The role of digital payments in driving customer experience and business growth

The modern customer wants freedom to make payments as per a channel of their choice. In today’s digital world, offering digital native with multiple payment options sits at the center of delivering an omnichannel experience. This in parallel with multiple points of interaction can improve customer experience by multi-folds.

Empowering customers to transact anytime, anywhere with speed and security has become central to the success of any business. This has been illustrated by how payments are shifting from convenience to creating a digital experience, spurred by changing customer behavior which is driven by the onset of digital. As per a survey conducted by EY, nearly 40% of customers said they would walk away from a business that offered an average digital experience. As customer behavior changes, companies must address this digital disruption head-on, and change the way in which they conduct business.

Technological advancements have led to an increase in capabilities and convenience to manage digital payment processes. And, with customers steadily moving away from traditional payment methods, to embrace mobile wallets and other payment applications, businesses are now challenged to provide new and convenient payment solutions and implement capabilities that deliver a seamless customer experience. It is important to remember that solely processing these payments seamlessly is not enough – in order to redefine customer experience businesses must also proactively communicate with their customers in real-time. This is where the role of multi-channel communication comes into picture. Having a multi-channel communication strategy in place, helps businesses increase the number of customer touch points. When it comes to payments, proactive messages such as emergency alerts for bills, automated reminders and transactional confirmations brings about a tremendous difference in customer experience by delivering relevant and important information over the customers preferred channel, where customers are most likely to acknowledge.

Mobile apps and contact-less payment options have opened-up myriad possibilities for customers. A reported 80% of internet users own smartphones and their appetite for a solution that provide a secure and hassle-free payment experience is on the rise. Businesses must therefore step up and seize the opportunity by offering payment solutions that can create a frictionless experience from introduction to checkout. That being said, there are some common misconceptions about the security of digital payments, and when you are processing payments from the palm of your hand, it may not always feel like the most secure method. However, with data security and fraud prevention tools, processing payments online are certainly becoming more secure every day.

The Future

Whilst there are very few businesses who have yet to fully embrace digital payment solutions, the expectations and behavior of customers should start to drive brands to invest in innovative payment solutions. If there is one thing we know about customers, it’s that they like choices. And, adopting an innovative digital payment solution certainly allows businesses to provide customers another choice in how they interact with businesses.