Innovation in payments driven by consumer demand.

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8th March, 2018

Consumers are driving change in payments

As consumers, we’ve realised there has been huge technological advancement in payments over the past few years.

And it’s no surprise, in an era where things are increasingly digital and changing rapidly, we’re increasingly expecting quicker and more convenient ways to pay for our goods and services.

We’re seeing an increasing switch from eCommerce (shopping on desktop) to mCommerce (shopping on mobile).

Security in consumer payments is expected, which is why we’re seeing so many innovations on security alone. A known pain point for consumers is the universal hatred of passwords, with many of us forgetting these most of the time resulting in abandoning our purchases.

Some businesses are seeking to overcome this issue with a one click checkout, which means a customer only needs to enter their details once, and can then make purchases without having to re-enter them.

READ: What will the payments industry look like in 2020?

We can only expect payment technology to get more sophisticated, and looking forward we can expect to see innovations such as digital wallets (also known as e-wallets) that can support payments and loyalty points, and use algorithms to decide which payment method would offer the customer the best value.

But it’s not just online shopping where customer behaviour is driving change. Shoppers are increasingly expecting a better and faster experience face-to-face, and payment innovations need to keep up with this demand. For example: we’re seeing developments in apps that can be scanned at the checkout, where payment is taken from the consumer phone or watch.

This is just a taste of what’s happening in the ever-changing payments landscape, but we’re certain even bigger changes are to come to keep up with consumer’s desire for increasingly sophisticated payment services. For more information on payment solutions, visit MYOB PayBy.