The landscape of the payments industry saw change this week. As consumers increasingly see the value of a cashless society, retailers and banks made strides to adapt to that vision.
From wearables to facial recognition, this week has seen some exciting developments in cashless payment systems.
1. Google Pay now available in Germany
Germany is now the 19th country to accept Google Pay. Customers will be able to download the payment app via the Google Play Store and can use Google Pay if their credit card is associated with a bank that’s partnered with Google.
2. Credit risks are growing for Norway's banks
With the race to get to instant payment, there comes greater credit risk. In Norway, banks are taking steps to eliminate this risk by developing systems and networks that would create a region-wide system for real time currency transfers.
3. Canadian online retailers could face tax on U.S. sales after Supreme Court ruling
A U.S. sales tax for Canadian online retailers is set to put a huge dent in the bottom line of some Canadian retailers who not only play a big part in the online retail landscape, but also have a huge market in the U.S.
4. Wearables as the new payment-enabled room keys
Cashless systems are the future, and here in Canada, one brand is set to make a mark in enhancing the customer experience. Pangea Pod Hotel, located in Whistler’s ski resort, will introduce wristbands for guests that would allow them to easily navigate the chain’s various properties and services.
5. BBVA launches facial recognition payments
The Spanish bank BBVA has developed a new Selfie & Go system in its restaurants located at BBVA's Madrid headquarters. Selfie & Go makes use of facial recognition systems to check out customers faster and more securely. Customers look at a camera, which recognizes their identity.
Interested in reading more about the ever-changing payment industry? Make sure to take a look at our blog The (Potential) Future of Payment Technology.