Empowering retailers: Ingenico's approach to future-ready payment solutions

What are the latest payment trends and how do they impact the world of retail? In this article, Martin Doherty, CSO for Northern Europe, explores some new and emerging themes, setting out how Ingenico is empowering its customers to evolve and be future-ready.

The pace of change in the world of payments continues to accelerate. Spurred on by Covid, the decline of cash and the growth of digital payments has become an established trend. In-store retail is evolving in tandem, and we’re seeing the growth of omnichannel solutions and advances in self-checkout. But there is a lot more disruption to come.

With global POS payment methods shifting from cash, digital wallet’s share of the transaction value is forecast to grow from 30% in 2023 to 46% in 2027[1] .As the popularity of digital wallets takes off, we’re seeing cards losing some of their share as a direct payment method. For example, in the UK the combined share of the transaction value of credit and debit cards fell from 77% in 2020 to 74% in 2023, while digital wallet share grew from 8% to 14%[2]. And in Europe, digital wallet use at POS is projected to rise at 24% CAGR, from 13% in 2023 to 27% in 2027[3].

In the UK and in other card-dominated markets, for the time-being consumers are typically funding digital wallets with a mix of credit and debit cards so we’re not seeing a massive shift in transaction share. But globally, the growth of digital wallets is largely being driven by the adoption of real-time payments, with person-to-person payments surging in countries including Brazil and India. Furthermore, person-to-business payments are also growing, and we can expect to see more on this in future[4]. 

SoftPOS is another disruptor – projected to rise at 128% CAGR from 2023 to 2027[5].Worldwide, the number of SoftPOS-using merchants is anticipated to grow from 6 million in 2022 to 34.5 million in 2027[6]. Looking further ahead, we can also expect to see a surge in the use of biometrics for in-store payments, as checkout innovation rises[7].

So, what does all this mean for retail? It means further transformation.

At Ingenico we are focused on the commerce challenges of tomorrow and we put the needs of our customers at the very heart of our strategy and our solutions.

Moving Commerce Forward with Accept, Manage and Enhance

Secure, fast and seamless payments are no longer enough. Payment solutions need to do more, and be smarter. Ingenico’s latest solutions truly extend the limits of what our customers and their merchants can achieve through payments, helping them to grow and optimise their businesses. What is more, we are anticipating and responding to the rapid evolution of commerce and the lifestyles of consumers.

At the recent Retail Technology Show in London, Ingenico presented its latest range of solutions that we have designed to empower retailers to grow as the world of commerce evolves. At the event we showcased our three strategic pillars: Accept, Manage and Enhance.

Accept payments anytime, anywhere

Our AXIUM platform and range of Android devices offer all the benefits of secure and reliable payments alongside a far superior customer experience. More than just payment devices, Ingenico’s solutions help our customers to deliver value-added services both in-store and on-the-move. In addition, they are future-proofed, ready to accept the payment methods of tomorrow thanks to their Android technology and integration with our App Store.

Also on display at the Retail Technology Show, our SoftPOS solution lets customers turn any mobile device into a payment terminal, offering the highest payment security standards and a seamless Tap to Pay experience. Perfect for SMBs, it allows them to accept digital payments at minimal cost.

Enhance the commerce experience

Our range of commerce solutions enable retailers to enhance the consumer experience and business efficiency with a broad range of additional services such as digital receipts and QR code payments. They also offer consumer engagement features such as loyalty programmes and digital gift cards. Such value-added applications can bring significant benefits for retailers including increased basket size, customer retention and additional revenue streams, to name a few.

Partnerships have always been central to Ingenico’s approach and at the Retail Technology Show we were joined by three of our solution partners: Zeal, Smart Volution and Diggecard. Each has a unique offering already available for the UK market, demoed at the event on Ingenico’s latest solutions.

• Zeal offers a customer data insights and loyalty app that enables retailers to identify, segment and retarget their card-paying customers.
• Smart Volution provides SMBs with innovative, electronic point-of-sale software that can help them to manage their business. The solution is available on the AXIUM DX8000 as an all-in-one solution or semi-integrated with a desktop device.
•  Diggecard is a white-label platform offering omnichannel gift card solutions. Retailers can sell and redeem gift cards online and in-store directly via our AXIUM payment terminals.

Manage estates and services

Ingenico is here to help customers to manage their entire estate. Payment acceptance and the many applications that enhance the commerce experience, such as those described above, can be seamlessly managed, and deployed, through our new 360-degree cloud-based solution – Manage360.

But more than this, Manage360 encompasses all products and services that allow our clients to configure, operate, and maintain their terminal estates. It also provides the option to delegate these tasks to others, including Ingenico.

Anticipating the needs of tomorrow

Finally, Ingenico’s centre of innovation excellence - Ingenico Labs - was also present on our Stand at the Retail Technology Show, displaying our award-winning biometric Palm Vein solution and demoing crypto payments and a carbon-offsetting application. You can expect to see more on these solutions in the future!

Moving Commerce Forward, together

As the world of commerce evolves, we look forward to continuing our work with customers and partners to shape the future of retail. Payment trends are changing fast, but our customers can feel safe in the knowledge that Ingenico remains at the forefront of innovation and is here to support them as we grow and advance together.

For further information about how Ingenico is Moving Commerce Forward and our latest solutions visit https://ingenico.com/en/products-services

Sources:
[1] [2] [3] FIS / WorldPay Global Payments Report 2024
[4] [5] [7] Ingenico analysis
[6] Discover Global Network & TSG, SoftPOS: Next generation Point-of-Sale solution.echnavio (2023)