Retailers must adapt to mobile payments

It seems it is only a matter of time before Australia becomes a cashless society, as new technology is changing the way people pay for everyday items.

The increasing popularity of smartphones has allowed more Aussies to buy goods online and some credit card providers have even started to integrate their products into a handheld device.

According to a survey by LM Research on behalf of Virgin Media Business, one in five high street retailers are planning to invest in technology that enables customers to make contactless payments using their smartphones.

Chief operating officer at the organisation Tony Grace believes store owners who do not embrace new developments are likely to struggle in the future.

He indicated that younger generations have grown up with sophisticated handsets and using a phone to make quick credit card payments will soon be second nature to many.

"I think we've reached the point where an important part of any multi-channel approach for a retail operation will involve smartphones [and] personal tablets – the iPad and suchlike," Mr Grace commented.

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