Is 5G changing the way we pay?

Is 5G changing the way we pay?

5G is set to power the next generation of internet connectivity and eCommerce, so retailers need to pay attention.

Payment options are endless from digital wallets to biometrics and many consumers believe they would replace their bank card with their mobile phone entirely within 5 years.

5G is likely to accelerate social media purchases and alternative reality (AR), virtual reality (VR) and the Internet of Things (IoT) will bring the best parts of the brick-and-mortar shopping experience without having to step foot in a store.

5G is also set to accelerate omnichannel commerce, bringing the digital and physical worlds together in a completely new way. Brick-and-mortar stores can connect to shoppers via mobiles and technology that uses facial recognition to personalise shopper’s experiences and recommendations. It may even help fraud prevention so merchant ID, geolocation and transaction accounts can all be processed at once.

5G presents both opportunities and threats for the brick-and-mortar store, retailers will need to adapt to maximise its benefits and overcome its threats.