Why is the Retail Industry Shifting to Cloud Payments?

By: Katie William, Retail CIO Outlook | Tuesday, February 02, 2021

Cloud payment is becoming the new norm in the retail industry.

FREMONT, CA: The retail industry is increasingly counting on innovative payment strategies. Shopping enthusiasts from all around the world look for methods that allow them to make payments instantly and close the transaction. It is not only retail banks, almost every retail business enterprise today is looking to upgrade its payment ecosystem by leveraging the cloud and other technologies to facilitate instant payments. The retail industry has realized that ease of payment is one of the biggest and most critical deciding factors for it to make an extra sale, and achieve a greater value of revenue.

Sources say that around 77 percent of the retail firms think that physical payments would be gradually overtaken by instantaneous payments. At the same time, digital payments are expected to cross the market value of $4.4 billion this year. With all such predictions are made by the technology researchers and market strategists, the scope for digital payment is getting stronger and broader. In the wake of the retail customers demanding faster, easier, and more transparent service, the technologists are also coming up with cloud payment solutions to give a safer and more flexible way to make a payment and close the transaction.

The cloud has become the new game for almost all the innovators in the realm of retail payment. Customers look for the feature of high security in every method they would be ready to exercise in order to make a payment. Well, the technology of cloud looks like it is specially made with the features of enhanced security. Customers might have to provide sensitive information about their financial accounts. The use of cloud technology keeps all the details secure and out of reach of any or every hacker. With all the efficacious efforts and benefits that the cloud technology has to shower upon the realm of retail payment, the retail industry is increasingly walking towards deploying the potential use cases of the cloud payments.

Along with keeping the fraudulent threat and other actions of the cyber and financial criminals away, cloud payment technology enables the customers to trust their transaction and their partner business entity to the maximum level.