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The Digital Transformation of the Payments Industry

  Qikserve  ·  3 minute read
In an age where technology is rapidly evolving, the payments industry finds itself undergoing a seismic shift. Gone are the days of relying on cash or checks; instead, digital payment solutions have become standard, revolutionizing the way we transact. This shift towards digitalization has not only made payments faster, safer, and more convenient but has also opened a plethora of opportunities for businesses and consumers alike. 
 
Research shows that your revenue can increase drastically if you offer a wider choice of payment options. Consumers crave convenience, and the easier it is to pay – the more often they will purchase your goods – don’t run the risk of missing a sale because you don’t accept digital payment methods. With projections indicating that cash transactions will dwindle to just 7% by 2032 , and wallet payments including Google and Apple Pay contributing over 45% of transactions on QikServe Payments, it has never been more crucial to ensure your business offers a comprehensive suite of digital payment solutions.   
QikServe’s Leading Edge in Digital Payment Solutions

At QikServe, we are pioneers in integrated hospitality technology, providing retail payment solutions that cater specifically to the hospitality sector. Our QikServe Payments (QP) solution stands at the forefront of this digital transformation. Tailored specifically for the hospitality industry, QP equips businesses with the tools they need to navigate and thrive in this rapidly evolving digital ecosystem.  

As the hospitality industry continues to make considerable progress with a visible shift towards a digital-first approach, scalability is key, and QikServe Payments ensures your payment solution is not only robust, but also flexible enough to adapt to the ever-changing landscape.  

The integration of checkout solutions streamlines the payment process, significantly reducing the time customers spend waiting to complete their transactions. This efficiency is crucial in today’s fast-paced world, where speed and convenience are paramount. Additionally, the digital menu ordering feature transforms the way menus are presented and interacted with, providing a dynamic and engaging user experience.  

By embracing these advancements, QikServe Payments delivers a comprehensive suite of tools that not only meet but exceed the expectations of modern consumers, setting a new standard in digital payment solutions for the hospitality sector. 

The Rise of Mobile Technology

At the heart of this digital transformation is the rise of mobile technology. With smartphones now ubiquitous, consumers have the power to make payments anytime, anywhere with a simple tap of their device. Mobile wallets and payment apps have surged in popularity, offering users a mobile ordering solution that is not only convenient, but also a secure way for transferring funds and making purchases on-the-go. This shift enhances the convenience of payments while improving security by reducing reliance on physical cards. As more merchants prioritize a frictionless online payment experience, it’s no surprise that 91% of consumers cite checkout satisfaction as a decisive factor in their return to a particular merchant.

Recent research from our partner Stripe, a global leader in payments infrastructure, underscores the importance of a seamless payments experience. 60% of customers admit that they will abandon their cart if checkout exceeds two minutes, despite the average checkout surpassing 3 minutes. Moreover, 85% of online users frequently abandon their purchase if their preferred payment method isn’t available. The implications are clear: checkout friction translates to lost sales and dissatisfied customers – a pitfall easily avoided. 

The emergence of order and pay at table technology is transforming the dining experience, allowing customers to browse digital menu ordering systems, place orders, and make payments without leaving their seats, thereby streamlining service and enhancing customer experience.

Payments and Security Solutions

Faster payments offer an unmatched level of immediacy, granting swift access to funds upon payment.  QP is engineered for speed and reliability, ensuring your transactions are processed quickly and without interruption. Daily payouts are our standard, not an exception.

As payment trends continue to evolve, they are simultaneously contributing to the development of more extensive digital ecosystems. The decline of cash transactions is inevitable, paving the way for a surge in contactless transactions that effortlessly migrate from plastic cards to mobile applications. The rapid pace of innovation within the payments industry presents opportunities for businesses to differentiate themselves and gain a competitive edge. By embracing emerging technologies and offering innovative payment solutions, businesses can elevate the customer experience, drive operational efficiency, and fuel revenue growth.

The Digital Payments Transformation

The digital transformation of the payments industry is reshaping the way we think about money and transactions. Mobile payments and contactless technology are driving unprecedented change in how we pay. Businesses and consumers are embracing digital payment solutions to navigate the evolving landscape of the payments industry with agility and innovation. 

QikServe Payments is ready to guide you through this digital transformation, empowering you to harness the full potential of technology. With our unrivalled expertise in mobile ordering solutions and cutting-edge checkout solutions, we’ll position you for success in the digital economy of tomorrow. Get in touch with our team of experts and discover how QikServe Payments can revolutionize your payment strategy to meet the demands of today’s digital-first consumers.