In a Flash! Fast Changing Customer Payments in the “Now” Economy!
28 Jun 2019
In a Flash Fast Changing Customer Payments in the Now Economy
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Today consumers increasingly expect payment for goods or services via the physical store, online and app-driven device to be a super-convenient, instant one-touch, swipe or tap experience. The technology of a payment solutions provider and merchant payment services is fast evolving to meet customer expectation.
Nearly 90 per cent of global retail still takes place at the point of sale, and 44 per cent, every week (PwC Global Consumer Insights Survey). Consequently, the point of sale continues its radical transformation as the use of cash declines in every global region.
Cash payments are predicted to fall to fourth place behind debit cards, credit cards, and eWallets by 2022, according to the World Pay Global Payments Report, Nov 2018. In Cyprus, there were approximately 23.3 thousand payment terminals installed at the end of 2016, and the total value of card transactions had risen to 3.9 billion euros by 2017 (Statista).
Today, ‘omnichannel’ is focused on a consistent customer experience at every touchpoint. The smartphone – no longer considered as a separate channel - is at the “disruptor” forefront of the customer payments revolution in optimal credit card gateway services.
Common practice to no longer check-out at a physical store
Recent polls carried out by the European Payments Council found that one in three (32 per cent) – the majority of business owners - believe that it will be a common practice in Europe to no longer check-out at a physical store in 5 years time and 12 per cent thought it could be only 3 years away. Nearly a third (31 per cent) say that Fingerprint scanning followed by Facial recognition (11 per cent) and Eye recognition (10 per cent) are the biometric authentication technologies that will offer the greatest potential for customer adoption for payments in the coming 5 years.
Retailers and other small business owners planning their customer service strategies must constantly ensure they are providing payment options that meet the demand for more convenience and greater security. Working closely with their payment solutions provider ensures that any perceived complexities are eliminated in the pursuit of practical solutions designed to meet the challenges of a fast changing, customer payments world.