The payments revolution is coming with greater benefits for you and your customers
The emergence of improved tools in the payments industry is transforming the shopping experience, both in-store and eCommerce. The arrival of new competitors, such as fintech developers, is accelerating the evolution of payment processing and financial management. So much so that customers are becoming more and more used to digital payment methods, leaving aside more traditional ones.
In this way, it is easier to understand the transition we are experiencing towards the cashless society, where contactless payment methods (such as mobile or card payments) are leaving behind the use of cash. Records show that the volume of cash payments in the U.S. fell from 51% in 2010 to 28% in 2020, according to consulting firm McKinsey. This trend is equally evident in EU countries where, in the most advanced cases such as Sweden, the use of cash has plummeted from 56% in 2010 to 9% in 2020.
Transfers between individuals... Using a mobile phone
Another key element of the cashless society is the increasing simplicity for users to make transfers to other individuals, anytime and from anywhere. The only necessary condition is to have a mobile device with internet access. Bizum has established itself as the leader of transfers between individuals in Spain, reaching 15 million users, with a staff of only 7 employees. This is indicative of the trend in both the payments industry and the shopping experience. In other words, users are demanding mobile and card payments from merchants, and make use of mobile apps to manage their personal finances.
From cashless society to seamless payments, what are seamless payments?
One step further are shops like Amazon Go, where the customers simply enter the store, chooses what they want to take and leave the store without having to go to checkout. It is based on an automated payment system, where the customer is recognised through an app that must be installed on their mobile phone. However, this is not the only way you can automate payments in your store: there are other methods of customer recognition, such as facial or voice recognition.
These emerging practices, where merchants automate payments through automated customer recognition are known as seamless payments. They are characterised by minimising the payments friction, reducing customer inconvenience, and making the payment process a painless experience.
How to integrate seamless payments into your business
One of our core values is simplicity. We believe that we must offer the most advanced technology to our customers, with the greatest ease of integration. With that in mind, PayXpert Seamless Checkout is created with a set of user interface components designed to enable you to offer your customers your own seamless payment flows on desktop and mobile phone.
PayXpert Seamless Checkout is developed to minimise user errors and increase the percentage of successful payments, making it easier for your customers to collect their personal data, always offering them the highest confidentiality and security. How to integrate it? Simply contact us, add Seamless Checkout to your payment page and start processing payments with the best technology. Let us take care of your payment gateway, so you can take care of your business.
Benefits of seamless payments for your business
Seamless payments represent a major step towards a faster and more convenient shopping experience, as well as improving the financial management of those businesses that integrate them. Here you can find some of the key immediate benefits of integrating Seamless Checkout into your payment gateway.
- Faster transaction speed. One of the most evident benefits of this type of technology (which makes management easier for both the merchant and the buyer), is the greater transaction speed.
- Greater security for you and your customers. Once you have registered your customer's payment details for the first time, they will not have to enter them again. This means that, as there is no migration of payment details, they are much more protected against cybercriminals and any kind of fraudulent activity.
- The best user experience for your customers. The mix of speed, convenience, and security allows you to offer the best UX in your eCommerce. Seamless payments are a perfect example of innovation at the service of people: both you and your customers can enjoy optimal payment management. A new way to build customer loyalty, while optimising the management of your processes.
How to offer seamless payments from now on
Apply for a merchant account with PayXpert today and mention that you would like to use our seamless payments website check out pages.