Contactless payments are no longer in the adoption process. The COVID-19 pandemic has accelerated the implementation of contactless payments at retail stores to ensure maximum public safety. In fact, the retail world has also been recently introduced to contactless checkouts, where customers walk into a store, select their products, and checkout without interacting with a cashier. This futuristic experience offers customers a no-touch shopping experience and outshines technologies like mobile wallets and tap-to-pay enabled chip cards. Contactless payment’s pandemic-induced popularity has coincided with the more recent emergence of contactless checkout experiences. Clearly, the pandemic has put digital payments in pole position, inviting innovations at a rapid pace.
While COVID-19’s impact on payment behaviors is still unfurling, a silent storm had been brewing in the payments sector long before the crisis broke out. Digitally empowered customers, digital-savvy regulators, buoyant digital platforms, and digitally transforming banks have emerged as the key catalysts to the adoption of digital payments. While there has been a considerable uptick in the usage of digital payments over the past two years, significant hurdles remain. Additional factors such as consumer behaviors, complex payment ecosystems, and financial regulations make this market a very diverse one.
As more and more retailers get on board with the digital/ contactless payment trend, the number of retail payment solution providers in the market has also increased. To simplify and assist CIOs in identifying the most promising retail payment solution providers, Retail Tech Insights presents “Top 10 Retail Payment Solution Providers - 2021.”
A distinguished panel comprising CEOs, CIOs, VCs, Analysts, and the Retail Tech Insights editorial board has selected the most promising retail payment solution providers. In our selection process, we looked at the company’s offerings, core competency, news/press releases, client testimonials, milestones, and other recognition.