Around the world, the way people pay for goods and services is constantly evolving. Driven by technological innovations, changing customer expectations around convenience, and a shift towards frictionless transactions, retailers are finding they need to either keep up with the trends or see their customers go to a competitor with more seamless experiences.

To help you stay on top of the most important shifts in payments, here are four trends that have been gaining steam in recent years and are worth paying close attention to.

Digital Wallets 

Digital wallets such as Apple Pay, Google Pay, and PayPal are becoming the standard, especially for mobile and online commerce. They offer speed, security, and convenience, with widespread consumer adoption and merchant support; over 90% of EU consumers used at least one form of digital payment over the past year. Customers can also use their digital wallets to hold a variety of cards—bank cards, membership cards, and more—making them a convenient and fast way to pay.

Contactless Payments

Related to the increase in use of digital wallets, contactless payments have been around for several years, but only became truly popular during the Covid-19 pandemic. Tap-to-pay, QR codes, and integrated mobile POS systems are now the norm, offering faster, safer, and more seamless point-of-sale interactions. The speed at which these transactions are processed is attractive to both customers and retailers, as it speeds up the entire checkout process allowing retailers to process more transactions in less time, reduce errors associated with cash payments, and improves the overall customer experience.

Buy Now, Pay Later

Buying on credit is nothing new, but today’s Buy Now, Pay Later (BNPL) services are a bit different. They’re essentially short-term loans for relatively low-cost items, yet consumers are using them with increasing frequency, with BNPL transactions expected to climb to more than £300 billion globally by 2027.

While BNPL is mostly applied to online purchases, it is increasingly being offered during in-person transactions at physical retail locations. Many brick-and-mortar retailers are integrating BNPL solutions directly into their EPOS systems, replicating the convenient, flexible checkout experience of e-commerce for in-person shoppers. Major retailers are rapidly expanding these offerings to support larger basket sizes, reduce friction at checkout, and attract customers who value short-term, interest-free installments rather than traditional credit.

Biometric Authentication

It might sound like science fiction or something out of a Mission Impossible movie, but biometric authentication is becoming increasingly prevalent in in-person transactions. Specifically, we’re referring to identity verification using fingerprints and/or facial recognition. This is another trend that’s tied into the rise of digital wallets, developed to protect users in case their mobile device is stolen or lost.

Looking to upgrade your POS technology to leverage these and other payment trends? Everything EPOS has you covered! Contact our EPOS specialists to discuss your business challenges and to find a payments solution that will wow your customers without hurting your wallet.