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The retail industry is undergoing a major transformation. In the past, consumers would either shop in-store or online. But today, more consumers are engaging in omnichannel commerce – where retail purchasing ultimately occurs across both online and in-store environments.
This is great news for merchants, as it gives them the opportunity to reach more customers and boost sales. But it also presents some challenges. Merchants need to be able to provide a seamless shopping experience across all channels, and they need to have the right payment solutions in place to achieve this seamlessly.
Payment service providers (PSPs) play a critical role in helping merchants succeed in this new era of omnichannel commerce. They can provide merchants with the payment terminals and solutions to accept payments in-store, online, and on mobile devices.
Recently, the leading European PSP, Mollie expanded its in-store payment options to offer PAX Technology’s award-winning, Android-based payment terminals, the A920 and A920Pro. The PCI-DSS Level 1 certified terminals were chosen due to their varied functionalities for easy-to-use and secure payment, including accepting of next-generation payment methods such as QR code, Buy-Now-Pay-Later, Apple Wallet, Samsung Pay, contactless payment, as well as traditional chip and PIN.
In addition to the physical terminals, PAX also offers Mollie a marketplace app solution called MAXSTORE to future-proof its ambitions for further expansion. MAXSTORE gives merchants access to a wide range of third-party apps that can be used to enhance the shopping experience for their customers. Customer-centric engagement activities, including loyalty programmes, gift cards, personalised marketing, and more are all programmable by the PSP as well as the merchant via the MAXSTORE app.
According to the Payments System Board Annual Report 2021-22, the number of transactions processed by PSPs in Australia was 10.4 billion in 2022. This represents an increase of 10% from the previous year.
The value of transactions processed by PSPs was $268.5 billion in 2022, an increase of 8% from the previous year.
The growth in the number of transactions processed by PSPs is being driven by the increasing popularity of more convenient payment methods. The use of contactless and digital payment solutions is rapidly replacing traditional physical payment cards swipe/insert functionality.
However, Australian PSPs face several challenges in terms of better service delivery including:
To meet these challenges, here are some key recommendations that can ensure continued success for Australian PSPs:
The Australian in-store retail market is worth billions of dollars, and it is expected to grow in the coming years. PSPs that can help merchants succeed in this market will be well-positioned for future success.
Here are some final figures around the size of the in-store retail transactions in Australia:
These figures show that the in-store retail market is still a major force in the Australian economy. PSPs that can help merchants capture a share of this market will be well-positioned for success. PAX Technology can ensure successful delivery for whatever the future of Australian commerce becomes.
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