The evolution of the Internet and new technologies has completely changed our habits, especially in terms of consumption. For years, payment has been one of the main concerns that have emerged with digitization. It is an inevitable step in the customer experience. It needs to be analyzed in order to transform it, depending on changes in consumer behavior.
This is why payment methods have developed considerably, and we can even imagine a cashless world before long. Increasingly accustomed to the speed of digital services, consumers have also become demanding when it comes to payment. Jason Simon, a specialist in the field of digital payments, explains how the trend of their use makes for an improved customer experience.
Today, the payment world has to adapt to accompany current consumer trends. Taking into account the context in which technological innovations are multiplying and competition is getting tougher. In recent times, the importance of digitizing companies is increasingly being discussed, especially in the current context. In fact, the pandemic has brought about several changes in our habits, and in particular in the way we consume. The pandemic undoubtedly enabled the momentum of digital payments, already highly appreciated by consumers.
In fact, we have already seen a change in consumer behavior prior to the pandemic. They wanted their financial transactions to be more convenient, faster and to take technological innovation into account. Businesses were faced with a new consumer who demanded to have everything they wanted, now and without waiting. Today, this same consumer expects companies to adapt to the current context. They want the implementation of digital payment methods, which will allow as little contact as possible in addition to being advantageous in terms of convenience and speed. Therefore, digitization is an important process that all payment players must consider in order to elaborate their model for the future. The payments market will be one of those that will experience rapid innovation, particularly thanks to the effervescence of eCommerce.
“The development of invisible and contactless payment services offers new loyalty opportunities for companies. Technological innovation increasingly facilitates the payment process, which offers a better shopping experience for customers and provides many advantages to facilitate business management,” explains Simon.
The easy-to-use contactless payment does not require the entry of a code. This reduces waiting time at the checkout. Credit and debit cards are not the only means of payment available in most countries. Cell phones have also recently emerged as a new method of making purchases. Thanks to a chip implanted directly in the smartphone, payment is made with a gesture. A technique that was not used by everyone at first, but is starting to become increasingly popular. It turns out to be a way to simplify the shopping experience.
A revolution in payment methods continues with the emergence of invisible payments. This trend allows customers to make purchases without having cash or credit cards. Simon says, “Payment methods not only allow customers to have an optimal experience with reduced shopping time but also allow retailers to automate payments. Therefore, the time savings can be used to give more attention to their customers. The main goal turns out to be an improved shopping experience.”
Contactless and invisible payments make it possible to pay without having to put the credit card or code on the payment terminal. These fast and convenient methods prove their efficiency, especially in a context where contacts must be kept to a minimum. In addition, payment by QR code also has advantages in terms of improving the shopping experience.
2020 was a year marked by strong growth in digital payments. In the context of COVID-19, digital payments, in the form of cards or mobile wallets, become the norm. A growth that was already underway before the crisis and will certainly continue in the coming years. Society is changing and increasingly opting for cashless and contactless payment methods. It is, therefore, not the time to overlook these new trends. It is time to adapt your company to these changes to ensure a better shopping experience.