Technology facilitates easier experiences and today’s consumers interpret easier as seamless, frictionless and fast. That expectation is heavily fueled by the 11 hours consumer spend online every day enjoying the power of “instantism”, as conveyed in Visa’s 5 Digital Payments Trends Transforming Commerce report.*
How are payment checkout habits changing as a result?
As a result, consumers are abandoning manual payment methods at checkout at an unprecedented pace and embracing the many new forms of electronic payment now available. Two recent surveys indicate just how much habits have already shifted.
- A Fast Payments Council report shows that 86 percent of consumers surveyed already use faster payment services for everything from paying their bills to paying for goods. Plus, 85 percent of those surveyed indicated they plan to invest in at least one additional faster payment system in the next two years.1
- An Experian Global Insights survey shows that use of mobile wallets now rivals traditional payment methods with 62 percent of respondents currently using mobile wallets; while 63 percent of respondents also use traditional forms of payment.2
Businesses that meet customers’ desire for secure, fast convenience are positioning themselves to gain the loyalty and trust of the evolved consumer.
New technology to support swift, seamless payments
To see one area where payments are heading next, we turn your attention to Mastercard’s pilot of a new payment option called Biometric Checkout Program.*
- Using the same technology that currently allows for fingerprint or face recognition, a customer that is enabled for this form of payment will have the ability to smile or wave into a camera associated with a card reader and confirm payment at checkout.
- This allows merchants the ability to authorize payments faster and customers the opportunity to make payments more conveniently and securely.
- Mastercard has enhanced the software to globally launch an option for biometric checkout services in person or even at home, through a merchant or identity provider app.
Keep an eye out for future newsletter articles that explore the way payments continues to connect people, devices, homes, transportation and businesses in ways that blur the physical and digital worlds.
1Third Annual Faster Payments Barometer, February 2022 – U.S. Faster Payments Council
2Experian Global Insights Report, April 2022
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