The good news is that digital
payment sector is rapidly evolving and PayCargo is leading the way.
Business to consumer (B2C) payment technology
trends are being driven by millennials and Generation Z, with changing
consumer habits transforming industries across the world.
This is a great opportunity, but how can
we effectively harness the benefits for the air cargo industry?
Which Makes Sense?
This is a question that many companies are
asking themselves, but with so many different payment options trending,
it can be an overwhelming landscape to navigate.
Here are just some of the payment technology
trends on the market right now:
Wearable Payment Devices
Connected Car Payments
Realtime Data Transparency
Unattended Payment Terminals
Scan and Go Apps
Motion Code Debit Cards
As many of our readers will point out, these
are mostly B2C trends, however, we need to think carefully about how they
might impact our industry on a B2B level, either directly or indirectly.
There is a wave coming, and, like a seasoned
surfer, we need to be ready to harness that energy to our advantage.
Consumers are driving exponential technological
change and, as businesses, we must adapt or die.
We could argue that this has always been
the case, however, the key difference we have today is the unrelenting
pace of innovation, change, and information availability.
jetsetter and man-about-town, newly-named PayCargo CEO “Fast”
Lionel van der Walt took time out from a recent whirlwind New York
business trip to stop by at JFK TWA Hotel adjacent the Saarinen designed-1962
TWA Flight Center.
Parked outside is the coolest
cocktail lounge yet, a restored and repurposed Lockheed Constellation.
Appointed with deep red carpet and comfortable seating, the “Connie”
features mural-sized artistic renderings of 1950s movies star travelers,
including Deborah Kerr and Audrey Hepburn.
Lionel, here to get the word out
after joining PayCargo as top executive in early July said:
“The PayCargo payment platform
for air cargo is the industry's most secure and efficient payment
solution allowing our customers to move funds and payment information
to their freight vendor for rapid release of shipments.
“In many cases, cargo is
released within one hour of payment,” ‘Fast' Lionel noted.
About the Connie, Lionel smiled,
“What a way to fly!”
The Air Cargo Money Man
Lionel van der Walt has had an interesting
First, he was an IATA guy almost forever.
Then he popped up as President and major reformer of Cargo Network Services
(CNS) and shortly after that went into the roofing business as an organizer
of that group of professionals.
Most recently based on his brilliance Lionel
was pulled back to air cargo as President of fast rising PayCargo.
So naturally FlyingTypers asked
Lionel van der Walt to comment on all of this.
“In air cargo today we have what I
would consider one of the biggest challenges of our time, and I mean this
in a positive sense; Generations X and Z.
“The younger generation, particularly
Generation Z, expect a world where all transactions can be completed on
mobile platforms and where instant gratification is the norm.
“And they are not afraid to demand
it. “Growing up as consumers, their needs are being met to a large
extent, but they keep pushing for more,”Lionel declared.
So we wonder how do we, as an industry,
plan for and develop systems and businesses that not only cater for their
needs as future business owners and leaders, but also meet their expectations
as a workforce?
“The irony,” Lionel smiles,
“is that industry change that is required is being led by individuals,
and I include myself here, that are just “slightly” older
than Generation X and Z, “slightly” out of tune, and sometimes
resistant or slow to acknowledge that their perspective is not only ok,
but for good or bad, it is the future.
Communication Is King
“The point I am making,” Lionel
declares, “is that we need to ensure we understand and include the
customer perspective when thinking about the future.
“As with payment technology solutions,
the expectations of the new generation are mostly related to B2C trends,
but I do believe they are applicable to, and will impact on our industry
in some way or form.
“My objective is to get air cargo
thinking about how and where we could potentially benefit from the natural
trends and progression of the audience.
“Most of us already take much of this
disruptive technology for granted in our daily lives, from ordering our
shopping online, to using our smartphones and or Apple Watches to pay
for a round of golf or drinks.
“It is estimated that there will be
over 500 million mobile contactless users by the end of 2019.
“And if you think that is impressive,
the next wave of technology is already here; Visa and Curve rings, Phone
to Phone payments, where your smartphone is used as a Near Field Communications
(NFC) device terminal, and Connected Cars that incorporate payment technologies,”
Maybe We’re Amazed!
So while we are busy looking all of this
up on Google and YouTube we come to this realization;
This guy knows what he is talking about!
Tomorrow is Today!
We are amazed!
“Tangible systems like ATM cards,”
Lionel insures are going to become obsolete.
“Not only that, the traditional banking
system as we know it is fast becoming outdated.
“Air Cargo needs to be thinking today
about how we can use these current and future trends within our industry,
not only to gain a competitive advantage, but, more importantly, to secure
a sustainable future for our industry.
“The key challenge facing these technologies
is identification theft, but this is being addressed.
“The tech has moved on from fingerprinting
and facial recognition to the more complex iris recognition, vein mapping,
and heartbeat analysis.
“All these technologies will present
a possibility for secure biometric payment systems in the future.
“As compared to the traditional payment
methods, biometric authentication is projected to significantly boost
efficiency, security, and accuracy.
Eye Of The Holder
“What’s interesting is that
in a recent Visa study, 88 percent of consumers said they would be interested
in using biometrics to verify identity or make payments, 70 percent thought
biometrics were easier to use than pins or passwords, and 46 percent thought
it was more secure.
Lost Yesterday's Mobile Tomorrow’s
“Generation Z has no recollection
of a world without internet and mobile applications, or where people use
cash to pay.
“Millennials accept nothing less than
digital technology and mobile phones.
“Studies also show that 80 percent
of our teens and young adults – aged between 18 and 21 years –
are giving up TV for their mobile phones.
“This is a generation that is restless,
and unapologetically demands immediacy and efficiency in the services
they are provided with.”
No Going Back To The Used To Be
It is reported that about 70 percent of
Generation Z has dumped orthodox banking methods for the more efficient
and fast mobile banking
“They don’t bank the way we
used to, they don’t shop the way we used to, and they don’t
work the way we used to.
“How do you think they will rate our
Do you think they will be comfortable working
in it, Lionel asks?
“This is the workforce of the future,
and whether we like it or not, they will demand more from us.
“So let’s make sure we are including
their perspective in our decision making as we continue the good fight
to modernize the air cargo industry,” Lionel concluded.