Snynet Solution Logo
MON - SUN: 10 AM - 6 PM
+60 11 5624 8319

Blog

How consumers will drive the next wave of payments tech

Image Description

The events of the last year have not only accelerated the shift to online as social distancing measures and lockdowns have limited access to physical stores, but it’s also created increased appetite for the adoption of new payment methods.

About the author

Roy Aston is CIO at Paysafe.

All around the world people are shopping differently and paying differently. International research we commissioned in March this year among 8,000 consumers found that 86% said their payment habits have changed over the last 12 months, and 59% had tried a new payment method. It seems that choice has never been more important.

And, the early signs are that our new habits will endure. Consumers are discovering more convenient ways of buying and paying, and, as in other aspects of their lives that have changed due to the pandemic, they will adopt new behaviors into the long-term if they make their lives easier.

The challenge ahead

Payments providers have played a big part in helping merchants react quickly and shift to online methods of operation to fulfil immediate consumer needs over the last 12 months, but there’s more that can be done. Technology is in an advanced place, but as always, it’s the uptake that will define how impactful that tech will be. A lot of it isn’t being used, or isn’t being used in the right way yet. Take 3DS2 (3D Secure 2). While its ability to improve online payments security and reduce fraud is obvious, merchants’ concerns around it increasing checkout drop-off is affecting the speed of migration. In reality, it has great potential to be used to optimize the user’s checkout experience and improve the mobile payments process.

The wider challenge for payments providers over the next 12 months is helping merchants transition from the first step of establishing online payments as part of building their ecommerce presence to machine learning and artificial intelligence use cases around customer and credit management.

The big areas to look at this year include:

  • Data and analytics. Using tech to understand consumers’ behavior game online and make their journeys smoother and more personalized.
  • Risk management. An improved understanding of risk and using technology in more sophisticated ways to prevent fraud.
  • Interconnectivity. Moving to API and payments-as-a-service models will be a game-changer for smaller merchants in particular, allowing them to get almost instant access to a wide range of payments products and processing options.

Delivering on the promise of 5G

It’s no surprise that 5G is proving to be more evolution than revolution. But when we talk about using new technologies to support changing consumer habits, there is little doubt that 5G is going to be central to making this happen. For example, being able to use data in real-time, at the exact point of purchase or consumption, to make checkout interactions more engaging through incentives.

The improved connectivity and speed that 5G brings will also remove barriers to businesses and help them reach new customers as well as enable individuals to set up businesses in more remote areas. More significantly, and fundamentally, it will give people access to services they couldn’t reach before. The payments ecosystem will play a pivotal role in accelerating inclusivity and driving worldwide mobile transactions with the right payments solutions. This will be truly transformational in emerging markets.

As always, fraud isn’t far from the agenda – both for businesses and for consumers. While people are, as we’ve seen, embracing new buying and payment methods, they still have concerns which online retailers must understand and act on if they’re to secure consumer confidence and maximize the growth opportunity that the acceleration to digital represents. As consumers continue to move online, they’re also now more conscious – and concerned – about fraud. And it’s in this area too that we will see positive changes as 5G enables merchants to build advanced security and speed into transactions.

Putting trust first

Maintaining consumer confidence and trust is ultimately the priority as we transition to a more advanced use of technology. Moving data more fluidly end-to-end is one thing, but doing right by that data at all stages of its journey, while providing full transparency to the consumer, is another.

There’s vast opportunity in connecting the data and consumer insights from payments providers, fintechs, retailers, merchants and banks. By doing this, and combining these digital identities, new levels of personalization are possible. But to maintain consumer trust, recommendations and incentives based on this information need to be appropriate, delivered at the right time and worthwhile. It’s then that it really improves the consumer experience. Combine it with a frictionless and personalized checkout and it becomes a significant competitive advantage, which has never been more important during these unprecedented times.

Date

10 Jul 2021

Sources


Share


Other Blog

  • We don't need the 12-inch MacBook anymore

    Apple recently sent out a survey to 12-inch MacBook users asking for feedback, leading some to think a new model may be on the way, but do we really need one?

    Read More
  • This new Gmail update will help you avoid hybrid working confusion

    Showing up alone to an in-person meeting could soon be a thing of the past thanks to a new Gmail update.

    With workers across the world slowly returning to office life (if they haven't adopted hybrid working of course) physical meetings are unfortunately becoming more common once again.

    But as many workforces balance home and office working, this can lead to confusion about who will actually be at a meeting in-person, and who will be there virtually - something Gmail and Google Calendar now hope to have fixed.

    RSVP in Gmail

    Going forward, Gmail users will now be able to specify whether they will be attending a meeting either virtually or in-person in their email RSVP.

    The function had initially been added to Google Calendar back in July 2021, but is now available within Gmail RSVPs for extra functionality. Users will now see a drop-down arrow next to the "Yes" option in a meeting invite where they can select "Yes", "Yes, in a meeting room" and "Yes, joining virtually" choices.

    RSVP in Gmail

    (Image credit: Google Workspace)

    "With these RSVP options, you can indicate how you plan to join a meeting—in the meeting room, or virtually," a Google Workspace blog announcing the feature noted. "Then, both the organizer and guests will be able to see how attendees are planning to attend the meeting in the event detail. This will help meeting attendees know what to expect when joining a meeting, and prepare accordingly."

    The blog did highlight that the new RSVP options are not shared with contacts on other platforms, such as Microsoft Outlook.

    Google says the feature has begun rolling out now, and will be available to all Google Workspace customers, as well as G Suite Basic and Business customers, within the next few weeks.

    The news comes shortly after the launch of a new "Focus time" feature in Google Calendar that will allow users to block out periods of time where they can avoid meetings and get their heads down for actual work.

    Setting such a marker in your Google Calendar will also allow users to automatically decline meetings, meaning no last-minute rush to finish off work.

    Need extra help? These are the best calendar apps around

    Read More
  • Windows 11 gains back File Explorer features that shouldn't have disappeared

    As Microsoft works on the first major update to Windows 11, codenamed Sun Valley 2, there's already some improvements to the File Explorer for Windows Insider users.

    As of Windows 11 Insider build 22557 and above - which allows you to sign up to features in testing that are not ready for a final release, you can have OneDrive, Microsoft's cloud service, integrated to the top right of a window, so you can see which files are synced and are being uploaded.

    Alongside this, folder previews are seeing a return, so you can look at what the folder contains without having to double-click it. You can also pin files to an Explorer window, as well as folders as before, making managing your content a lot easier than before.

    It's yet another example of Microsoft listening to feedback, such as drag and drop coming back to the taskbar, alongside folders to the start menu. But these features to File Explorer arguably shouldn't have disappeared in the first place, and would have avoided some unneeded irritation to users.


    Analysis: Restoring features like a yo-yo isn't a great experience for users

    Sometimes the little features make a big difference when you use a PC or Mac every day. Dragging and dropping to the Windows 11 taskbar is another example of a feature being in Windows 10, being absent in the launch of Windows 11, and being brought back in a forthcoming update.

    Apple has introduced and removed features for a later date before, but arguably only when there's been public beta programs for major software updates. A bunch of new features to the Files app and iCloud in iOS 13 were held back and weren't seen in a final version 5 months after they debuted.

    But Microsoft does this with public releases, and it's getting to the point of wondering - why?

    Windows 11 Sun Valley 2 improvements

    (Image credit: Microsoft)

    Folder previews and the drag and drop function of the taskbar are features that didn't need to be removed in the first place. They're the little features that help the user in their workflows, whether that's for a day job or gaming.

    But on the flip side of this upcoming build, seeing OneDrive integration into the File Explorer window, alongside pinned files are new features that are going to be welcomed by plenty of users. Its functions can help highlight the files that are most important to you, and it's encouraging to see Microsoft focus on the smaller features of its existing applications.

    However, if a Windows 12 does appear, one of the best efforts the company could do is to simply not remove the useful features that have no justification in doing so. Build on them, redesign them, but removing them in public releases will only irritate users.

    Via Windows Latest

    Read More
  • Windows 10 will get a whole new look in 2021

    Microsoft’s OS will look very different thanks to a project codenamed ‘Sun Valley’.

    Read More

Find Out More About Us

Want to hire best people for your project? Look no further you came to the right place!

Contact Us