Is it commonplace these days to question or to doubt Money and Commerce innovation? While billions of dollars in investments have flown into this sector, are new payments technologies really fulfilling consumer demand? Year after year, we are seeing radical new solutions from suppliers and payment firms, but are they really doing what the customer wants?
Customers across segments like Millennials and Digital Natives are habitual users of mobile apps for everything. As we progress into the future, some customers are bound to start questioning the (lack of) availability of alternate payment methods, even as their behaviors will decide the direction of the market. Whether or not more merchants start accepting alternative payments is essentially up to the consumer. The customer always comes first, right?
It’s the focus on consumer demand that should bring about the change. Considering payment systems, the increasing availability of newer technologies is raising the demand by consumers to see wide spread implementation. Some connected consumers are now coming to automatically expect that businesses offer alternatives to the traditional cash register, such as contactless mobile payments, card readers, mobile apps and iPad mounted payment systems. It’s high time that payment companies listen to the consumer's voice.
With concerns over consumer insights, we conducted a survey among consumers and here are just a few things they had to say:
“Yeah, I get it! I know what beacons are…they are like little battery-operated wireless routers that use Bluetooth instead of Wi-Fi, but I can’t really connect with them. They seem to know I am around them, and they tell that to advertisers. Not sure if I like these beacons just yet, especially until I am sure someone is not using them to spy on me."
“Of course, Starbucks is the leader in mobile payments innovation. Not that I care, but I love those free songs and free apps and the reward drink after i have paid for 12 - I save it for the venti double chocolate chip Frappuccino with extra whipped cream.”
“Did you know you can now send money by email or in SnapChat? And my new yoga pants have a special pocket that holds this thing that picks up vitals from my body and talks to my phone. Can I pay with it yet? That’s what a digital wallet should be - a confirmation of who I am, not what I am holding in my hands.”
"I don't why know you keep calling that 'tap-and-pay' thing you do with the iPhone as 'NFC'.... people call it 'Apple Pay'"
“EMV? What EMV? You mean those cards with chips on them - I knew that. That’s not good enough though; I want the ones with the chip and the wavy thing, so i can pay without taking my card out of the purse. Now, is that also Apple Pay?”
The market is changing, and people are quickly becoming aware of the technologies available to them. We can’t wait to see what new innovations payments firms have in store for customers.