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Seamless payments are coming, and companies that create “customer first” approaches will be positioned for success in the cashless economy.
One day, in the not-too-distant future, a cashless economy will be the norm. Already, technical and business advances—not to mention the widespread adoption of the smartphone—has seeded the emergence of a range of mobile payment technologies.
As more companies offer more mobile payment options, how will they set themselves apart from the competition? Accenture’s view of this emerging landscape shows that regardless of the technologies they employ, companies must deliver seamless, compelling and secure payment experiences to deliver against consumer expectations.
Explore today’s mobile payment landscape—from the technologies making it possible to the companies paving the way for the future of transactions. Discover how design-led thinking is driving exciting innovation in mobile payment technologies for a glimpse into a future that is not too distant for all of us.
Explore mobile payment technologies that are recreating the customer experience.
The introduction of electronic money, swipe payment systems and online transactions has meant that payment has become faster, more secure and more flexible over the last 50 years.
More recently, the ubiquity of smartphones has taken us into a new phase of instantaneous and customized mobile payments that free consumers from many steps of the payment process. To give consumers a compelling experience, service providers are putting in place a number of mechanisms such as speeding up the payment process by removing queues, enhanced security, allowing consumers to have a better understanding of their own spending patterns and behaviors, and much more.
New payment options that marry technology with personal identifiers such as faces, fingerprints or physical gestures reflect recognition among savvy merchants that a highly compelling, intuitive consumer experience is key for the next wave of mobile payments.
Download the full article to learn more how customers are “paying” like never before.
A number of companies and technologies are breaking new ground in mobile payments—paving the way for an efficient and enjoyable shopping experience that provides merchants and consumers with better ways to pay and to charge. These are just some examples of what leaders are doing:
Klarna, a Swedish-based company operating in north European markets, has radically streamlined the process of paying for online purchases. It has also launched a mobile version of the payment system that facilitates instant payments for on-demand services or goods that consumers require immediately.
iGaranti, a service offered by Garanti, Turkey’s second-largest bank, atomizes banking services, offering a single point of access to 23 different apps covering a diverse range of services such as mobile wallet, savings and loans apps. It also provides live account updates and real-time location-based offers related to financial and retail services. The system is integrated with social media sites.
Apple has already pioneered a seamless payment system in its own stores through EasyPay. This system enables customers to pay at Apple Stores by opening up the EasyPay app and simply scanning and buying any item with their phone. Now Apple is upping the payment game even further with iBeacon.
PayPal has become one of the most ubiquitous online and mobile payment brands. Its power lies in the reach it has established among massive retailers right down to small online boutiques. PayPal is furthering its push into brick and mortar stores through a new product, Beacon—an add-on hardware device for merchants that provides a better customer experience, including paying completely hands-free.
Download the full article for insight into the cashless economy in emerging markets.
While the mobile payment industry is still in its infancy—things are about to change. The marketplace is likely to see both technology and business mature with continuous innovation and consumer adoption. Mobile payments are likely to be a very big battleground.
Even so, three factors will influence the success of mobile payments:
Common road map. The extent to which financial service companies and technology providers collaborate to define a common road map.
Consumer demands. Mobile payment technologies must adapt to consumers’ demands for simplicity, timely service and security.
Availability. Opportunities for individuals and micro-retailers to sell to consumers when the opportunity arises with little or no restrictions must exist.
Brands or services with established reach and trust-based customer relationship will be the most likely to succeed. However, newer entrants with technologies that align with consumer expectations have the potential to disrupt markets in the future cashless economy.
February 14, 2014
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