If you’re like most people, you’ve probably heard of 5G, but you may well be unsure of what it is and what it may mean for your business.
Essentially, 5G stands for the fifth generation of mobile technology and is set to deliver huge advances in the amount of data that can be transmitted, the speed of transmission, and latency – the time-lag between the sending and receipt of data.
5G will also enable dramatic progress in the connectivity of all manner of devices, and the so-called Internet of Things (IOT).
More Digital Acceptance Locations
Not surprisingly, then, this technology has huge implications for the way in which payments are made.
The last few years have already seen a rapid growth in the number of acceptance locations as new softwares and cloud-based point of sale systems have been made compatible with customers’ mobile devices.
As 5G radically increases the speed while reducing the cost of connectivity, this trend is likely to accelerate – meaning that more and more mobile devices can be enabled with payment and acceptance capabilities.
Enhanced Payment Security
Payment card and contactless payment security are already being used by biometric technology and the data recognition and transmission capacity of 5G is likely to make it both more effective and less expensive.
The use of facial and iris recognition technologies, in particular, will become a routine method of ensuring payment security.
More Contactless Payments
The trend towards contactless payments was already well-established, but for obvious reasons it was significantly accelerated by the COVID-19 pandemic.
Many more customers are now accustomed to the ease, speed, and convenience of contactless and will increasingly demand it as standard in their favorite stores, bars, and restaurants.
Fortunately, 5G enabled POS systems will make the acceptance of contactless payments faster, more secure, and less expensive.
Find Out More
It’s not yet clear how quickly 5G connectivity will become available across the country, but there’s no doubt that it will have significant implications for your business.
So, as always, if you’d like to find out more, please contact our expert team here.
We’ll be happy to help