“We see that the complexity of accepting payments dramatically increased for most of the merchants and one of the reasons is, of course, the explosion of payment solutions in this hour,” he said.
“When the [payments] industry started [several decades ago], it was mainly about local solutions. And then you had the card schemes like Visa and MasterCard coming in. These days, I've never seen such an explosion of new payment methods. [Think] about all these new mobile payment solutions. And within the world of mobile payments, the world of wallets.”
What that means is greater pressure on our merchants to accept a variety of payments - they don’t want to miss a sale. We need to be able to help them do that while making it simple.
My colleague Lisa Vasic has had exactly that feedback from our customers, those merchants.
“Banks need to have the ability to respond to changing consumer preferences and the complexities of payment acceptance. We know our customers want a reliable banking partner that can offer them a frictionless and clean payment experience,” she says.
“But also our customers are now asking what can we do before the payment and what can we do after the payment to create a better experience for the end customer? Who are they? How many times did you come to this store? How much money are they spending in my store?”