Never before has so much payments innovation been seen


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As a result of this unparalleled amount of payments innovation many retailers are confused about which new payment options to support, when is the right time for adoption and who to be working with.


OMNICHANNEL PAYMENTS UK consumers have changed their buying habits and now use a variety of sales channels to look for goods and services and to make purchases. Omnichannel programmes have high profile at large and mid tier merchants. Often though, payments has been omitted from the scope omnichannel initiatives. This has created poor customer experiences if an online purchase could not be refunded in-store due to incompatible payment options across channels. As merchants look to introduce payment systems that can work seamlessly across all channels we can expect to see further changes, which may wellinclude new customer authentication methods like biometrics.


PAYMENT IS NO LONGER ENOUGH Progressive retailers are realizing that their customers are not just looking for a new way to pay. They instead want payment to be combined with loyalty and reward programmes that can form part of a digital customer engagement strategy. These combinations provide ‘added-value’ and boost customer retention, engagement rates and sales volume. Also, digital receipts are increasingly being offered and these are not only ‘greener’ options but also more helpful for many groups of consumers so we can expect to see these being more widely adopted.


ALTERNATIVE PAYMENTS Today, merchants are not restricted to just Visa/ MasterCard credit and debit cards, they can pick from a growing list of alternative payment methods. These are headed by support for PayPal and UnionPay, prepayment options as well as direct bank account schemes like Zapp and Klarna, all adding further choice and confusion for retailers.


HELP. WHAT SHOULD I DO? As a result of all this unparalleled amount of payments innovation many retailers are confused about what should be done. Which new payment options to support? When is the right time for adoption? Who to be working with? These are the commonly asked questions. To help answer these questions Payments Consultancy Ltd offers a range of high level advisory services that include market assessments, payment strategy development and supplier selection.


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