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Is the status quo in payments solutions suited to the omnichannel world? The reality is that most traditional payments solutions are not seamless enough.
Omnichannel sales are on the rise, and consumers want to move seamlessly across all channels—and merchants must deliver on these expectations. Too much is at stake if the payments industry ignores these stakeholders’ changing needs. Payments solutions must be as seamless as every other phase of the omnichannel experience. New entrants know this already, and are acting fast to fill the gaps.
This point of view explores seamless payments strategies that traditional payments players need so they do not get left behind. Opportunities to grow interchange revenue, improve relationships, enhance control of servicing experiences and influence customers’ payment preferences are there for the taking.
Download Seamless Payments: The Missing Link in the Omnichannel Experience [PDF, 147 KB]
Learn more about our Payments Insights Series
What does the future of payments look like? We asked consumers. Learn more in our Accenture 2014 North America Consumer Payments Survey.
How do payments companies and banks develop a seamless payments strategy?
With consumer payment preference likely driven more by convenience than by individual card value propositions over time, payments players will need to adjust their offerings and processes to merchants’ needs. This will mean not only providing standards such as multiform factor digital wallets, but also providing ways to tailor integration with the merchant’s desired offerings.
Accenture suggests that the payments industry pursue five strategic areas to support seamless payments and ensure a strong focus on the customer experience. These strategies are relevant to different players depending on their function in the ecosystem. Pursuing these areas may require partnerships and alliances to create an efficient, holistic and flexible payments offering that meets both merchants’ and customers’ needs.
July 18, 2014
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