Digital payment methods have huge potential to be a dominant driving force for customer experience. Gaining momentum and popularity we are looking at the next big player in the CX game.
What Are Digital Payment Methods?
Digital payment simply means a transaction that takes place digitally or online. Eliminating the need to exchange physical cash. We have all seen this done whether it be from quick contactless payment in a retail store or through the use of Apple Pay, and even Paypal. These are all forms of electronic payment that have become very popular today.
Why Have We Seen a Shift Towards Digital Payments?
With new technologies, digital payment has really been able to bloom. We are now on the precipice of seeing some huge potential with new players entering the game. From financial institutions to now the likes of Amazon and as previously mentioned the tech giant Apple. Digital payments have taken off in a new direction with these corporations pushing customer experience to the forefront.
Additionally, as we evolve into mobile-first beings there is a visible change in what customers want and expect from retailers. Omnichannel strategies are expected and digital payments are just one fish in a very large customer experience pond.
How Are Digital Payments Driving Customer Experience?
Customers today expect seamless and efficient interactions with businesses. This goes for payment too. In the words, the easier the better! This demand drives businesses to ensure they are providing their customers with smarter and better ways to pay. All in the grand scheme of working towards optimal customer experience.
Today Customer experience has become a top priority for any business. Even beating pricing and product. With more customers basing their intention to do business based on the CX they are receiving it is clear to see why this is the case.
So how exactly do Digital payment methods add to this all valuable Customer experience? Here are just a few examples:
The bottom line is, simple and convenient payment makes customers happy. Digital payment has allowed for the elimination of cash. Particularly in the current climate, we live in, dealing in cash has become for lack of a better word “taboo.” However, that aside, moving to digital payments also means that customers will not have to enter personal information over and over again. With it, all stored on their preferred payment platform or digital wallet. Payment is completed in a matter of seconds.
While a definite conclusion has not been drawn as to if digital payments are a safer choice than paying with cash. Digital payments do however provide the unique opportunity to add safety features into the payment transaction process. Things such as biometric scanning of customers’ fingerprints or faces add that extra wall of security that is just not possible with cash payments. These are great protective features that add to that customer experience.
Another demand that has flourished from technological advancements is the need for instant satisfaction. Customers are so used to receiving information in a matter of seconds they expect the same from a business. Payment is no exception. This is really where we see how well digital payment methods can add to that customer experience. No need for passwords or long processes, just quick simple payment.
Providing your customer with an omnichannel experience overall is crucial. Digital payments fit nicely into this strategy with its given ability to pay electronically through your customers’ preferred payment method. Anywhere from credit cards to digital wallets, your customers are in control of how they pay. And they will thank you for it!
With all these benefits in mind, this is not to say that physical wallets or cash payments have or will disappear. However, over the last few years, we have already seen tremendous progress in digital payment methods that will only increase with technological advancements.
Therefore, with this progress and ability to adapt to the constantly evolving needs of the modern-day consumer. There is no doubt all retailers looking to prioritize customer experience will need to ensure that digital payments are in place. We can help you do just that! Contact us for more information or learn more here!