5G is poised to power the next generation of internet connectivity and eCommerce. Faster and more reliable than anything that’s come before, 5G networks will enable people to communicate, consume entertainment and shop in the unprecedented speeds.

Businesses in the e-commerce and indeed any retailer today should be paying close attention to the arrival of 5G technology. While it wasn’t so long ago that payment options involved swiping a card and signing a piece of paper, or handing over cash. The possibilities for closing a purchase nowadays are endless. From social media payments and digital wallets, right through to biometrics and digital currencies. In fact, the rise of new payment technologies a lot people believed their phones would replace their bank cards.

5G and mobile commerce

Buying products online is quickly becoming the norm, especially for younger age groups. The high-speed connectivity of 5G will only accelerate this trend, signaling the arrival of the next big retail evolution and presenting new challenges and opportunities for brands. 5G is set to power significant growth in mobile commerce.

That predicted growth is in part due to simple economics of speed as it is faster, cheaper internet on your mobile phone means more opportunities to shop. This even applies to big-ticket items like cars, where online purchase hasn’t been practical up until now. Complex elements like credit checks and finance options which have previously slowed the payment journey could be processed much faster using 5G.

Payments in the 5G era

As retailers consider how to innovate in the era of 5G, it will be paramount to provide the right payment experience and one that feels fast and frictionless to match the overall 5G shopping journey. For online merchants, this means investigating the possibilities of innovative new payment systems like facial recognition authentication, social payments and invisible payments. But it also means simply taking the first step to understanding consumer’s preferred payment methods in any given market and catering to these.

Retailers can prepare for the future today by doing a deep investigation into what opportunities 5G can unlock for their business whether that’s new VR and AR shopping experiences, tailored omnichannel offerings or enabling the quick and seamless payment choices which might make all the difference.