Retailers use payment technologies for advantage: IDC

Retailers use payment technologies for advantage: IDC

Local retailers are beginning to use emergent payment technologies not only to complete a financial transaction, but to obtain competitive advantage, according to a new report from IDC company Global Retail Insights.

The study, 'The Future of Electronic Payment Technology in New Zealand: A Market Overview', found that consumer acceptance is the key to successful implementation of new payment technologies.

This acceptance is dependent on convenience, availability, simplicity, perceived cost of usage and how it address privacy and security concerns.

As a result, New Zealand technology developers often collaborate with retailers to develop new technologies.

However, the message from industry is that technology vendors and retailers must look beyond the hype of new technologies and ensure that the solution meets an unfulfilled need of the retail customer.

Global Retail Insights senior market analyst Louise Francis says New Zealand is at the forefront of developing and using innovative payment technologies.

"New Zealanders have traditionally been early and ardent adopters of new technology. This characteristic, along with the company nature of the market, has resulted in local technology developers taking advantage of the micro-environment and collaborations with retailers to trial and fine-tune prototypes before moving into international markets."

The report provides an overview of payment technologies currently being used locally, technology vendors and a comparison of international markets,

Payment technologies covered include; RFID (radio frequency identification), mobile phone payment, self service and unattended payments.

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