30 Retail Payment Innovations

These retail payment innovations offer a look at the future of shopping, as more businesses are accepting payments by QR codes and digital wallets like Venmo, while others are going completely cashless and staffless.

Self-serve checkout kiosks are now prevalent in grocery stores, but the systems have not yet been adopted by retailers on a large scale in different categories due to issues like theft and age-restricted items. However, retailers of luxury goods are exploring the ways that convenience-focused retail payment solutions can be integrated for all consumers. Luxury fashion label Rebecca Minkoff uses the secure QueueHop self-checkout system and RFID-enabled apparel security tags in-store, while Imperial Cars introduced the first-ever self-checkout for car showrooms. On the issue of age-restricted purchases, the Yoti app integrates with self-service checkouts to replace an in-person ID check with facial recognition technology.

Mastercard recently unveiled a forward-thinking retail payment system that integrates its Masterpass and Identity Check Mobile with iris authentication, so that consumers may have their eyes scanned to make a secure purchase.