How the World Cup showcases payment tech

Major global sporting events like the World Cup are now the primary testing grounds for the checkout technology you will soon see in your stores. Payment networks and lenders are using these high-traffic environments to refine 'invisible' payments and biometrics. For retailers, this means the expectation for friction-free purchasing is moving from stadiums to the high street. The goal is to remove the physical wallet from the transaction entirely. We are seeing a massive push toward facial recognition and palm-scanning at point-of-sale. These technologies are being paired with Buy Now, Pay Later (BNPL) integrations to see how consumers react to financing high-ticket items without manual data entry. If a customer can buy a $200 jersey with a face scan and a four-payment installment plan, they will eventually expect that same speed when buying furniture or dental work. Operators should watch these trends to understand when to upgrade their hardware. Investing in the wrong terminal today could leave you unable to accept the biometric or app-based financing options that customers will prefer by the next tournament cycle.

Source: American Banker — Top News

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