The evolution of payments has created many opportunities for increased convenience and greater access. Omni-channel solutions can now form a coherent experience for consumers with more insight for merchants. At IBM, we are again at the forefront of creating access to these opportunities and reducing the complexity for our clients with our Store Engagement solution as well as our recently launched white-label payments solution, IBM Pay. I’m also seeing trends in payments that I’ll cover here.
Imagine being able to know your customers’ preferences better and to offer personalized rewards at check out, all without the need for the customer to use plastic cards or phone numbers, and without standing in line. Increasing customer satisfaction without adding new hardware to accept different forms of payments, and being able to influence what payments method customers use.
So, what do we believe to be the most important and exciting trends in payments? We identified three areas with great potential to create value for our clients in which IBM can leverage its long history in payment innovations.
- Digital Commerce Payments: It has become standard for merchants and retailers to allow customers to buy goods and services online. But the progress in eCommerce and the ever-increasing number of people that make their purchases online shows the potential for a differentiated product in this area.
- Software-initiated Payments: Subscription models used by many services and the app economy have established another area of opportunity for payments. The payment process disappears in the background. More and more consumers demand a similarly convenient payment experience. And merchants and retailers can create revenue opportunities over the life of the customer interaction when having cards on file.
- Closed Loop Payments: Finally, there is value in enabling merchants to control the funding source and offer integrated rewards at check out. This allows merchants to accept more payment methods and steer their use at the same time.
With recently launched IBM Pay and Store Engagement, IBM addresses this complexity and allows for a brand-controlled experience throughout the checkout process, be it in store, online or mobile.
Alberto Jimenez will deliver a keynote presentation on the Future of Payments at the MPE Conference in Berlin (February 14 – 16) which will illustrate how that integrated experience can look for consumers, merchants and retailers.
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