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Will COVID-19 speed our payment systems to digitalisation?

April 21, 2020
-
Shopper Behaviour, Shopper Technology, Shopper Vol 10
CovidPayment

All of a sudden, all payment surfaces are scary.

Eftpos machines, ATM touchscreens, debit cards, POS terminals, and even our old friend – cold hard cash.

For frequent shoppers, the use of these payment mechanisms has rapidly become the harbinger of fearmongering and suspicion as it has transitioned overnight from a harmless everyday function to a potential threat to our health.

When going about our daily routine, many of us may make a half dozen payments. Our morning caffeine fix, the petrol station, dry cleaners, supermarket, restaurants – the list goes on. Every in-store transaction terminal that is such an integral part of our everyday lives, is now a potential hazard for every opportunistic virus circulating our environment.

Despite being confined to our isolation bubbles, we still have to shop in-store for our daily groceries necessitating interactions with eftpos machines. The word ‘payment terminal’ may be about to take on a whole new meaning!

The pace and direction of developing payment technology have possibly failed to factor in its role as a transmission point for a global health crisis. Dire hypotheticals of ‘what if’ has now become a grim reality.

Will there be a rush to instigate a global network of contactless payment systems?

In the new world of the conscientious shopper, we may start to see consumers discriminating against stores that don’t facilitate their new requirement for paying without touching a terminal and they may well revert to buying online for many of their purchase choices.

The Bank fee Dilemma

Traditionally, many small retailers have discouraged the use of contactless transactions, like Paywave in-store, due to the dent it lays into their often already small margins. In fact, New Zealand has fallen behind Australia and Britain in this field, as the current regulations mean our fees are two to three times higher. Banks such as ANZ, BNZ, ASB, and Kiwibank are trying to combat the current issue, removing Paywave fees on payments using a debit card until the end of June. Westpac has gone further, waiving fees for the next six months.

Amazon Go Grocery

Another emerging contactless payment option is the “Just Walk Out” shopping experience created through Amazon’s new full-size grocery stores. Courtesy of the new Amazon Go application, no longer will customers need to check-out at a register; but simply walk in, pick up their grocery’s and walk out. For shoppers who prefer an in-store experience, AI-based innovations like this take a step further in giving us an insight into what the future of retail might hold. In turn, overcoming the limitations of contactless bank cards and mitigating the spread of infectious diseases like COVID-19.

What about Cryptocurrencies?

The potential spreading of infection through physical banknotes and cards, along with the lack of contactless payments raises the question of how this will affect the development of cryptocurrencies like Bitcoin, or a new crypto-backed New Zealand dollar. Cryptocurrencies not only allow shoppers to avoid physical transactions but also facilitates a near-effortless transfer of value between borders. Unlike bank transactions, they allow for immediate payments without middlemen taking a cut.

Although digital currencies might not be a total COVID-19 payment solution today, cryptocurrency adherents do have a rare opening to advance their argument that bank controlled payment options might become obsolete; if they continue as the main viable option for the average shopper. 

In the meantime, there are very few currencies, apart from Bitcoin, that can be used as digital payment, and with the crypto giant’s current laborious transaction speed – it isn’t believed it will achieve mass-adoption in the near future. However, as cryptocurrency continues to gain popularity, we may see it rise to prominence sooner rather than later.

We are now entering uncharted territory, economically and digitally, and there is a consensus both that our current payment systems are not fit for purpose, and that previous in-store methods of the transaction are becoming increasingly redundant. What is clear is that there will be a seismic shift in digital payment systems, as a result of shopper demand for a safer experience.

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  • Put your feet up this weekend with a copy of @unomagnz’s latest issue, featuring these two incredible @sheeo_world Activators who are doing their part to drive global change and uplift other women in the industry - and we’re loving it!

Link to the full article in our bio. 👆🏻
  • Once again, here at Energi it’s business as usual but remotely. Stay safe everyone.
  • Calling our fellow bookworms, today is for you! 📚

From your favourite sun-lounger spot, or perhaps tucked away in bed, there is no better way to celebrate #BookLoversDay than by kicking back with your favourite read. 

Check out our latest blog post to discover a few of our most-loved classics. Link in our bio!
  • Happy #InternationalBeerDay! 🍺

In honour of this fun global event, we’re very excited to share our most recent brew, Energi Rapsody!

What technically is a ‘Rhapsody’ you ask? It's a piece of music written without a formal structure, expressing powerful feelings and emotional excitement. In that note, our limited edition beersie is rich with highly contrasted tasting notes and colour!

This fresh brew is a Bohemian Pilsner with black pepper hops and spicy herbal undertones, that will take you on a journey.

Rhapsody comes along with a curated playlist of Rhapsodies to give you the full experience. 

Check out the playlist link in our bio!
  • July 2020 will be remembered as the month for social media going dark.

At Energi, we joined the global boycott initiative over the last 30 days in order to express our disappointment in key social media platforms allowing hate speech to fester unheeded. 

Read more about this, along with the other exciting things we and our clients have been up to during this period in our latest newsletter. Link in our bio. ✨

#GoodEnergi #BlackOut2020
  • Another year has rolled by and we are back to Matariki Festival and the new year. We recommend visiting Takutai Square at Britomart to get your hands some  delicious hangi by the @themaorikitchen and watch daily kapa haka performances

 #heartofaklcity #matariki #hangi @heartofaklcity
  • A very happy belated birthday to our amazing account directors, Melissa and Pen. ✨ 

We are so grateful for both of your diligence and hard work over the years.

You both bring so much joy to our team and clientele, we appreciate all your contributions to making the magic happen.

Special thank you to @bluebellscakery and @flowersafterhours for helping us spoil our girls. 

Let the celebrations roll on! 🥂
  • What a day! 🙌🏻 Last Friday, the Energi team ventured over to Waiheke Island for a strategic planning Away Day.

It was an action packed day filled with lots of hard work, followed by an amazing gin-making session with @thebotanicaldistillery and a divine meal at @mudbrick_nz in the evening.

2020 Here we come!👊🏼 #GoodEnergi #AwayDay2020 #WaihekeIsland
  • Our front door has undergone a bit of a makeover to include the newest addition to our family on Anzac Ave…

Very exciting times ahead!

#GoodEnergi #ArugaNZ #Headlight #Partnership
  • The cat’s officially out of the bag! 😻

We’re very excited to announce that Energi is partnering with @aruga_nz, one of Australia’s most dynamic PR agencies.

Rated the top PR agency in Australia last year, this amazing agency has a lot to offer the NZ media and communications landscape.

Backed by solid experience, Aruga has an enviable client portfolio of more than 120 big-name brands, local legends and small challenger brands in Australia and has now turned its attention to New Zealand.

Aruga NZ will be based out of our office on Anzac Ave, so drop by if you are interested in having a chat.

We are excited about what 2020 holds for us all.

#GoodEnergi #ArugaNZ #PR
  • We’ve had a fun day in the office shooting with our newest client @thefloristaklairport. Life is always brighter with flowers! 💐
  • Happy birthday for Saturday 23 May @vishalponnappa. Thank you for your diligence, integrity, creativity and strategic smarts that you bring to the Energi clients everyday. Enjoy your next 12 months traveling around the sun and your @jumpinggoatliquor birthday gift with our sincere best wishes and appreciation.

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Will COVID-19 speed our payment systems to digitalisation? | Energi Advertising