Payment options - a vital factor for CX

The business world is a highly competitive environment, one where in order to succeed, you must always have your A-game on. As anyone can attest, nowadays everything we do is tightly connected to technology; offering goods and services online is the norm and companies are constantly coming up with ways to raise the bar and improve their services.

Staying on top in this fast-paced world and keeping one step in front of the competition takes skills and a deep understanding of the new order of things. E-commerce is governed by ever-changing rules that you constantly need to pay attention to, but being successful in this huge market tremendously depends on the experience and satisfaction you are able to offer to your clients.

In the world of online commerce convenience and simplicity are key words. People want their shopping experience to be invisible, fast and frictionless. The world is relying more and more on technological innovation in many ways, especially when it comes to paying for goods and services; offering people the best payment options is a must in the new digital era. Here’s a closer look at the top payment options trends:

The mobile wallet

Offering your customers the possibility of paying directly through their phones is one technological wonder a great amount of people are currently using. The huge growth of non-cash transactions this year and the increased popularity of mobile payments technologies will lead to a broad incorporation of mobile payment options on various devices.

The mobile wallet is a virtual wallet that is able to store payment card information and other credentials on a mobile device. It allows you to purchase online items through a computer or using smartphone. The information can be passed wirelessly through near field communication (NFC). This app is transforming the way people relate to their phones, making any transaction a smooth and convenient one. 

The rise of cryptocurrencies

It’s not difficult to understand the fascination people have with cryptocurrency. We’re talking about digital money, borne from the same instinct that gave us peer-to-peer networks, which explains why digital currencies are already working. Part of the attraction exerted by cryptocurrencies such as Bitcoin is the fact that they can easily be traded across borders, independent of financial authorities and governments.

There is a lot of talk about the fact that cryptocurrencies can be volatile, but they can definitely become an excellent alternative to the traditional currencies, which, as the foreign exchange market shows, can be equally volatile. There is also a certain feeling of safety that derives from using cryptocurrencies, due to their employment of blockchain technology, which is basically an open, unhackable ledger that keeps a chronological record of every transaction made.

Bluetooth is back

While a lot of the mobile payments technologies focus on NFC, Bluetooth, which uses radio waves, can still become a game changer. Because it has a much longer range than NFC, Bluetooth basically creates a hands-free experience for shoppers, because there is no need to tap their phones to a reader. It can also speed-up the checkout process, due to the fact that it can facilitate multiple transactions from a single payment terminal.

Bluetooth Low Energy (BLE) became the standard when it comes to the mobile device industry. Besides its greater range, BLE is also able to process transactions a little faster than NFC, which makes it a fast, convenient way to pay. Plus, it makes us believe in a future with no checkout lines.

Sharing economy is a term that is used to describe an economic system in which services or assets are shared between individuals (peer-to-peer) and sometimes even businesses (business to business) using the online market places. But how does a sharing economy impact e-commerce? Simply put, it represents a new way of doing business, where people and resources get connected. Ownership isn’t a goal anymore – having access is.

In the sharing economy, payments are complex and to some of us they may seem quite a
head-scratcher. But innovations in mobile technology will make it possible for the sharing economy to be a part of our everyday lives soon enough, due to the consumers’ growing demands of fast and easy ways of sharing services. There is already an abundance of apps and other technologies that are currently facilitating this new way of doing business.

The payment technology will continue to evolve and improve, making things more convenient and secure. The customers are always looking for simple, secure and hassle-free experiences, which is why every successful business should focus on offering them the best payment methods.