IT Brief Australia logo
Technology news for Australia's largest enterprises
Story image

How Covid has accelerated the progress of innovative payment solutions

By Ryan Morris-Reade
Thu 16 Dec 2021

Software technology company Synthesis lays out five ways Covid has changed our behaviour and the payment solutions designed to meet the new criteria.

According to Accenture research, changed behaviour brought on by Covid will remain long after the pandemic has passed, with 95% of consumers making significant and enduring changes in their behaviour. 

Kim Furman, Synthesis marketing manager, says the companies, including retailers and banks, that will excel in 2022 will rapidly move in the direction of this change instead of driving against it.

"Covid is many horrific things, but it is also an accelerator of progress," she says.

"Perhaps we would have got to the same place eventually, but it would have taken years. Compare this to the mere weeks it took us to adapt to remote work globally. Payment schemes, Visa, Mastercard and American Express, have driven this change with what is known as tap on phone or tap to phone payments where any person can turn an Android phone into a payment acceptance device within minutes."

She says only a handful of providers globally are authorised by these schemes to provide this solution. Customers need to merely tap their card on the merchant's phone to make a purchase.

How our behaviour has changed:

1. True customer-centricity

Furman believes Covid has amplified true customer-centricity. She says previously, retailers would come to consumers' cars to deliver goods through click and collect services, but Covid amplified this. Click and collect was suddenly a standard from large retailers to hairdressers selling hair dye. The retailer now revolves around the consumer, with customers now going to them, when before it was generally the other way around.

"Payment methods like 'tap on phone' allow every retailer to excel with click and collect," says Furman.

"Whether they have hundreds of orders on Monday and mere tens on Tuesday, they don't need to scale their POS devices. They only need to ensure their staff have downloaded a tap on phone app to accept payments and take their phones to the cars."

2. Fast shopping

Many consumers have become crowd adverse. "When we're in the shops, we often want to make it a fast experience," says Furman. "Queues aren't something we want to deal with anymore."

She says it comes back to customer-centricity. "We've always gone to stand in a queue in an allocated part of a shop. If retailers' phones are payment devices, then their staff can come to us in the aisles and let us pay right there, eliminating queuing and time wastage."

3. Minimal touch

Pre-Covid, many customers wouldn't have thought twice about inserting their cards into a POS device. In 2020, approximately eight out of ten people in a Mastercard Global Consumer Survey said they are using contactless. Furman believes our behaviour has shifted. She says when a device is not to tap to pay, it seems inconvenient, outdated and unhygienic.

"This normalisation of contactless payments or the tap means we expect solutions with minimal touch and fast engagement, making this tap technology ideal," she says.

4. Reduced cash

While cash is no longer king, it's certainly not dead, but usage is diminishing. According to Furman, POS devices can be expensive. Tap on phone technology removes this burden to entry and creates more opportunities for small merchants to accept card payments and consumers to have to touch money less.

5. Using cards to pay for small amounts

According to Mastercard, the small payments that used to be dominated by cash have now crept into the card space, with 80% of payments being less than $25. 
 
"This behaviour change creates an opportunity for informal and small businesses who trade in smaller amounts to accept card payments," says Furman. 

"With a large smartphone penetration rate, these merchants will be able to easily download an app and start accepting payments on their phones.

She says our expectations and behaviours have changed. "Innovative companies are starting to listen, bringing in the dawn of smart, truly customer-centric, instant technology. Whatever 2022 will bring, rest assured, it will bring further progress."

Related stories
Top stories
Story image
Tech job moves
Tech job moves - Adatree, Brother, Databricks, Nutanix & Rubrik
We round up all job appointments from May 20-26, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Customer experience
The importance of service level management to customer experience
Staffing shortages have impacted site reliability engineers in particular since they are under extreme pressure to ensure that digital assets perform at optimum levels 24/7.
Story image
DevOps
Deloitte expands cloud observability practice with Dynatrace
Deloitte is expanding its cloud observability practice, including DevOps principles, AI/ML, cloud complexity management and software engineering.
Story image
Contact Centre
Leveraging technology in contact centres to reduce attrition rates
Many organisations worldwide have accelerated DX to better respond to changing market drivers and business environments after the disruption of the pandemic.
Story image
SpaceX
Australian space tech startup secures SpaceX support
Space Machines Company has secured the support of SpaceX as a launch partner in carrying SMC's Optimus Orbital Transfer Vehicle to space next year.
Story image
Microsoft
Microsoft previews Power Platform website design offering
Microsoft has announced the preview of Power Pages, the fifth product in its Power Platform family, designed for low-code makers and professional developers.
Story image
Infosys
Consumer relationships with digital services continues to change
Two years of pandemic-induced reliance on technology for work has altered our relationship with digital apps and services, new research has found.
Story image
Transport
Third-party automotive apps bear significant privacy risks
Mobile applications for connected cars provide various features to make life easier for motorists, but they can also be a source of risk.
Story image
SaaS
The paradox of change, and how to get around it
The business decision to technologically transform should not come from an IT department but from the business itself.
Story image
Rackspace
Skills shortages hold orgs back from capitalising on cloud 2.0
Organisations are becoming more comfortable with sophisticated 'cloud 2.0' technologies, even as they confront difficulties in hiring and retaining IT talent.
Story image
Cybersecurity
Accenture - a collective security approach a driving factor for cyber resilience
With the approaching Davos World Economic Forum upon us, it is even more imperative to discuss the impact of cybersecurity on business operations leading into the future.
Story image
NVIDIA
NVIDIA announces a spate of new innovations at Computex 2022
NVIDIA has announced its latest innovations in data center, robotics, content creation, and gaming in a virtual keynote address on the opening day of Computex 2022 in Taipei.
Story image
APAC
Top data and tech challenges for APAC banks - report
InterSystems’ new report finds that 87% of A/NZ banks experience frustrations and concerns in using their data to drive decision-making.
Story image
Symbio
Symbio consolidates TNZI business to support APAC expansion
Symbio has recently announced the consolidation of its international business (TNZI) under the Symbio brand to support its Asia Pacific expansion strategy.
Story image
Training
Infosec unveils role-guided cybersecurity training roadmaps
Infosec Skills Roles maps hands-on training and certifications to the 12 most in-demand cybersecurity roles to maximise training efficiency.
Story image
DaaS
NetApp launches Spot PC, a new Desktop-as-a-Service solution
This is a new managed cloud DaaS solution with security, automation, observability and optimisation capabilities, designed for the needs of today.
Story image
Check Point
Check Point and CCTV expert join forces to boost protection
The partnership will involve Check Point Quantum IoT Protect Nano Agent being embedded in Provision-ISR’s CCTV cameras for on-device runtime protection.
Story image
Identity and Access Management
The post-pandemic workforce requires secure IAM capabilities
HID Global discusses what identity and access management means for organisations in today's convoluted digital world.
Story image
Silver Peak
The path to an adaptive, modern network
Managing and securing the network looks different than it did just two years ago—especially given that most of these networks are made up of multi-generations of infrastructure stitched together over time.
Story image
MEC
MEC spending for private cellular networks to reach $5.8b
A new ABI Research report finds the revenue for Multi Access Edge Compute (MEC) deployments for private cellular networks will reach USD$5.8 billion by 2030.
Story image
Boost Mobile
Boost Mobile now makes up over 7% of Aussie prepaid market
Boost Mobile has doubled its market share over the past four years and now has more than 7% of Australia's prepaid market, equivalent to over 700,000 people.
Story image
SaaS
MedCart achieves close to AUD$10 million in sales with help from Marketplacer tech
Australian health and medical start-up MedCart has achieved annual sales of close to AUD$10 million in less than 12 months, utilising Marketplacer marketplace technology to help achieve successful results.
Story image
Ponemon Institute
Email revealed to be riskiest channel for data loss
More than half (60%) of organisations experienced data loss or exfiltration caused by an employee mistake on email in the last 12 months.
Story image
Digital Signage
MAXHUB's Digital Signage range to bolster boardroom productivity
The new MAXHUB Digital Signage technology is purpose-built to make every kind of team meeting more effective.
Exabeam
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
Cybersecurity
4/10 Australian SMEs fallen victim to cyber-attacks since pandemic
Almost four out of teb SMEs in Australia have fallen victim to cyber-attacks since the pandemic began, according to a new study.
Story image
Phishing
MailGuard warns of new scam targeting Telstra customers
Telstra customers in Australia are being warned of a new scam involving "Unsuccessful Payment" messages.
Story image
Red Sift
Entrust expands strategic partnership with Red Sift
Entrust has expanded its strategic partnership with Red Sift to make it easier for businesses to adopt Brand Indicators for Message Identification (BIMI) standards for email identification and security.
Story image
BYOD / Bring Your Own Device
How zero trust can lead the battle against ransomware
SecOps teams champion a zero trust strategy to support the fight against the escalating risk of cybercrime and help monitor threat actors across a network.
Story image
Cyber attacks
Devastating cyber attacks expected to hit energy sector
Energy executives anticipate life, property, and environment-compromising cyber attacks on the sector within the next two years.
Story image
Malware
Fortinet introduces self-learning AI in latest offering
Fortinet is introducing self-learning AI capabilities in its new network detection and response offering, FortiNDR.
Story image
Digital Transformation
Digital transformation increasing business complexities
A new survey suggests businesses must re-examine their digital transformation approach to better help employees adapt to change.
Story image
Hybrid Cloud
Barracuda expands cloud-native SASE platform
"The expansion of Barracuda's cloud-native SASE platform for hybrid deployment models and IIoT environments solves a number of challenges."
Story image
Kubernetes
Sysdig unveils new Kubernetes troubleshooting and cloud innovations
Sysdig has introduced two new innovations that look to help bolster cloud services and simplify Kubernetes troubleshooting.
Story image
Informatica
Informatica, Oracle enter strategic global cloud partnership
Oracle named Informatica as a preferred partner for enterprise cloud data integration and data governance for data warehouse and lakehouse solutions on OCI. 
Story image
Surveillance
i-PRO releases smallest AI-based surveillance camera on the market
The new i-PRO mini network camera is now available, with a pocket-sized form factor and full AI analytics functionality.
Story image
Sustainability
Aligned Data Centers increases sustainability-linked loan
Aligned Data Centers has increased its sustainability-linked loan from $375 million to $1.75 billion to speed up the next phase of its strategic growth.
Story image
GapMaps
GapMaps Live to improve brand decisions on physical locations
GapMaps has released its latest service GapMaps Live, giving more insights and features to help brands make better decisions about physical locations.
Story image
VPN
The most common online scams in Australia
No one is safe from online scammers, and many of these scammers have capitalised on the pandemic, using this confusing time to attack more people than ever.
Story image
Artificial Intelligence
Gartner reveals top three tech trends for banks this year
Gartner says generative artificial intelligence, autonomic systems and privacy-enhancing computation are gaining traction in banking and investment services.
Story image
Data Center
Preventing downtime costs and damage with Distributed Infrastructure Management
Distributed Infrastructure Management (DIM) can often be a lifeline for many enterprises that work with highly critical ICT infrastructure and power sources.
Story image
Data Protection
Information management capabilities to meet privacy requirements
Organisations with customers or operations across more than one country face a spate of new and proposed privacy and data protection laws.
Story image
Microsoft
Microsoft, Cloudian partnership offers data center flexibility
Cloudian’s HyperStore object storage platform is now integrated and validated to work with Microsoft SQ Server 2022, offering more flexible and scalable data centers.
Story image
Sustainability
SoftIron named global leader for efficient DC infrastructure solutions
SoftIron has been named a global leader for supplying energy-efficient data infrastructure solutions for core-to-edge data centers after an assessment by Earth Capital Ltd.