Device-agnostic payment systems are taking the world of commerce by storm and have become a need in the market. Read on to know how they help keep customers happy and ensure adequate spending.
The application landscape of non-financial companies is being ruled by financial services to drive business. Embedded finance has created an excellent quantum of opportunities for all digital businesses. But it is not as simple to appease your target customer, factoring in the speed of changing preferences. To boost lifetime customer value, analyzing the shifting demand and staying nimble when adopting technology is crucial.
The need for instant and device-agnostic payments is at an all-time high. Consumers want to use the payment method they prefer to provide them with the needed speed. This is especially true among the younger generation of consumers, who constantly look for ways to get out of the checkout line more quickly.
This article aims to discuss the innovations in the payments industry and how organizations can benefit from them.
Covering different media platforms is a crucial component of instant and device-agnostic payments. Omnichannel presence means the consumer can purchase from any device and from any channel. This includes desktop, mobile web, native apps, social media channels, and voice assistants.
The bottom line remains that customers have a lot of choices and priorities in their lives and may not always make the purchase. So, your omnichannel payment strategy should allow visibility across channels and instant payments through them all for a cohesive payment experience.
The ease, mobility, and personalization of payments are increasing. This is important because everyone wants to receive payments instantly in the fast-paced world. Since time is money, be it salary, shopping, or B2B settlements, the timely receipt of funds is a priority. In today’s hygienically conscientious society, contactless payments are not only popular but also incredibly quick.
The availability of cash has been bypassed in the digital culture, where BNPL wallets allow for up to three months’ credit with zero interest. All major apps are leveraging these wallets to simplify payments by reducing friction. This has led to more conversions and decreased cart abandonment. Furthermore, voice assistance helps the elderly and the blind transact effortlessly and independently, while super apps have embedded payment gateways for multiple services on one platform. These are proving to be the conversion points for companies with loyal customers and scalable businesses.
If your business already has a procurement system, you can integrate payments. Integrating a payment gateway with an existing system can be done within minutes. It will give you access to the same functionality as if the system was hosted on its own server. Supply chains are complex owing to a globalized culture, which has also increased the need for efficient global payment systems. Requisitioning orders and relaying payments in the same environment makes the lives of procurement managers much more straightforward. It makes tracking orders and settling invoices a cakewalk due to enhanced interoperability.
The growth of instant and device-agnostic payments is now a global phenomenon. This market has been driven by the younger generations who have never faced a cash-based economy but have grown up with Apple Pay, Android Pay, or Samsung Pay. The millennials, GenZ, and even baby boomers are demanding faster ways to pay for goods and services, which means that the future of this industry lies in instant and device-agnostic payment systems.
The use of these payment methods is already widespread among consumers worldwide. According to a poll by Mastercard, more than half (51%) of all Americans used contactless payments in the aftermath of the pandemic. In addition, 36% said they use their mobile devices often when making purchases at merchants’ physical locations such as restaurants and shops. This trend has spread so quickly across Europe that it can be considered mainstream. According to another study from Visa Inc., 65% of customers globally say they would prefer to pay via contactless cards or smartphones rather than cash for small everyday items such as coffee or lunch.
Most millennials and Gen Z’ers prefer to pay with their smartphones rather than cash or credit cards. This is due to speed, convenience, security, and ease of use. Ironically, while online payment systems have made it more convenient for users to make transactions in seconds over the Internet, traditional brick-and-mortar retailers still require them to wait a couple of days before receiving funds from their transactions on these sites.
Businesses should consider incorporating the payment methods most popular with their client base. Accepting newer payment modes into their business will help them keep up with changing times and market trends. The benefits include complete flexibility, instant customer gratification, and less time spent processing payments due to mobile devices such as smartphones or tablets.
If you have been considering embedding device-agnostic payments in your app, it’s time to make that decision. Talk to our payment experts to know how to get started!
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