Mobile Payments

How Modern Payment Systems Are Transforming Retail

Digitization is changing the way customers shop. From the way they interact with brands, to how they browse through products, and even the way they make purchases. The Internet is not just expanding the e-commerce market, but also transforming in-store experience. Digitally enhanced stores are the future of retail, and many brands are innovating the buying process occurring inside their stores.

Mobile payments are becoming more and more commonplace, having a visible impact on many industries. As customers get more tech-savvy, it is important for brands to take advantage of the available means of technology to make the method of shopping easier and swifter. Not embracing innovations will likely make brands irrelevant, especially amongst the younger generation of customers.

There are many digital payment options available in the market right now. They help with online payments, as well as for purchasing at a brick-and-mortar store. A true omnichannel experience is that where customers can interact with the brand through multiple touchpoints while they are in the store as well. Digital gateways, where a single touch can eliminate the need for queuing at payment counters, greatly minimise the pain-point of the consumer.

Incorporating and offering multiple modes of payments is important to ensure customers have an effortless experience. Simplifying the payment process helps with enhancing the customer shopping journey. Branded digital wallets go a step ahead, and also improve customer loyalty. Rewarding customers for shopping using the brand’s own digital payment system also works as a great marketing tool.

This report looks at the most popular mobile payment systems in the world and how they are transforming the retail landscape.

Content

  1. Introduction
    1. Global M-Payment Services
      1. Chinese M-Payment Services
        1. Payment Services in Mobile App
          1. Innovation in Payment Technology
            1. Key Takeaways

              Brands mentioned in the case studies

                 
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