5 Ways Technology Has Changed the Payments Industry

customer doing online payment using mobile devices

Retail e-commerce sales rose by 9.4% over the last year, according to the US Department of Commerce. The industry drew over $218 billion in the fourth quarter of 2021 alone! That excludes the impact of digital payment processing on physical stores or P2P transactions.


This article explores 5 ways in which payment processing technology has changed the payments industry. Not only that but you’ll also learn how the adoption of mobile wallets has affected payment processing trends. Additionally, you’ll discover the benefits of multi-payment options and see how cryptocurrency will impact 2022 and beyond.

1. Mainstream Adoption of Mobile Wallets

Although digital payments at point-of-sale arrived in 2011, it wasn’t until the pandemic that the technology turned mainstream.


Google Wallet was well-received a decade ago but never caught the public’s eye. It morphed into Android Wallet then Google Pay. But it finally gained traction over the past few years when physical transactions became limited.


iPhone and iPad users have Apple Pay, which works seamlessly with iOS. Near Field Communications (NFC) is part of every modern mobile device for quick payment transactions. Simply tap your phone against an NFC terminal and you’re done!


Expect this trend to continue as your mobile device outstrips the demand for traditional credit cards.

2. PCI Compliance Standards

PCI or Payment Card Industry standards ensure that card details get stored, processed, and sent securely.


With the rise of online payments, the major credit card companies came to a simple conclusion. They needed an independent body to ensure that customers’ credit and debit card details weren’t leaked online.


The PCI Security Standards Council (PCI SSC) was launched in 2006. It oversees:


● Who can access customer data

● The update of security software like antivirus and firewalls

● Restriction of physical access to card details


PCI now affects all businesses that work with credit card payments. Merchants must agree to abide by these conditions. That includes both online and offline stores.

3. Bypassing Banks With P2P Payments

Peer-to-peer payments or money transfer apps let users send and receive money using their phones. All they need is a valid funding source like a bank account and details for the recipient.



PayPal offers this service, as does Apple Pay Cash and other payment services. Internationally, Alipay and WeChat remain popular, especially in China. In fact, most offline stores in China accept Wechat payments without the need for a card.

4. Multi-Payment Options

Creating a cashless society requires multiple technology payment options.

Traditional store cash drawers now include POS systems that link with NFC chip-and-PIN terminals. These tie to backend systems so managers can create and analyze reports on sales, stock levels, etc.

Modisoft offers a complete package for all industry types to accept payments from multiple sources.

5. Rise of Cryptocurrency

Although Bitcoin has recently reduced in value, cryptocurrency is here to stay.

More websites are now offering Bitcoin, Ethereum, XRP, and more as payment options. Tesla leads the pack by not just accepting, but encouraging sales in Dogecoin.

As more consumers grow comfortable with cryptocurrency, expect the payments industry to promote the technology.

Hassle-Free Payments With Modisoft

The introduction of new technology continues to impact the payments industry.

Mainstream adoption of Google Pay and Apple Pay makes it easier than ever to purchase goods. Cryptos are now viable forms of payment. Yet, accepting money through a digital platform requires PCI compliance.

Modisoft offers smart and secure business payment solutions for multiple industry types.

Whether you’re a convenience store, bar, or restaurant, our digital suite of services can help. Take payments from our mPOS system or accept online orders through our Cartzie app.

Contact us to find out more about our payment processing technology.



Rest assured that our exceptional customer support is at your service round the clock, 24 hours a day, 7 days a week. We take great pride in providing you with unwavering assistance, ensuring that any issues or concerns you may encounter are swiftly and effectively addressed. Feel free to reach out to our dedicated support team whenever the need arises, as we are always here to provide you with prompt and reliable solutions.

Modisoft takes pride in providing a comprehensive suite of tools designed to facilitate seamless operations for your restaurant. With our powerful software, you can take advantage of a range of features tailored to enhance your efficiency and customer experience.

One of the standout features of Modisoft is the ability to view live sales data. This real-time visibility empowers you to monitor sales performance as it happens, allowing you to make informed decisions and swiftly address any issues that may arise.

Moreover, our software enables you to create customizable menus for ordering. You have the flexibility to design menus that align with your restaurant’s unique offerings, making it easier for customers to browse and select their desired items. This customization feature ensures a user-friendly ordering experience that caters to your specific requirements.

Additionally, Modisoft supports digital menu boards for pricing. By leveraging this functionality, you can easily update and display pricing information on digital screens within your restaurant. This dynamic approach eliminates the need for manual price changes and enhances the overall aesthetics of your establishment.

We’re pleased to announce that the cost to run the POS system aligns with the subscription for your back-office software. This streamlined approach simplifies your financial management, allowing you to enjoy a unified pricing structure that covers both the hardware and software components.

Maximize the potential of Cartzie Campaigns, our exceptional tool, by harnessing its features to create customer loyalty and drive repeat visits to your store. With Cartzie Campaigns, you can implement robust loyalty programs that incentivize customers to return, fostering a strong and lasting relationship with your brand.

Furthermore, take advantage of the automated customer outreach capabilities of Cartzie Campaigns through text messaging. This powerful feature allows you to engage with your customer base proactively, sending personalized messages, promotions, and updates directly to their mobile devices. By automating this process, you save time and effort while maintaining consistent and effective communication with your valued customers.

Additionally, our software empowers you to offer online ordering, opening up new avenues for sales and customer convenience.

By leveraging Cartzie Campaigns’ loyalty programs, automated customer outreach via text messaging, and online ordering capabilities, you can enhance customer engagement, increase sales, and deliver exceptional customer experiences. Embrace the full potential of these tools to grow your business and establish a strong presence in the digital realm.