In the last decade, contactless technologies, the mobile Internet and always connected mobile devices have significantly changed the way consumers consider their shopping experience.
Consumers are also looking for seamless simplicity, this is driving retailers to define new user experiences, with the keys to this being frictionless transactions and omnichannel options for the consumer.
The report, The Challenge for Retailers – Building an Open Payment Platform, a joint venture between PCM Research, the in-house research arm of Payments Cards and Mobile and HPS a provider of innovative payment solutions to issuers, acquirers, card processors, independent sales organizations (ISOs), retailers, and national and regional switches around the world, sought to understand the retailers’ pain points with their existing payments platforms and what retailers demand in terms of omni-channel, multi-payment services supporting an Open Retailing Payment ecosystem.
A few years ago, we saw retailers starting to issue their own cards, in addition to their loyalty cards, so that they were able to better control their electronic payment costs but also looking to strengthen the relationship with their customers.
More recently, retailers started to setup their own payment platforms to adapt to the ever-evolving customer journey and continuously increasing methods of payments made available to the customer, always looking for an improved customer experience while providing better customer knowledge.
Having been involved in the building of such platforms, we decided to work with Payments Cards and Mobile to produce this report to highlight the challenges faced by those retailers as well as quantify the benefits of building such a platform.
To download the report click HERE