Until now, most consumers have relied on bank cards to make in-store purchases, and the seller needed only a payment terminal to conduct the transaction. But thanks to Apple Pay and Google Pay, a growing number of users are now making purchases on their phones instead of using bank cards, creating a smoother checkout experience. Phone payments also make it easier to avoid transmitting Covid, as there’s no need to touch a shared pin pad on a payment terminal. With the increasing prevalence of mobile payments, it seems inevitable that retailers will soon be able to do without a payment terminal altogether.
The progress in making and accepting payments has affected buyers, sellers and big tech alike. For instance, to further accelerate the transition to the contactless era, Apple bought Mobeewave, a SoftPOS provider in Canada. The lesson for businesses here is that there is no sense in having an expensive payment terminal if a mobile device can do the same. It seems that Apple was the first to understand this progression.
The changes that have emerged as a result of the pandemic cannot be underestimated. Social distancing and hygiene measures have had a direct and irreversible impact on the way businesses conduct their operations.
Gone are the days of long queues and overcrowded restaurants and pubs. Germany, England and other European countries are announcing full lockdowns, while France has already declared that many traditional Christmas festivities will be canceled across the country. Moscow authorities have issued a general order to all enterprises catering to mass gatherings, including restaurants and banquet halls, to cancel all reservations for the New Year’s holidays, placing a full ban on service from 23:00 to 6:00 local time.
Though takeout services will remain operational, the restrictions on indoor gatherings will inevitably have a significant impact on revenues across the hospitality sector. Many venues rely on profits from these traditionally busy periods to get them through quiet times throughout the rest of the year.