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Digital payments offer SMEs so much more

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Iain McLean, Head of Retail Development at MasterCard UK & Ireland discusses the opportunities digital technology offers SMEs

Digital payments offer SMEs so much more

Digital payments is the evolution of payments from cards to quicker and more accessible means of payments for consumers. So technology such as contactless transactions and digital wallets we’re starting to see come to market.

For small businesses, contactless payments are already in the mainstream and this offers the opportunity to further speed up the checkout experience for consumers and drive the efficiencies that we mentioned before.

Digital wallets are becoming more and more available to small businesses and these wallets enable small businesses to offer an online checkout experience similar to that that large e-commerce retailers like Amazon are able to offer to their consumers, which gives a much better consumer experience and drives sales conversion.

The final thing is security technologies are now improving at a drastic rate. Things like biometrics, which is the ability to utilise fingerprint recognition on an iPhone for example, are driving increases in the security that’s available, making payments safer for consumers and for small businesses.

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