The Green Revolution in Payments: Contactless Solutions for a Sustainable Future

The Green Wave in Payment Conversations

"Sustainability" has become a buzzword in the corporate world as companies strive to adopt eco-friendly practices to contribute to a healthier planet. The payments industry is no exception, with emerging technologies providing sustainable alternatives to traditional methods.

Demands of the New Generation

Gen Z, the largest generation of consumers, exerts significant pressure on businesses to adopt green practices. In 2018, Forbes reported Gen Z's direct and indirect spending power at USD 143 billion. As this generation matures, payment providers must respond to their demands.

Millennials and Gen Z are highly concerned about climate change, as indicated by a Deloitte survey which revealed that 40% of respondents prioritise environmentally-conscious brands. In addition, these young consumers seek sustainable payment methods that enable guilt-free shopping experiences.

The Rise of Contactless Payments

In 2016, Apple and Google introduced their contactless mobile payment systems in Europe, promoting them as superior alternatives to cash transactions. These systems, among others, help consumers make payments more efficiently and quickly.

Over 6 billion plastic cards are produced annually, many made from harmful plastics. Technological advancements like Near-Field Communication (NFC) enable the transition towards frictionless payments, reducing the need for physical cards.

Embracing SoftPOS for a Greener Future

Payment methods continually evolve, with technology and innovation striving to maintain high customer satisfaction while combating climate change. SoftPOS is a prime example of such innovation. Paymob's SoftPOS solution facilitates contactless payment acceptance for merchants using NFC-enabled devices. This system aligns with the increased demand for contactless payments during the pandemic, as social distancing became a safety measure.

SoftPOS offers several sustainability benefits:

•Reduces e-waste as customers and merchants use their phones or contactless cards for transactions.

•Eliminates paper waste by replacing paper receipts with digital transaction records.

•Applicable to various sectors, SoftPOS caters to a diverse customer base and promotes contactless payments.

The payments industry's embrace of sustainable alternatives like SoftPOS demonstrates its commitment to fostering a greener future. As contactless solutions become the norm, businesses can contribute to the fight against climate change while enhancing customer experiences.