bankingciooutlook

Tips to Offer Desired Payment Experience to Consumers

Banking CIO Outlook | Monday, July 11, 2022

Shoppers in 2022 are eager to return to brick-and-mortar stores, but they also want the convenience of online shopping, mobile commerce, and self-service.

Fremont, CA: According to Escalent research, 61 percent of consumers wanted to shop in-store this holiday season, similar to the pre-COVID-19 days. The demand for omnichannel payment solutions is being driven by the ability to shop and pay from anywhere, at any time. However, different payment solutions for transactions on other channels are impractical for businesses because they cause inefficiencies, extra work to close out the day, and limit the merchant's ability to build a 360-degree view of shopper activity.

Online Payments: Customers are sold on the convenience of browsing and paying for items they want online. Analysts predict that consumers will increasingly buy online pick-up in-store (BOPIS) to avoid crowds – and delivery fees.

Contactless Payments: While shoppers are eager to return to stores, they are wary of the risks of touching shared devices, such as PIN pads, during a pandemic.

Touchless Payment Options: Giving customers the option to pay by scanning a QR code is another way merchants can reduce the amount of touch involved in payment transactions. According to Statista, there is a growing awareness of this payment type. For example, approximately 47 percent of consumers in the UK and the US have noticed increased QR code use since the pandemic.

Mobile Wallets: Contactless payment experiences are also possible with mobile wallets such as Apple Pay and Google Pay. The shopper opens the wallet on a mobile device, taps or waves it near a card reader, and completes the transaction.

Unattended payments: Self-service is an option for customers who want to save time while waiting to check out. Adoption is being driven by the added convenience it provides and the ability for a single sales associate to manage multiple lanes at once. According to IndustryARC, the retail self-service market will grow at a CAGR of 7.3 percent to more than $30 billion by 2026.

Gift cards: The payment solution you integrate should also allow your clients to issue and accept gift cards, a perennial favorite for a holiday giving and receiving.

 

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