In the payment world, technology is rapidly evolving, so it is vital to watch on payment trends to be able keep ahead of that curve. However, payment trends do certain implications for not just the finance industry because as payment methods evolve, there are more industries that find ways to be able to monetize. There are also companies that find innovative ways to optimize the strategies like that of using software to provide a much better customer experience for their payment system.
The differentiator
Payments are thus becoming ubiquitous which in turn represents such an enormous opportunity for those in businesses. Making an online payment should ideally be a seamless user experience. It is consumer experience that is the major concern for those who accept online payments. As the payment ecosystem expands, the consumer experience has become the primary differentiator.
Consumer experience
The user experience has reached the stage of demanding for invisible and frictionless payment systems which is quite a shift. For the past few years, there were only a couple of primary payment consumer experiences. The consumer would either go to a retail store or shop online by entering the required information to be able to checkout. Yet now, there are those embedded payment methods that make the payment experience blend with the site or mobile app.
Stored consumer information
In many instances a customer does not even have to type their required information to be able to make a payment transaction as it is automatically loaded from their eWallets. One example of this is that of a car service provider that makes the client focus on their booking a ride. This company securely keeps the consumers information on their safely secured on file and the payments are charged automatically. There are also those online subscriptions that safely store the necessary payment information to be able make their checkout an almost unnoticeable experience.
Mobile applications
The software has evolved for the embedding of payment methods into mobile applications to enable the various industries which are less payment-oriented to be able incorporate that desired frictionless payment transaction experience for their consumer. Mobile payments is now a popular payment system because with APIs and the like, there can be a unified payment system. It is expected to see the emergence of more innovations for the payment experience to become seamless as these kinds of invisible payments is what the consumers’ desire.
Incorporated payment method
The option to make an online payment will no longer be limited to the checkout page. Payment systems will begin to show online in places that are least expected. That is because the option to pay is much easier to embed for sites and apps. An example are those intelligent cars that have an incorporated payment method. That means that the customers can use their integrated payment method to pay for fuel and toll without having to key it in. Payment systems can be unnoticeable and make it more convenient for the consumer to transact, effortlessly.