Times have changed and with them the way in which we deal with expenses, whether they are large or small. Both in physical and online shops, new payment methods and solutions are the perfect ally for the famous “Back to School”. According to the OCU, the basic kit costs 500 euros per child, taking into account uniform, school materials and textbooks. On textbooks alone, families estimate an expense of 200 euros per child, which, moreover, increases depending on the educational stage of the child’s education.
“Inflation continues to drive up prices and with back to school imminent, we must plan our purchases well,” says José Luis Nevado, CEO of Sipay. “Payment solutions such as BNPL can help alleviate the economic impact on families and other fast payment solutions such as contactless card payments will save time both for retailers, who will be able to increase their sales volume by reducing queuing or waiting time at checkout lines, and for customers, who will be able to make their payments in an easier and more convenient way”.
These are some of the advantages of using new payment methods:
- Saving time: as usual, at times of high spending, the flow of shoppers in shops is at its peak. This is where new payment methods can make the wait shorter and the purchase faster and more agile. At Sipay we have identified the number of gestures that we save if, for example, we pay by bringing our mobile phone close to the establishment’s payment terminal. Taking out your wallet, selecting the note or coins to pay, verifying that the return received is correct, putting your wallet away again and checking that you have not lost any important documents or money are the five basic gestures that can be eliminated thanks to mobile payment.
- Increased security: the new payment solutions not only speed up the purchasing process, but are also more secure when paying in shop. By using a card or mobile phone, we avoid excessive handling of the wallet, ensuring that documents such as ID cards are not lost during the checkout process.
- More convenient payments: planning is also important, as is anticipating large expenses. BNPL (Buy Now Pay Later) can be a great ally for many families. When buying high-cost products, such as a computer, or in the case of large families who have to pay for several children, being able to pay in instalments is the solution they need.
New payment methods and solutions are here to stay, but also to make moments such as “Back to School” simpler, more convenient and safer.