Today, as cash transactions slowly become obsolete owing to the rise of digital payment avenues, retailers today have to be abreast of the latest technology advancements and educate themselves on what retail payment solutions they should adopt. At the same time, with the average age of consumers across the world coming down to millennials, retailers have to cope with the shifting customer behavior with respect to payment avenues for their e-commerce purchases. As a result, trends such as mobile wallets, EMV security and mobile POS devices are shaping the future of retail payment processing.
Additionally, technologies such as AI and ML are transforming the payment sector by facilitating hyper-personalized user experiences and seamless fraud detection. Concurrently, the rise and subsequent ubiquity of voice- activated platforms such as Google Home, Alexa, Cortana, and Siri, are also driving retail payment vendors to develop solutions that integrate with these products, thereby boosting the customer satisfaction.
With a comprehensive understanding of these new developments, Retail CIO Outlook has compiled a list of leading retail payment solution and services providers to guide firms in harnessing the power of emerging technologies to tackle today’s retail payment challenges. In this edition, a distinguished panel of Retail CIO Outlook’s editorial board has identified the “Top 10 Retail Payment Consulting/Services Companies – 2020.” The companies showcased in this issue have exhibited extensive knowledge, strategy, and means to delivering products and services that ensure effective and long-term business success.