With consumers opting for faster, safer, and frictionless payment services, it’s evident that cash may soon have to renounce its defeat in popularity. The shift from traditional payment methods to cashless payments is taking off as more businesses are handling less cash today.
Just like any other tech-powered industry, online payments are continually evolving. Here is a look into 3 payment processing trends for 2019.
Despite being, relatively, in the embryo stage, mobile payments are set to outstrip credit card transactions in 2019 and beyond with all the benefits that come with them, such as biometric authentication, cheaper transfers, and no more forgotten wallets.
Mobile phone payments would not be possible without eWallets. They create a seamless connection between customers, financial institutions and your business.
Not only this, but they are a perfect solution to people who don’t feel particularly comfortable using a physical card or carrying one with them.
As of November 2018, 24% of the UK’s population use eWallets to make payments. This figure is likely to grow to at least 32% by the end of 2019, as both users and transaction value look to increase yearly (and exponentially) for mobile wallet users over the next few years.
User experience (UX)
Attracting visitors to your online business is one thing but converting them into return customers is another. That’s where UX comes in.
Consider parts of your customer’s UX, away from their initial purchase, such as your returns policy and delivery service.
The UX of websites, just like methods of payment, is going biometric. Payments are going biometric (fingerprints, iris recognition, voice recognition) to improve customer experience through enhanced security and increased convenience.
Furthermore, biometrics can also help improve the user experience of customers on your website through a better customer journey — crafted by eye-tracking, galvanic skin response (GSR) and facial expressions analysis.
If your business doesn’t offer a loyalty program, you are missing out. People love complimentary stuff, and there is no better way to attract and keep long-term clients than rewarding loyalty.
For starters, you can try using a store credit card, where customers can earn points, claim rewards, receive coupons, get access to promotions, and enjoy special deals.
December 13, 2018