Peter Moore from Lolly makes his payments and point of sale predictions for the year ahead
GDPR took control in 2018 – just as Peter Moore, CEO of PoS and payments specialist Lolly, predicted 12 months ago. He comments:”The time and financial impact of implementing GDPR compliance has almost certainly delayed the advancement of other areas of hospitality technology.”
When it comes to considering his predictions for the year ahead, Peter Moore believes that real progress will be made in the fields of payments and POS; many of which will have a real impact for smaller hospitality providers.
Payments – PSD2 Directive
Moore considers that the introduction of The Payment Services Directive (PSD2) – designed to promote payments innovation – will have both a positive and negative impact on the sector. The legislation will encourage open banking, which is considered to ‘transform banking into a more flexible network of financial providers and services’.
Peter Moore comments: “In 2019 we are expecting that this directive will accelerate the faster payments system in the UK as it reduces the fees for processing PSD2 payments. Hopefully we will see it levelling the field for payments, reducing the cost and allowing hospitality providers to have more choice of how they take payments, as well as encouraging the integration of technology into businesses.
“However, there is a lack of communication for both consumers and smaller businesses about how this may benefit them, but also what any associated risks may be. I would advise hospitality businesses to do their research before jumping into any scheme. In addition, loyalty or rewards schemes are currently not as developed as those of major card or payments providers, but this is something we are expecting to change as the market grows stronger and more established over the coming years.”
Pin on Glass (PoG)
A subsequent application will be the introduction of Pinon Glass (PoG). The term describes traditional payment terminals that have evolved from larger models that operate using buttons, to a touch screen interface. PoG is the touch screen, or glass-based capture mechanism (1). Moore believes PoG will become more commonplace during 2019:
“PoG-type products will be attractively priced, and we will see increasing numbers of mobile apps being created. Overall this will enable entry level merchants in the sector to start taking payments, which will result in more mobile type transactions direct from a phone, as opposed to needing third-party intervention – creating the coveted ‘frictionless’ payment environment(2).
Behavioural biometrics
Nearer than many would think is behavioural biometrics -iris, fingerprints, facial movement and voice – all big news in payment technology right now. We are at an early stage but are beginning to see ‘pay by selfie’ or ‘smile to pay’ services – promoting cashless environments and embracing payments at lightning speed. Moore comments:
“Biometric payments will revolutionise the payment landscape, and there is a whole new generation ready for this, which will certainly change the buying process. Hospitality businesses need to start planning for this change, and to address their changing customer needs.
Self-serve
Moore has previously commented on the potential staff shortages following Brexit. He believes self-serve technology has the ability to support many hospitality providers in delivering high-quality service with reduced staff numbers at front of house.
“In certain areas of hospitality we are looking at a revolution of the traditional role of service staff,” he comments.”Higher footfall and faster payments will generate the need for more staff in operational and back office roles to give better service and more product and scope.
“As in recent years, 2019 will be all about technology integration and creating best-in-class solutions. Those who choose not to evolve will find themselves being left behind. The sector is now playing catch up.”