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Consumers and the Convergence of Mobile Payments

Thinking Out Cloud Episode Three

Imagine this: you’re sitting at your child’s soccer game and decide to order dinner from your phone. In a few clicks, dinner is on its way and all you have to worry about is which wine pairs best with pizza.

Twenty years ago, this was impossible. But today, it’s the norm.

This convergence of technology and consumer buying behaviour has resulted in a payment tech explosion. In fact, Jeff Guthrie, Chief Sales and Marketing Officer at Moneris, has identified that “consumers are looking at the array of payment options as a way to drive efficiency and ultimately gain time.”

So how can organizations navigate this wave of innovation and continue to meet customer expectations?

Effortless Purchase Experiences

As consumers, we’ve become conditioned to have everything we want, when we want it and how we want it.

This means that providing a seamless interface for customers to safely and effectively make a transaction is non-negotiable. In order to achieve this, organizations don’t have to reinvent the wheel or build these secure systems in-house. Partnering with the right vendor can provide that security.

With transaction data secure, there are numerous opportunities to improve the buyer journey through payment tech. For instance, remembering payment details for future purchases, helps:

  • demonstrate to your customers that you recognize and value them from past interactions
  • limit the customer effort to complete a transaction

Ultimately, facilitating the payment process for customers translates into more sales.

The Future of Payment Tech

What’s in the future for payment tech and what can companies be on the lookout for?

“We think about devices now… in the future it won’t be like that. Devices in the future will just react to us: we won’t even have to think about them.” – Jeff Guthrie

The biggest demand will be tokenization. According to Jeff, “No one wants to hold sensitive card data. The whole idea is to not retain that valuable data. This significantly lowers your risk of hacking.”

Moneris can tokenize all purchase data. Companies need to find partners that help them secure their customers data because customers don’t care who’s processing their data as long as it’s the most secure solution.

To learn more about the future of payment tech, check out episode three of the Talking Out Cloud podcast with Jeff Guthrie.

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