In February this year, the number of smartphone users worldwide surpassed a whopping three billion and is forecast to grow by several hundred million more in the next few years. And it’s easy to see why. The feature evolution of smart devices has extended
far beyond just making calls and texts to include apps that have become, for just about everyone, an essential part of daily life.
It’s no surprise then that the world has also moved towards a place where smartphones are actively replacing unnecessary or increasingly outdated payment devices that are simply unable to offer comparative possibilities in the customer experience. In a world
that is rapidly shifting to digital channels, accelerated by consumer demands and external forces such as COVID, businesses are seeking ways to innovate across every aspect of the customer journey, and in particular payments, which has remained relatively
unchanged for many years. Where previous hardware-based payment technologies created a bottleneck at the check-out and provided no way for the merchant to capture critical consumer data, software-based payment technologies on mobile devices open up a world
of CX innovation and data capture possibilities that have previously been unavailable. And consumers know this. Today’s empowered customers expect seamless experiences that harness data for personalisation and happen through their most trusted channel – mobile.
And these expectations extend to every industry, including those most sacred such as banking and payments.
Creating a frictionless, more inclusive omnichannel experience has therefore quickly become a necessity as businesses transform to meet the changing digital norms. A mobile-first approach has emerged as the clear way forward in achieving this. That is, utilising
the most used devices (mobiles) to accept payments while at the same time augmenting the customer experience. It’s the obvious next step in mobile device evolution.
The world is shifting to mobile, in one way or another
Across the globe there are breakthrough innovations happening in the mobile payments space on an almost daily basis. Next time you’re at the supermarket (and carefully keeping the required distance away from others) you’ll no doubt see any number of customers
paying via their phone at the terminal. Figures show that payments via digital wallets, smartphones and wearable devices are soaring – according to Australian bank, ANZ, digital-wallet transactions surged more than 50 per cent in the six months to July 31,
compared with the same period last year.
Visa reports higher consumer engagement through frictionless payment experience caused by tap to pay usage. For example, in APAC, it is reported there is a 3.8x lift in Visa transactions per active card used in a tap to pay transaction, compared to 1.8 with
a non-user of tap to pay. And while these examples confirm what we already know – that the world needs mobile payments, MYPINPAD’s recent PCI SSC CPoC accreditation means that we are the first company in the world to enable software only contactless payments
on Android mobiles and tablets and in addition that is now possible using the familiar PIN credential to make payments above the contactless limit – a solution that is essential to meet current safety needs and consumer demands.
The importance of digitisation and user experience
While there is an even greater global push towards digital environments as we navigate new social distancing measures and public health concerns, thousands of businesses that have quickly pivoted to digital solutions have been exposed to serious data liabilities
that they have not been equipped to deal with such as the risks caused by a remote working and the risk of phishing attacks. This risk is exponential and has serious potential to damage businesses through a disruption of trust with customers.
Unparalleled possibilities in customer experience innovation
One of the founding principles of MYPINPAD is to unlock the possibilities in customer experience innovation through the secure authentication of consumers on all kinds of everyday smartphones and tablets. That is not to be restricted by only working on devices
dependent upon the hardware contained within a specific device and to enable businesses to throw off the constrains of traditional payments and provide consumers with the frictionless, personalised and secure payment processes they seek.
As people continue to lead more mobile lives, its inspiring to see the technology keeping up with ongoing demands as we navigate the waters of convenience, safety, security and the ‘new normal’, in whichever form that takes.