How Massive The Invisible Payment Is Reforming The Future Of Business

How Massive The Invisible Payment Is Reforming The Future Of Business

Uber-like payment nowadays has greatly transcended what consumers need through technology and becomes the imminent payment model for successful organization.

The changes that it brings to business is bold that it even brought the other industries’ urge up to catch up regardless of size. They worked really hard in embracing the concept of not initiating any paying action and invent the uber of their industry.

A research stated that consumer’s expectations have become even harder to fulfil. This is due to the fact that elimination of physically paying the driver or cashier was never expected to create frictionless experience if it happened years ago.

This new pay-after-use concept on the other hand, fits mobile society today and becomes the apparent reason why most consumers have able to take up this payment as their top preference.

Consumers are happy with how the personal app works for them, in fact, today they have no longer see the importance of logging in and out of their account very frequently.

This had proven that they understand well on how the security actually work online while also equipping any possible measures on their own. They can put down all their worries about the confirmation and the verification process effortlessly.

Customers increasingly are expecting these payment to be seamless, painless and happen without them doing anything.

Hence, the “use first, pay later” concept that are being accepted and introduced largely in their daily purchasing process is something that they are grateful for.


1. Speeds up payment

Invisible payment holds the biggest opportunity for any operation to speed up payments. The process that simplifies to electronic monitoring and collecting payment no-handedly, saves a lot of time regardless of what it is employed for.

In transportation cases, drivers can be charged easily through the combination of RFID and this IoT payment model altogether. RFID, in many cases has helped to enable quick identification of items, which further accelerate the payment process. E-wallet payment or the implementation of personalized app or card that calls for municipal involvement would really help employ the invisible payment into shifting the monitoring and collecting the parking or toll fees easier for drivers.

The invisible payment has also started to empower the food and beverages industry. F&B, especially has numerous consumers that are coming back for the food that they fan of. In a case highlighted, food industry is seen to adopt ridesharing and uber model of payment.

The same framework applies where credit card information stored in the app, hence they will not have to wait for checks and bring their wallet out. When the same situation comes across to fast-food outlet operation, this can highly benefit consumers to avoid long fast-food line and massively serves to what they expect most in fast-food operation.

A case from cashierless store had also mentioned that nowadays, finance does not necessarily need to be physically hand-to-hand. At present, the ability to automatically debit consumer’s account can be easily experienced on app; where charge is immediately applied after use.

2. Helps control spending

Through the personalized app, consumers can forecast their spending based on the payment routine.

Based on the dining out experience shared in the previous point, consumers can practice bill splits among other diners. This has helped consumers to be fast not only in paying but to control on what they spend for.

3. Gives birth to loyalists

This might have been a small development that people tend to look away, however, the option of paying by card has reduced cash-dealing in a smart way that also proven to help ride-hailing industry with customer acquisition.

With the presence of app, as stated in the previous point, the predictable payment routine will keep the customers feel safe and this will in fact give birth to more loyalists. The high sense of success guaranteed by the use has able to form long-term relationship with consumers.

Through the same case of F&B industry, the seamless dining experience can increase diner’s loyalty.

When the revenue comes from the repeating customers, the foresight of this business is to make the experience more customer-focused. From the same model, merchants can also consider offering one-off transaction for every payment they made on the invisible payment channel for a start, in which it will create lifetime value to them.

4. Applicable to any industries

Invisible payment can fit into even the most informal setting. This is taken from an example of case in Jinan, Shandong where beggars are able to accept donation through QR code.

Through e-wallet function, just like how you do in the real life setting, your money can be given to anyone, as in transfer money to friends, transacting to e-commerce website, top up phone credit, pay bills, ride, tickets and hotel that you booked.

Micro-payment, on the other hand, enables many consumers to pay small sum of money which makes it easy to get low-cost services sold easily.

A research found that a large number of prepaid users in developing market now is very familiar with using their phones and this is an ideal segment for micro-payment which enables consumers to pay small amount of money in time-saving and more convenient manner.

5. New security measure implementation

Invisible payment has undoubtedly getting totally invisible that it sometimes getting mistaken as someone shoplifting or hop out of a car without paying. However, the fact that technology has become even faster to catch the crimes than human has actually uplevelled the IoT security largely.

In the case of automotive industry, radio-frequency identification (RFID) is the most important element to be incorporated in the sector. It helps to track the vacant parking space, and make electronic parking payment system to secure drivers while also providing the ultimate solutions to municipalities and parking lot owners. Who knows, RFID will soon get all the toll and parking lot gateless?

It is undeniable that IoT deployment can cause worry to consumers for the mass surveillance. However, the anonymity of payers is no longer an issue as it is able to be protected via tokenization in preserving the identity and important details of the payers.

To discover how Razer Merchant Services can help you expand your payment options and increase sales, schedule a free appointment with our team today.

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