasons to buy

• This report briefs about the key payment methods widely in acceptance in the retail industry, payment trends and innovations