The future of payments is being shaped by changing consumer expectations, advances in payment technology, and growing demand for secure, convenient transactions. As digital wallets, contactless payments, and biometric authentication gain attention, businesses must consider how emerging payment methods could influence the way customers shop and pay.
Research from Paymentsense highlights five potential benefits of adopting new payment technologies, including improved security, greater efficiency, and increased competitiveness. While consumers and businesses remain cautious about moving toward a fully cashless society, these findings suggest that payment innovation could play an increasingly important role in the retail experience.
Five Benefits of Emerging Payment Technologies
1. Added security
Almost one-third of consumers and business owners agree that new technology will lead to safer payments with 31% of business owners admitting they feel safer using new payment tech, as it means they have less cash on their premises.
“To the consumer, the main demands of any payment process are that it needs to be simple, multi-channel (laptop, phone, tablet, etc.) fast, and yet secure. It is therefore up to the payment industry to determine how new technology can help meet the needs and demands of consumers and business customers.” says Howard Berg, SVP of Banking and Payment at Gemalto.
2. Extra consumers
With the growth of app-based payments via services like Apple Pay, it seems natural that customers will one day do away with passwords, cards and PINs altogether – helping to ease payment use and eliminate identity theft.
Unlocking your smart device with touch ID will one day become synonymous with making direct fingerprint payments. Laura Rettie, personal finance expert at money.co.uk says “there have already been trials of linking biometrics to pay for goods so we can’t be far off rolling out a system that links our finances to our physical features.”
3. Increased efficiency
According to our research, cards aren’t going anywhere fast. In the short-term it’s set to continue to grow as our choice way to pay. But how much longer will we be using plastic for?
Whilst the number of card transactions will reach 47 million by 2020, the average spend per card transaction will decrease to £24.91 (down from £33.12 in 2017) hinting at an increase in other payment methods that alleviate the hassle of our current payment methods.
4. Environmentally friendly
While only 6% of Brits would embrace new payment methods solely in order to cut down plastic use, the environmental benefits a cashless society would be transparent.
“Shopping online these days is so easy with ways to store your card details so you don’t have to dig them out each time you want to pay for something. It’s only a matter of years before we won’t need to carry wallets.” says Laura Rettie, personal finance expert at money.co.uk
5. Keep up with competitors
“Whilst a cashless society is on the horizon, the study highlights how Brits are still wary of being completely cashless, as many businesses still rely on cash as their main payment method. Those who adopt new payment methods such as fingerprint scanning and voice ID will surely surpass future competition.” says Guy Moreve, Chief Marketing Officer at Paymentsense.
Image 1. Screen shot from Paymentsense’s Future of Payments report.
Guy Moreve, Chief Marketing Officer at Paymentsense, says:
“As a society, it’s clear that new payment methods will evolve as consumer demands shift towards improved security and ease of use when making a transaction. Our survey highlights not only what advances Brits want to see in payment technology, but how businesses will need to adapt to these changing consumer demands.
Whilst a cashless society is on the horizon, the study highlights how Brits are still wary of being completely cashless, as many businesses still rely on cash as their main payment method. Those who adopt new payment methods such as fingerprint scanning and voice ID will surely surpass future competition.”
The future of payments presents opportunities for businesses to improve security, streamline transactions, and respond to evolving customer preferences. Technologies such as biometric authentication, mobile payments, and digital wallets could make transactions faster and more convenient while reducing reliance on traditional payment methods.
However, the transition toward a cashless society is unlikely to happen overnight. Consumers continue to value familiar payment options, and businesses must balance innovation with accessibility, security, and customer trust. By understanding emerging payment trends and gradually introducing new payment technologies, merchants can better prepare for changing consumer expectations and maintain a competitive position in an evolving payments landscape.
The full report can be found at https://www.paymentsense.com/uk/future-of-payments/
