Cash Is No Longer King

The growing popularity of digital payments—from e-commerce to mobile wallets to the ever-growing trend of wearables like smartwatches—has radically changed the way customers shop, pay for meals and stay in hotels.

A recent conversation  between Visa and David Montalba, founding principal of Montalba Architects, an award-winning design firm based in Santa Monica, California.  In fact, a recent U.S. consumer payment study revealed that 2016 was the first year that consumers spent more money through credit and debit cards than with cash.

With shoppers opting for more cash-free transactions, forward-thinking brands are reimagining what the shopping experience looks in their brick-and-mortar storefronts, turning to architects to design those spaces without cash registers and traditional counters.

With his broad range of retail projects—from designing the Los Angeles store for luxury fashion company The Row to the boutique-filled LAX International Terminal—Montalba notes that incorporating digital payment technology into these spaces creates a more free-flowing environment. In his opinion, this more modern setup can ultimately foster a stronger relationship between brand and customer: “These brands are also building these stores to create a workshop, or an educational experience. It’s not just about the transaction, it’s about an education.”

You decide for yourself Visa if this is a direction our digital world is moving towards. Enjoy the read and I will be back next month with new payment technology on the horizon.

Tina Louise ~ www.paylab-plus.com ~ 888.413.9186