GAUGING THE MARKET is helping them become more resilient to financial shocks and improving their longterm financial security .
Enhancing bottom-line growth potential
When organisations adopt emerging payments technologies , it unlocks a multitude of revenue opportunities by enabling them to reach new customers and retain and sell more to existing customers .
In 2021 , World Bank Group published research that observed a ‘ significant increase in the sales of merchants with contactless payment technology relative to those without this technology ’. It also noted that the average merchant offering contactless payments experienced an 8.3 % increase in sales .
Times are changing and , clearly , the days of legacy payment systems are ending . Therefore , for a business to have a sharp competitive edge in today ’ s financial landscape , it is essential that it deploys modernised payments technology solutions to open new avenues for growth .
Conclusion
The payments sector is experiencing rapid evolution driven by a sharp uptick in innovation and changing patterns in consumer consumption .
Customers expect convenience and speed , in the format and device of their choosing , at every point in the transaction chain . Businesses must embrace technology and prepare to pivot to meet the expectations of the hyperconnected customer , or they risk being left behind . � www . intelligentfin . tech
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