2018 is going to be a very interesting year when it comes to how businesses in South Africa function and in particular how they accept payments and aim to grow their businesses. We have been researching some of the biggest things to expect in 2018 when it comes to payments and came up with the following themes that seem to be gaining in interest in recent days:
As the world continues to evolve there is an ever increasing trend of cash transactions becoming more scarce. This can be due to a number of reasons such as safety, ease of use, budgeting and various other benefits that come with paying with a Debit or Credit Card. Ultimately a business needs to ensure that they are able to accommodate a customer if they wish to pay using their Bank Card. If this facility is not provided then it is highly likely that a customer may find a competitor that is able to meet their needs.
Value Added Services
When it comes to accepting Card Payments, Value Added Services are something that every business should value. Essentially this term is used to refer to services that are provided over and above standard Credit Card Machines. Dashpay has embraced this concept and is continuously aiming to provide more value to Merchants by providing a number of services such as a Merchant Cash Advance, Business Insurance, Marketing Tools and various other innovative products that help businesses grow and sustain this growth.
Technology continues to advance on a continuous basis and one aspect that is going to become more prevalent in the years to come is the use of Biometrics in the Financial Services Industry. With a focus on customer’s being able to make payments in a manner that is as secure as possible, there will be an increased focus on ways that this can be achieved. An eye should be kept on technology such as Fingerprint Verification, Facial Recognition and even Voice Authentication.
Blockchain is a term that is likely to become a household term, thanks largely to the astronomical growth that has been shown in the Cryptocurrency space and in particular the way in which the price of BitCoin has increased. This has led to a large amount of interest in the technology behind the highly talked about coin, Blockchain and how it can be used in the Financial Services Industry.
2018 is without doubt going to be a very interesting year and there are numerous different technologies and concepts that will spark changes within the Financial Services industry. At the end of the day, it is pivotal for businesses to acknowledge the speed at which customers spending habits are changing and ensuring that they are able to accommodate these changes in the best way possible.