This article was first published on Blog – Civic Technologies, Inc.
Where is the retail industry headed next? In previous parts of this series, we discussed how the user experience is driving innovation, new technology, and omnichannel marketing across different retail verticals. Tailored, seamless digital/mobile environments and platforms are helping brands offer an immersive experience to shoppers both in-store and online. Payments are critical to the update of this user experience.
Customers expect retailers to accept more and more forms of payment. From Apple Pay to bitcoin, chip cards to wearable devices, retail customers are driven to be the primary drivers of new payment innovation.
How is the payment process changing?
The way we pay for things has changed throughout history as technology becomes better and more sophisticated. The history of commerce has seen payment change from a simple bartering system to one where some cities in Sweden and India are driving toward going completely cashless.
Early societies adopted currency in the form of metal coins, shells, and other precious metals beginning in ancient Rome. The Chinese developed paper money, Italians invented the banking system, and from there, modern economies grew rapidly. Globalization and commercial trade spurred the need for a common currency, and in 1913, the United States established the Federal Reserve to protect the financial interests of the nation and to unify currency. When credit cards were introduced in the early 20th century, Diners Club became the first way to make spending more convenient for everyday consumers.
It wasn’t until the 1990s with the rise of the internet that e-commerce and online payments became necessary. Paypal is widely regarded as “the poster child of e-Commerce payment system,” processing $56.68 billion in payment volume in the third quarter of 2015 alone. Today, Paypal still accounts for a huge number of transactions, but new ...
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Blog – Civic Technologies, Inc.