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Tech note, everyone – wearable technology is on the move!

We have often associated wearable technology with the fitness industry. Companies such as FitBit have produced spectacular results in this field, harnessing the ability to track and manage anything from distance run to calories burned over a certain period of time.
However, wearable tech is now leaving the wellbeing scene behind and advancing on to a period of world domination.
Advanced wearable biometrics can be used as a form of authentication for a number of things.
NEC corporation has recently adopted the software to identify people placed on ear readings – something previously unprecedented in the industry.
“The system enables biometric authentication via the otoacoustic emission, a sound made by the inner ear when the cochlea is stimulated, arising from the vibration of hair cells,” reports mobileidworld.
“According to a statement from NEC, its earbud device’s “otoacoustic authentication technology… recognizes the characteristics of a user’s ear”, suggesting that the emission is used to map the shape of the inner ear, which is presumably unique to the individual.”
The advancement of contactless, wearable technology is a clear indication of the continued progress of our industry.
The technical possibilities are endless – and NEC confirms this with future plans to commercialise the technology soon.
NEC plans to offer “services that combine individual authentication, indoor positioning, acoustic AR (augmented reality), vital sensing and other technologies”, according to NEC Business Development Division General Manager Tomonori Kumagai.
The contactless revolution has only just begun – don’t get left behind.

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Five reasons to offer contactless payments

Here at CheaperPay, we fully believe that contactless payments are the future for all businesses, regardless of size – and here are five reasons why!

1) Simplicity
This one speaks for itself. The simplicity of contactless payments has revolutionised the transactional experience for both customers and businesses.
Transactions can now take place at a fraction of a second, affording to a more positive customer experience – and that can only be a good thing!

2) Time-Efficiency
Time is becoming an increasingly rare commodity in the lives of the full-time worker. We simply don’t have time in our day to queue, key in PIN numbers or wait for the ‘correct change’.
Contactless payments solve all these issues – customers can check out in an instant, saving time for the more important things in life.

3) Security
Contactless payments account for just 0.02% of all card fraud transactions on the planet. Hi-tech anti-fraud technology is utilised by many systems, ensuring safe and secure payment for both customers and businesses.

4) Increased quantity of transactions
Customers who pay with cash have an obvious limit as to how much they can spend in your store.
Offering a contactless payment solution does not only speed up the transaction process, it may prompt customers into spending more on your products – safe in the knowledge that the buying process is quick, simple and secure!

5) Customer Retention
A summary point here, but still relevant! Customers who are regularly receiving quality, efficient service from your business will be far-more inclined to return again and again. This will build up a great rapport with regular customers and greatly enhance the reputation of your business!

So, there you go. Go Contactless today with CheaperPay!

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5 Tech Payments to Look out For in 2017

The last few years have witnessed a huge change in the way we make payments. Technology is evolving at a faster rate than ever before and the payment sector is by no means getting left behind. As of March 2016, there were over 86 million contactless card users in the UK marketplace, proving that touch-and-go is the future, and here we look at five other payment technology trends that may rise to prominence in the very near future.

1) Fighting Fraud with Fingerprints
While using your finger tips to process a payment would represent the ultimate in digital transactions, it’s only the beginning! The payment industry, according to BluePay, “could soon begin using iris scans, voice-recognition and even DNA verification. There really is no limit to how far biometric payment technology can go.”

Fingerprint Tech

Fingerprint Tech


2) The Flourishing of the Bitcoin Era
Last year was an excellent one for bitcoin. Last January, bitcoins were valued at $350 and now they are above $900! Traditional financial institutions are beginning to adapt to this technology and invest in it. People are starting to recognise the value that the blockchain provides with smart contracts, cloud storage, and security.

3) Wearable Payments
Visa announced at this year’s SXSW that it’s testing sunglasses capable of making contactless payments, whereas Barclaycard teamed up with Lyle & Scott last year with a foray into the world of trend-setting wearable’s by designing a contactless jacket!

4) Invisible Payments
Businesses such as Uber and Deliveroo have mastered the art of invisible payments. With regards to Uber, their easy account set-up and request-a-driver function offers customers a hassle-free transaction. Just jump in and enjoy your journey without having to worry about fumbling around for your cash! Expect many businesses to follow suit.

5) Social Network
Facebook Messenger has already jumped into the payment pool and added a payment feature for iOs and Android in the US. For those in America, you simply add a debit card to your Facebook account and then send money directly to your Messenger contacts!

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Reasons why your Business NEEDS to make the switch to contactless payment solutions

More than just a saying or statistic, it has become reality that ‘Businesses that decline card payments are losing out’.

Sorry, we don’t take card payments’ should be a thing of the past as Britain quickly converts to a cashless society, not taking card payments should be something rarely heard of by now. Unfortunately, this is not the case just yet. 75% of all UK retail purchases are made by card; and yet still, more than two thirds of British small to medium sized businesses (SMEs) still don’t accept card payments.

With Cheaper PAY’ment solutions you can:

  • Accept Payments over the phone
  • Accept online Payments
  • Accept smart phone payments
  • Accept Chip ‘n’ Pin payments

How will these benefit your business?

  • Never miss a sale – Customers are able to buy your products anywhere at any time with secure online payments which means more sales for your business.
  • Beat your competitors – Customers are more likely to shop at a store that offers card payments.
  • Happier customers – Card payments are processed in a matter of seconds so customers can quickly continue with their day and you can get on with serving the next customer.
  • Lower bank fees – Handling less cash means fewer trips to the bank and more money back into your business.
  • More security – Extra features protect your business from fraudulent transactions and tell you immediately if a customer’s funds have not yet cleared.

Our low transaction costs are what make Cheaper Pay one of the most affordable merchant service suppliers available. Many card machine companies will charge you for a service that is designed to benefit growing businesses rather than hinder them.

At Cheaper Pay, we believe in supporting and innovating businesses with evolving technology. That is why we offer FREE quotes and a 3 months’ free trial to ensure that the payment solution you have chosen is compatible for your business.

To begin your journey to contactless payment get your free quote HERE.

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Take Payments Over the Phone

phone payments

We can help you get your business ready to take payments over the phone. Enquire today and get a free quote!

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How card payments have developed over the past decade

Over the past decade, UK consumers have adapted to the quick pace in which technology develops, including the way they pay for goods. Payments made on cards now account for 78.5% of all retail purchases, a huge increase from just 55% back in 2006!

 

2006 – 2008

One of the main reasons for this huge increase is the adoption of payment methods such as Chip and PIN and contactless, making card payments faster than using cash and allowing business owners to reduce the amount of queuing time. This benefit has led to an increase in the amount of independent businesses deciding to accept card payments of a massive 43% since 2006.

 

2008 – 2010

Consumer spending patterns continue to change to match the technology with fewer people in the UK actually carrying cash because they are quickly discovering the convenience and security of cashless payments.  There is no doubt that numerous retailers and banks are starting to see the changes in how people prefer to pay for their in-store purchases and are now more inclined to encourage customers to carry less cash and pay for smaller purchases (usually below the sum of £30) on card with ‘tap and go’ contactless payments.

 

2010 – 2015

Growth in unattended retail terminals in supermarkets, chemists and petrol stations has also boosted card use and debit cards are benefiting significantly from contactless payments, as their popularity for lower value everyday payments carries on increasing.

 

In January 2015, contactless spend in the UK totaled £287 million, rising rapidly throughout the year to reach £1.02 billion in November 2015 alone. In the same year, the number of contactless transactions carried out by consumers in Europe passed the one billion mark.

 

2016

Now that we’re in 2016, contactless mobile payment technologies, such as Apple Pay and Android Pay, have given consumers more choice in the way they want to pay. According to a report, 40% of consumers with an Apple device have adopted the Apple Pay service since its launch in July 2015.

 

It is predicted that over the next ten years, consumers will continue to favour using card payments to cash. Last year, nearly half of all payments were made in cash, however it is predicted that debit cards alone will overtake cash as the most frequently-used method of payment in just five years.

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Contactless Rings & Selfies: Revolutionary Ways To Pay

A selfie is just another photograph to post on your social media accounts, right? Wrong. Selfies could very well be the new way to pay for your goods and services! Not only that, but wearable technology has revolutionised the way we can communicate and track daily activity. It’s no wonder that they’re now a viable option to pay for your goods with.

Contactless Rings
Not just a fashion accessory anymore, a ring can be used to pay for all of your essentials when you’re out shopping. The convenience for the wearer means that in the event that they lose their card or cash, or forget to bring it out with them there’s no reason they still can’t walk away with the goods they want. Not only does this mean they get to purchase what they need, but your business doesn’t lose out on a sale that day.
One of the most convenient facts about the contactless ring, is that it doesn’t require a smartphone to use, nor does the ring need charging at all. As long as the customer is wearing one, they’ll be able to pay for whatever they want.

Selfie Pay
The phenomenon of the selfie has taken off significantly in the past several years – even earning itself a definition in the Oxford dictionary. It was only a matter of time before selfies would become a daily habit – and perhaps even a daily necessity. A new app called ‘Selfie Pay’ aims to help customers make secure transactions without the need for a pin number or password. By using biometrics instead of passwords, the app aims to make it the securest form of payment possible; after all, you can’t replicate someone’s face or hack it as passwords often are.

The future of payments
Whether you’re a fan of these payment methods or not, their value to businesses is undeniable – and it’s hard to imagine a future in which these types of payments weren’t helping businesses to boom and make more and more profit every year.

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How Wearable Technology Can Transform Your Business

First it was the smartphone – now it appears, to be glasses. We have come a long way from the days when the dial-up tone was a norm when connecting to the Internet. Now it appears that wearable technology is going to push us into a new era of communication on the go. Since Google released Google Glass, many engineers have proceeded to push the boundaries of wearable technology and its functions for both consumers and businesses alike. Imagine the scenario – a repairman is fixing a boiler, but needs some quick instructions or to look something up; instead of whipping out his smartphone, the glasses he is wearing will tell him everything he needs to know, saving both time and money in the process.

But realistically, how can wearable technology help your business to grow and stay ahead of your competitors?

The customer is always right
To assess whether your business will be a success, begins with market research. What is the consumer interested in and how do they like to shop? A customer likes to be informed at all times – and your employees will need information on hand at all time. Simply by having, for example, a watch on their wrist that they can bring information up on as they keep the customer engaged will help efficiency and time management.

Creating new business opportunities
Adopting wearable technology can also help to give you valuable consumer habit data. By being able to connect while on the go, you can track how consumers purchase your product and what entices them the most. Not only will it help increase consumer engagement with your brand but your employees will also benefit from the extra productivity and successful use of the data.

Overall, wearable technology is coming to the forefront of businesses, along with contactless payment and payment via smartphones.

We can help your small business or SME to grow by helping you ease into the wearable tech world with ease and efficiency. Contact us now for a FREE quote and sign up to get your first 3 months FREE!

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Fingerprint Tech: A New Age Of Payments

Credit card payments have come a long way; from chip & pin to contactless taps, card payments are being revolutionised everyday. However, another form of payment has come to the forefront of business payment solutions.

Currently, fingerprint technology is worth an estimated $2billion a year in Japan, and is growing rapidly due to it’s convenience for both the consumer and the business.

What is fingerprint technology and how does it work?

Fingerprint tech is revolutionising the way consumers pay for their goods. It begins with the consumer purchasing a credit card that has their fingerprint stored within the details. After that, they simply pay for their goods by placing their finger on a fingerprint scanner at the checkout. And as simple as that, they get to walk away with their goods in hand.

What are the benefits of fingerprint technology?

If contactless cards worried consumers, then fingerprint payment is the ideal solution. For example, if the consumer forgets their card or loses it before paying, they simply need to scan their fingerprint and walk out of the store. Not only will this save them time, but also means your business does not lose profit it otherwise might have. As well as the additional monetary benefit, workplace efficiency is almost doubled due to the quick nature of the payment.

Fingerless payments are looking to replace or become an alternative to Apple Pay; a market that is also growing rapidly due to it’s convenient nature. It also has the added benefit of total security. There may even come a time when the consumer will no longer need to carry card or cash – simply their fingerprint. Although there might be limitations (for example not being able to use multiple fingerprints for different bank accounts) the security of the process simply cannot be denied for both the consumer and the business.

Here are CheaperPay we understand the need for your business to stay ahead of the curve without the added costs – so we’re offering a limited time offer of 3 months FREE when you sign up for our service!

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Card Payments: The Cost Of Staying Static

More and more businesses are realising the potential of adopting card payments as well as cash transactions. With debit and credit cards being used as a consumer’s preferred payment method these days, it’s no wonder that the credit card industry is booming and contactless payments are taking off as much as they are.

However, as a small business, you may be concerned about the cost of having card payments, rather than the additional profit you’ll receive overall. These fears often lead to cash-only payment transactions for many small businesses, until they can accept card payments.

But when taking a look at the overall statistics of card payments, your business is more likely to succeed in the long term than fail.

The Statistics

Roughly, small businesses and SMEs who do not accept card payments are losing out on £8.8bn profit. £52.6 billion is spent by consumers using card payments in the UK with 70% of consumers prefer card to cash. Meanwhile, 32% of UK adults would not purchase from a store that did not accept card payments.

With these alarming statistics from the general UK public, it seems likely that a small business would struggle in it’s first year by not allowing card payments, unless the product was unique enough to suggest otherwise.

The Conclusion

Long term numbers and statistics are more reliable than short-term figures and your fears. Starting a new business comes with all kinds of risks, but being prepared is the most important factor when implementing new systems. Embrace the digital age and now!

Here at CheaperPay we understand the importance of reducing the costs for your new business. This is why we’re offering 3 months FREE when you sign up with us! Contact us for more information.

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Pepare for the next generation of card payments

Paying for your shopping using your smartphone just got even easier as Mastercard expands the reach of its mobile payment app.

The humble credit and debit card may be a step closer to extinction thanks to a new announcement from Mastercard.

The company has revealed a major expansion to its Masterpass digital wallet service that will allow customers for the first time.

Going forward, Masterpass should now work seamlessly on your smartphone, wearable device or tablet, letting you pay online, in-store, or using the NFC-enabled app with just one touch.

Masterpass makes paying for goods even easier

Masterpass makes paying for goods using your smartphone even easier

Mastercard says that the new service, which links to your current account, is perfect for a wide ranges of use cases, from paying for the tube in the morning to splitting the bill at lunch and ordering your weekly shop online.

Banks will also be able to build Masterpass into their own apps, bringing together all your various digital payment methods and apps in one place.

The company says that around 80 million people around the world will be able to benefit automatically from the new service, which launches in the US today before expanding to Europe later next year.

The news comes as competition in the mobile payment market continues to increase, as big players such as Apple and Samsung throw their weight behind the technology.

Since its launch in 2014, Apple Pay has helped popularize the idea of paying for good using a mobile phone in the UK, with thousands of businesses across the country supporting the technology.

 


Moore, M. (2016) Home. Available at: http://www.express.co.uk/life-style/science-technology/689626/mastercard-masterpass-contactless-shopping-payment-app-nfc (Accessed: 15 July 2016).

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Selfies And Contactless Rings: New Ways To Pay

The way we pay for goods is changing. Get ready for Selfie Pay, contactless payment rings and iris scanners.

What if you could use a selfie to pay for things? How about the rhythm of your heart?

New technologies that could change the way we buy things have been shown off at the Gherkin as part of London Tech Week.

Selfie Pay takes everyone’s favourite vanity exercise and makes it useful: allowing you to authorise a transaction with your face.

The app requires you to blink so it knows you’re really there and someone isn’t using a photo of you to fraudulently authorise a transaction.

The idea is to get rid of the need for passwords, instead using biometrics: unique data based on individual characteristics like your face, eyes or fingerprint.

“If you think about passwords, they’re a standalone measure,” said Jane Khodos from MasterCard. “They’re easily lost, stolen or forgotten.

“Here you’re authenticating with what you have: your phone and also who you are.”

You could use this kind of tech to buy goods, pay for bus or train fares, or to log into your computer.

We also saw more of Nymi: a wearable wristband that can identify you by the unique rhythm of your heart, found in your electrocardiogram (ECG).

Your heart rhythm is not to be confused with your heartbeat, so the band would still work if you had just run for a bus, for example.

“We’re also very concerned about the security issues, it’s something that’s top of the mind for us,” said Amy Neal from MasterCard Labs, the company’s research and development division.

It is not just biometrics that could change payments.

Kerv is said to be the world’s first contactless payment ring: a simple piece of technology that essentially means you are wearing a contactless payment card.

Payment tech inventors emphasise that there is no need to choose just one of these products.

“You can start to bundle biometric authentication together,” says Ms Neal. “So you might have Selfie Pay, but also the electrocardiagram for additional security.

“We hear stories like people are concerned that they may have an identical twin, so what does that mean if you’re doing selfie pay?

“For us this is ensuring that we have a full suite of biometrics available.”

The Kerv ring is due out in July, Selfie Pay comes out in the UK this year and the Nymi band and iris scanner are both still in development.

 


Team, T.S. (2016) Selfies and Contactless rings: New ways to pay. Available at: http://news.sky.com/story/selfies-and-contactless-rings-new-ways-to-pay-10323052 (Accessed: 15 July 2016).

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London’s contactless Tube payment system is going global

Other cities will soon be able to use TfL technology to develop their own contactless payment systems.

The contactless payment system used on London’s transport network will soon be modified for use in other cities.
A deal between Transport for London (TfL) and transportation firm Cubic will see the latter adapt the contactless ticking system and license it around the world. The deal, worth up to £15 million, will help TfL ensure fares don’t rise for the next four years, the mayor’s office said.

Cubic will be given access to London’s contactless system to allow it to tailor it to other transportation networks. The company first worked with TfL in 2003 to develop the technology behind Oyster and has since helped upgrade the system to support contactless payments from debit cards, Apple Pay and Android Pay.

Outside London, CTS provides similar ticketing technology to Brisbane, Chicago, Sydney and Vancouver. The non-exclusive deal with TfL will allow the company to integrate technology developed for London’s network into other transport systems.
According to TfL, more than 500 million journeys have been made by more than 12 million unique credit and debit cards since the contactless system launched on London’s busses in December 2012. The technology was expanded to cover Tube and rail in September 2014 and has been used by customers from 90 different countries with one in ten contactless transactions in the UK made on TfL’s network.

Cubic continues to run TfL’s ticketing and fare collection services on 8,500 busses, 1,900 Underground and Overground ticket gates and 1,600 ticket machines across the network.

 


Temperton, J. (2016) London’s contactless tube payment system is going global. Available at: http://www.wired.co.uk/article/london-underground-contactless-payments-licensing-deal (Accessed: 15 July 2016).

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Visa: Most People Back Biometric Payments

Majority of people want to use biometrics when making payments, with fingerprints the favoured option.

New research from Visa has revealed that a clear majority of people are in favour of combining biometrics with their payment process.

The Visa Biometric Payments study surveyed over 14,000 consumers across seven European markets. And it comes at a time when the use of biometric technology is being actively debated as a way to improve transaction security.

Safer Transactions

Biometric technology of course has been around for many years now, but thanks to some high-profile launches of late such as Apple’s TouchID system and Windows Hello, the technology is being used by more and more people.

And the Visa survey revealed that two thirds (73 percent) of people believe that two-factor authentication, where a form of biometrics is used in conjunction with a payment device (i.e. a mobile device or card reader), would make for a more secure payment authentication.

Half of people (51 percent) believe that biometrics would make payments faster and easier, and 68 percent want to use biometrics as a method of payment authentication. The survey revealed that biometrics would mostly help online retailers, as nearly a third (31 percent) of people have at some stage abandoned a browser-based purchase because of the payment security process.

And it seems that 33 percent of people appreciate the fact that biometric authentication means their details would be safe even if their device was lost or stolen.

“Biometric identification and verification has created a great deal of excitement in the payments space because it offers an opportunity to streamline and improve the customer experience,” said Jonathan Vaux, Executive Director of Innovation Partnerships. “Our research shows that biometrics is increasingly recognised as a trusted form of authentication as people become more familiar with using these capabilities on their devices.”

“Biometrics work best when linked to other factors, such as the device, geolocation technologies or with an additional authentication method,” said Vaux. “That’s why we believe that it’s important to take a holistic approach that considers a wide range of enabling technologies that contribute to a better end-to-end experience, from provisioning a card to making a purchase to checking your balance.”

What type?

Fingerprint recognition is viewed as the most favourable secure option by 81 percent of respondents. Iris scanning is backed by 76 percent of people.

But most people are comfortable with fingerprints, as 53 percent of people expressed a preference for fingerprint over other forms of biometric authentication when using it for payment. The other biometric choices such as voice or facial recognition as a payment method are much less popular.

The survey also found that 48 percent of respondents want to use biometric authentication for payments when on public transport. 47 percent want to use biometric authentication when paying at a bar or restaurant, and 46 percent want to use it to purchase goods and services on the high street at a coffee shop or fast food outlet for example. 40 percent want to use it when shopping online and 39 percent when downloading content.

Biometric Uptake

Biometric technology is seeing increasing use of late, not just because of its incorporation into mobile and computing devices.

Earlier this year HSBC launched new biometric logins for its customers. Barclays also allows some of its corporate clients and Wealth customers to log in to their accounts using a biometric reader, and also has voice recognition software, enabled for certain users, with RBS and NatWest also offering fingerprint technology to some customers.

Previous research has found that younger British consumers are the most comfortable with using biometric data to verify their accounts.

 

 


Jowitt, T. (2016) Visa: Most people back Biometric payments. Available at: http://www.techweekeurope.co.uk/security/authentification/people-biometric-payments-195063 (Accessed: 15 July 2016).