As first published on PaymentsSource.com
The payments ecosystem is vast and the complexity is only heightening, but with the right integration of hardware and software solutions providers can empower retailers to not only improve in-store experiences but enhance data collection and the ability to analyze customer behaviors.
For the next year, the key trends are improving the checkout process with frictionless payments solutions and seamless experiences via a unified commerce approach.
When today’s consumers shop, they don’t just look for a good price, they also expect a seamless, personalized and efficient experience. If you have visited the Apple store or many restaurants in Europe, check out via a handheld device is nothing new, but the adoption in the U.S. market is still just evolving. Brands are getting more in tune with understanding that there is value in meeting a customer real-time as they are experience delight in-store and they can improve conversion rates by harnessing the opportunity help customers “capture” the moment.
The road to cashless payments is part of capturing that moment. Although numerous mobile wallet payment systems have been introduced to the market, including Apple Pay, PayPal, Google Wallet, Samsung Pay and more, consumer and retailer adoption still has a long way to go. According to the Federal Reserve, they estimated there would be $616.9 billion in cashless transactions in the U.S. in 2016, 10 times the approximate $60 billion in cashless transactions recorded in 2010, but still only about 1% of the market.
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