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How 5G Networks Will Impact the Future of Payments

Date Updated: June 23, 2021

2019 marks the year that many mobile carriers launch their 5G networks. It’s the fifth generation of wireless technology. The changes include new smartphones with 5G capability, which have only recently hit the market.

Impact on Retail

With these new capabilities offered by 5G, retailers can improve customer experiences. The speed and connectivity means a greater ability to power the new technologies needed for these experiences. As a retailer, you will be able to collect more data to further personalize experiences you want to create for customers. By investing in these technologies first and implementing 5G, retailers can offer a way to satisfy customers and differentiate themselves from the competition.

How Payments Will Change

5G will also impact other aspects of your business in exciting ways. Payments is one of these affected areas. Now is the time to understand what will change so you can make the appropriate investments now to be ready.

With more people preferring to complete purchases from their mobile devices, 5G will enhance mobile shopping experiences and speed these transactions. Quicker checkouts means more people will turn to this shopping method, which is all the more reason why you need to ensure you can deliver a mobile experience through your retail brand. Otherwise, you increase your risk of losing sales to those competitive brands that can.

A Clear Strategic Direction

There is an expected rise in online and mobile shopping among consumers around the world. The number of consumers moving from desktop to mobile means a critical decision for retailers. Those who don’t adopt new payment methods and invest in technology may struggle to survive.

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