Payment methods for the digital age
- 9월 21, 2017
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Payment methods for the digital age
According to Lost In Transaction, Paysafe’s body of independent research on shopping habits and payment trends, 55% of Brits, 54% of Americans and 52% of Canadians doubt whether they’ll need notes and coins to shop in two years’ time.
Contactless was initially the main beneficiary of this trend, at least in Canada and the UK. But mobile wallets and other alternative payment methods are quickly gaining ground. Indeed, it seems as if a second sweeping wave of change in payment behaviour is just over the horizon.
So what does this mean for the future of payments? And what do merchants need to do to survive and thrive as the landscape continues to evolve?
Alternative payments: a generational trend
The trend towards alternative payments is generational. An overwhelming 86% of 18 to 24-year-olds and 89% of 25 to 34-year-olds expect they’ll be using their mobile wallet more in two years’ time.
What’s more, while a majority of consumers report not having tried innovations such as cryptocurrencies and voice-activated systems, they’ve heard of them. And almost half expect merchants to offer these new options in the near future.
Clearly, mobile wallets and alternative payments are here to stay. And, as the younger demographics become the dominant consumer groups, they’ll inevitably become the new normal.
The currency of convenience
The growing preference for mobile wallets and alternative payments fits into a larger pattern.
Consumers are growing increasingly comfortable with using their smartphone to shop. And this has shaped their attitudes and created new buying behaviours. Trends such as dual-browsing show that the buyer’s journey isn’t linear anymore, and that the divide between online and offline is also blurring.
Convenience is becoming one of the main drivers of consumer behaviour. This holds true for the entire shopping experience, up to and including payment. Case in point, 83% of respondents in Paysafe’s study agreed that mobile wallets are more convenient than cash. 79% went even further and said that they agreed mobile wallets are more convenient than contactless.
The implications of how convenience affects the shopping cart experience is important for the future of commerce. For merchants, the message is clear: either keep up with how customers like to pay, or they’ll take their business elsewhere.
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