The payment portfolio of today’s consumer has never been more complex. Credit and debit cards sit alongside loyalty cards for different brands, cash and pre-paid gift or payment cards for specific retailers. On their mobile devices, contactless payments
and brand-specific retail apps compete for a share of attention, while in many countries non-card based payment systems such as SOFORT, iDEAL, PayPal, or AliPay are popular alternatives.
WorldPay’s 2020 Global Payment report predicts that, by 2023, 52.2% of e-commerce transactions and 29.5% of all POS transactions will be done through digital wallets (https://worldpay.globalpaymentsreport.com/#/en).
With the payment market in such a crowded condition, any brand that can integrate loyalty and payments into one automatic process will find a significant advantage over the competition and offer a truly differentiated multi-channel customer experience that paves the way for stickiness and boosted revenue.
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