# Cash me if you can: The future of contactless commerce
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-08-25
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: The Rise of Alternative Payments in E-Commerce
Meta Description: Discover how alternative payment methods are reshaping the way businesses interact with customers, paving the way for a seamless shopping experience.
URL: https://financedigest.com/cash-me-if-you-can-the-future-of-contactless-commercehtml

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_By_ **_Kevin O’Connell_** **_,_** _Chief Product Officer at_ [_Trust Payments_](https://www.trustpayments.com/)

The increased preference for digital payments over cash is changing how customers interact with money, with direct implications for businesses. From cashless and crypto payments to NFTs and virtual shopping, digital payments have enabled businesses to reach out to customers in novel ways to satisfy their expanding expectations during the last two years.

The impact of e-commerce on the high street demonstrates how critical it is to understand your customers’ demands and respond to changes in their behaviour as soon as possible. It also showcases the need to focus on [digital marketing](https://www.financedigest.com/the-botulinum-toxin-market-to-replenish-on-a-digital-note.html "The Botulinum Toxin Market to replenish on a digital note") efforts if you want a healthy bottom line.

Thanks to evolving consumer shopping behaviour, the rate of alternative payment adoption is [continuing to move at lightspeed and merchants will eventually have to adapt](https://www.financedigest.com/scholz-if-germany-continues-to-adapt-we-will-make-it-through-winter.html "Scholz: if Germany continues to adapt, we will make it through winter") as less cash passes through the tills.

**APM: The key to frictionless checkouts**

Alternative payments are pushing the boundaries of purchase possibilities. Consumers want choice and flexibility at checkout. With this in mind, retailers must offer various global [payment methods](https://www.financedigest.com/freelancer-payments-methods-what-you-should-know.html "Freelancer Payments Methods: What You Should Know"), through multiple channels, for a best-in-class blended shopping experience.

[Buy Now Pay Later](https://www.financedigest.com/rapidly-evolving-buy-now-pay-later-finance-drives-retail-growth.html "Rapidly evolving buy now pay later finance drives retail growth") (BNPL) gives customers the power to pay for items with credit or interest-free instalment options. According to a recent [report](https://www.insiderintelligence.com/insights/buy-now-pay-later-ecommerce-financing-consumer-credit/), Buy Now Pay Later (BNPL) will amount to $680 billion in transaction volume worldwide in 2025. Offering this alternative payment can increase reach and is a [solution for customers wanting to make a low financial commitment and pay at a time](https://www.financedigest.com/georgias-tbc-bank-slashes-loan-decision-time-with-fico-solution.html "Georgia’s TBC Bank Slashes Loan Decision Time with FICO Solution") that better suits them.

The latest eWallets, such as Google and Apple Pay, alongside other [digital payment](https://www.financedigest.com/italys-nexi-signs-digital-payments-deal-with-tims-olivetti.html "Italy’s Nexi signs digital payments deal with TIM’s Olivetti") methods, meet demands for contactless options for speed and convenience. These alternative settlement methods make the purchasing process simpler than ever before. Online payments through smartphone applications mean [retailers can better target the emerging digital-driven generation with increased buying](https://www.financedigest.com/britains-next-buys-failed-furniture-retailer-made-com-400-jobs-axed.html "Britain’s Next buys failed furniture retailer Made.com, 400 jobs axed") power.

**Online payment systems**

Not only is the type of payment method important, but the channel too. Retailers must connect their payment methods online, in-app, and in person. Merchants offering [contactless payment](https://www.financedigest.com/the-importance-of-epos-and-contactless-payments-in-a-post-pandemic-world.html "The Importance of EPOS and Contactless Payments in a Post-Pandemic World") connectivity alongside Apple, Samsung and Google Pay capabilities is fundamental.

To seamlessly bridge alternative payment methods across all merchant channels places the utmost importance on partnerships with [fintech and tech providers](https://www.financedigest.com/tech-amigos-provides-unrivalled-aws-cloud-service-support-for-autorama-groups-leading-brand-vanarama.html "Tech Amigos provides unrivalled AWS cloud service support for Autorama Group’s leading brand, Vanarama"). Retailers can harness their expertise in the industry to establish themselves as [market leaders](https://www.financedigest.com/impact-com-named-a-market-leader-in-research-in-actions-partner-management-automation-report-and-in-g2-winter-reports.html "impact.com Named a Market Leader in Research in Action’s Partner Management Automation Report and in G2 Winter Reports").

The shift towards a cashless society and the focus on [data and insights highlights that retailers will have minimal success](https://www.financedigest.com/big-data-suggests-leicesters-football-success-could-usher-in-economic-boom.html "Big data suggests Leicester’s football success could usher in economic boom") unless they can evolve. Partnerships will help bring innovation into focus and build shopper loyalty through value-added services.

**Cashless commerce**

Merchants are starting to combine different [value propositions to meet](https://www.financedigest.com/fintech-incubation-more-value-than-meets-the-eye.html "FINTECH INCUBATION: MORE VALUE THAN MEETS THE EYE") the demand for new and innovative ways to buy. This concept, also known as Converged Commerce, is transforming e-commerce and [enabling brands to be resilient to fast-moving trends](https://www.financedigest.com/why-sales-enablement-is-the-trend-to-watch-out-for-in-2023.html "Why sales enablement is THE trend to watch out for in 2023") by layering offerings to maximise omnichannel customer experiences, loyalty and sales.

Retailers can use alternative currencies, online, offline and mobile add-ons and [customer data to create](https://www.financedigest.com/the-importance-and-growth-of-banking-ecosystems-to-create-superior-customer-experiences-and-value.html "The importance and growth of banking ecosystems to create superior customer experiences and value") powerful and intuitive commerce opportunities. For example, abandoned cart reminder features, discount add-ons and optimised checkouts are essential to personalise purchases. [Services and tools such as loyalty management](https://www.financedigest.com/cyclic-innovation-to-drive-the-medical-case-management-services-market.html "Cyclic innovation to drive the Medical Case Management Services Market") and instant e-commerce, combine to create engaging, new and innovative payment methods.

Today’s [consumer is accustomed to the advantages of leveraging both online](https://www.financedigest.com/from-in-store-to-online-how-the-pandemic-affected-consumer-behaviour.html "From in Store to Online: How the Pandemic affected Consumer Behaviour") and offline channels for an effortless, economical shopping experience. Implementing the concept of Converge Commerce into practices will result in a unified [view of the customer](https://www.financedigest.com/insurance-marketing-is-more-targeted-with-the-single-customer-view.html "Insurance marketing is more targeted with the single customer view") to deliver deep and meaningful customer relationships long-term.

**Rising to the challenge of [digital payments](https://www.financedigest.com/why-anti-spoofing-fingerprint-technology-is-essential-for-the-continued-growth-of-digital-payments.html "Why anti-spoofing fingerprint technology is essential for the continued growth of digital payments")**

The [digital age offers retailers](https://www.financedigest.com/42-of-retailers-say-payment-over-time-solutions-are-very-important-to-ensuring-future-digital-innovation.html "42% of retailers say payment-over-time solutions are ‘very important’ to ensuring future digital innovation") possibilities to improve operational efficiency and customer centricity in their business strategies.

As a result, businesses must keep up with the transition from cash to cards to mobile wallets to [wearable technologies](https://www.financedigest.com/is-wearable-technology-ushering-in-a-brave-new-healthy-world.html "Is wearable technology ushering in a brave new healthy world?") in order to remain competitive. This is because the cards and payments business is poised to reinvent itself, as [technology provides](https://www.financedigest.com/is-your-technology-provider-holding-you-back.html "Is your technology provider holding you back?") greater ease and benefits to consumers.

What does it all mean? It undoubtedly emphasises the essential role of customers. The present race in BNPL and much of the [FinTech ecosystem is being driven by the worldwide need](https://www.financedigest.com/if-the-nation-backs-fintech-we-need-to-address-a-few-things.html "If the nation backs FinTech, we need to address a few things") for increasingly transparent and frictionless payment experiences. While [staying ahead](https://www.financedigest.com/staying-ahead-of-risk-this-black-friday.html "Staying Ahead of Risk This Black Friday") of trends is important, the best method to ensure this resilience in product development and design is to constantly take a user-centric approach.

As instalment payments and point-of-sale financing reach new heights, it’s past time for both traditional lenders and FinTech firms to reconsider the lending landscape. By not offering these innovative payment methods, retailers risk missing out on a significant [consumer market](https://www.financedigest.com/specialty-printing-consumables-market-rising-adoption-of-advanced-technologies-to-bolster-markets-growth-prospects.html "Specialty Printing Consumables Market – Rising Adoption of Advanced Technologies to Bolster Market’s Growth Prospects") and increasing checkout abandonment.

Bridging the gap between [payments and e-commerce solutions will be critical as businesses attempt to maximise](https://www.financedigest.com/5-ways-to-maximise-the-value-of-instant-payments.html "5 ways to maximise the value of instant payments") their post-covid omnichannel strategy as physical and virtual buying continues to blend.

By layering seamless integration capabilities, which are essential for the development of adaptable payment products and an efficient payments infrastructure, these businesses will be able to compete for a larger market share and [develop faster go-to-market alternative](https://www.financedigest.com/whats-better-than-openai-developers-shop-for-alternatives.html "What’s better than OpenAI? Developers shop for alternatives") payment choices if they abandon antiquated systems and embrace future-ready paytech.


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