How New Payment Technologies are Boosting Growth

First introduced to more quickly differentiate and process products in supermarkets, barcodes are now far more ubiquitous than the familiar ‘beep’ of the checkout in Western superstores. The simple system of identifying a product using 13 digits accompanied by a set of lines of varying thickness, which can be swiftly identified by a simple scanner, has revolutionised shopping in many areas. However, it is now also becoming adopted as an important tool in aiding economic development in many areas of the world.

In India, for example, the importance of clearly labelling food and drugs products with systematic barcode systems is being emphasised by government and industry organisations. The standards body GS1 India highlights the practical and safety benefits to trade of introducing barcodes across these vital products in the country.

Monitoring Purchases and Stock

Rather than entering the pricing details of each product, barcodes enable shops and suppliers to monitor vital aspects of their product line such as sales history; current stock and even customers’ buying patterns through the use of loyalty cards for particular shops. The shop or producer can simply contact a label manufacturer to begin the process of systematically coding their items.

It also ensures that products are fully traceable, which helps improve the international credibility of the country and its products in international markets. Europe’s E . coli outbreak in early summer 2011 is testament to the importance of ensuring the source of every product remains evident as global trade in many types of product, from drink through to electrical goods, grows year on year.

Mobile Payment

But it’s not just the very use of barcodes, with their tracking capabilities, which are encouraging developing nations and boosting the profits of the local label supplier in every town. Until recently, fears of credit card security breaches have meant a largely cash economy for many African countries. However, the rise in mobile phone and internet use in countries such as Ghana in recent years has allowed for new secure methods of payment via mobile, reducing reliance on cash for each transaction.

The benefits are clear; by taking payment via text and other technologies such as near field communications, transactions no longer need to be completed through the exchange of large amounts of cash. Furthermore, customers can purchase items and services in advance, track and monitor their budget more easily and, with many systems, enjoy this convenience without the need to open a bank account if they are not able to. Of course, these types of transaction all require the use of barcodes boosting the roll-out of this simple yet highly effective method of coding products even further.

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Mobile Billing

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