Sid Singh, president of integrated solutions and vertical markets for Global Payments, shares his views on staying ahead of the payments curve for Business Solutions Magazine. Here is a small preview of what he had to say….
“The omni-channel payments environment is here,” he states. “Payments are moving off the checkout terminal and, instead, we see a world in which the consumer is in control of how they wish to pay — regardless of place, device, method, or platform.” In fact, Singh says nearly a quarter of all credit card transactions are card-not-present (e-commerce, mobile payments, online bill pay, over-the-phone, etc.). “The frequency of those transaction types will only increase; card-not-present transaction volume is growing at 15 percent year over year with millennials conducting 86 percent of their transactions on their smartphones,” he says. “This trend indicates that developers who align their plans to this new reality will reap the rewards.”
Singh continues by pointing out that technologies supporting the new consumer reality will be perceived valuable in the market. What is that reality? According to Singh, it includes the expectation of immediacy (I can buy what I want now), shopping flexibility (I’ll buy it online or at the store with my device), relevancy and context (offers and sales which match my preferences), and submerged payments (the payment is submerged within a broader, multifunctional app).
“Developers who create solutions with seamless payment functions can expect an easier sales cycle, greater market share, and loyal customers who use the solution more often and for longer periods of time,” he adds.Full article can be found here: https://www.bsminfo.com/doc/stay-ahead-of-the-payments-curve-0001?immediate=true