Leading the Next Generation of Payments Innovators at Money 20/20 Europe
I maybe slightly biased in saying this, but I genuinely believe there’s never been a more exciting time to be in payments. That long-awaited perfect storm of technological innovation, user acceptance, and retailers and partners keen to explore new ways to drive competitive advantage is really beginning to make a difference. For those still sceptical, I’d encourage you to check out Money 20/20 Europe – one of the biggest and most dynamic industry events of its kind, taking place in Copenhagen this week
Having had a fantastic experience at the North American version of the show, Miura Systems is certainly there – stand B19. In fact, as the premier event for innovators in the payments and financial services space, it couldn’t be a better fit for us.
Today’s high street retailers have a fantastic opportunity to drive sales and transform the shopping experience by embracing next generation mobile Point of Sale (mPOS) technology. We found in recent research that UK consumers still enjoy going to the shops, despite the popularity of internet-only retailers. Three quarters of those we interviewed said they go in-store to touch and feel products, and over 60% of the women we questioned said they enjoy shopping out and about.
But they also want speed and convenience: 80% of retail staff said shoppers put pressure on them to hurry when there is a queue. At the same time shoppers are getting increasingly tech savvy; and expect to be able to switch between channels seamlessly, using new technology platforms like Apple Pay and contactless cards to complete transactions.
Yet many merchants are missing out by failing to meet this growing demand for speed, convenience and that added in-store ‘wow’ factor. We estimated that UK retailers are each losing £110,864 every year on average in lost sales as a result of shoppers leaving because of a poor experience at the till.
The answer is mPOS: portable payment devices which can cut queues at the till and – in larger retailer environments – allow staff to roam the store, helping shoppers find what they’re looking for and order online if items are not in stock. Platforms like Miura Systems’ new POSzle play perfectly to this new retail environment. It’s a new modular tablet POS and integrated payments offering which provides the flexibility retailers need to offer fixed and mobile POS and payments, as well as third party hardware integration to future proof the solution.
It’s the kind of scenario that will be familiar to many of the attendees at Money 20/20 Europe next week. In fact, there’ll be over 3,000 of them at the four-day event, including over 1,000 companies from 75 countries. We’re really looking forward to it, not only to share our own vision for the future of payments but also to hear from other industry leaders innovating their way to success.
We’ll hear from banks, retailers, payment networks, mobile network operators, OEMs and internet and technology companies changing the face of the mPOS landscape by creating secure, friction-free, and truly transformative payment experiences. There’ll also be plenty of time devoted to omnichannel payments, which are revolutionising the commercial space. Discussions around tokenisation, beacons, innovative POS products and the impact of wearables and connected devices will all make for a fascinating event.
If you’re planning to attend, do drop by the Miura Systems booth B19. We’d love to talk to you some more about how our extensive range of mobile and POS products could help transform your business.