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Five Key Factors Influencing Consumer Payment Preferences

TheFutureofPaymentsInfographic

PCI Pal and partner, Worldpay from FIS, dive deep into consumer sentiment around expectations for the Future of Payments. Advancements in digital technologies are enabling a variety of payment methods that are changing the way consumers pay and contact centres around the globe can benefit from knowing the five key points that are most important to consumers when paying.

Putting the customer experience first builds invaluable brand loyalty, a benefit that is reaped long-term. Consumers are taking their payment strategy into their own hands and selecting organisations that fit the way they want to make payments.

Five Key Points that are Important to Consumers When Paying

Security

Topping the list of reasons driving consumers’ curiosity around new payment technologies is an interest in identifying safe and secure payment methods.

Fast, easy checkout

Digital wallets like PayPal, Google Pay, and Apple Pay facilitate fast payments from a mobile device and have become increasingly popular among consumers. Consistency and simplicity in payment methods can create the simplicity and convenience that the consumer is prioritizing.

Flexibility

As consumer adoption of different payment methods increases, there is increasing interest to apply some strategy to their purchases. The flexibility of being able to budget for a purchase over installments with BNPL payment methods opens up additional buying power to the consumer, and therefore, revenue to organisations.

Familiarity

The consumers’ rate of expressed interest in using different payment methods such as pay-by-bank, increases the more they understand the payment method. Providing a payment method of choice consistently, and informing your customers along the way, will build this familiarity with their options.

Trust

Organisations that take the time to educate their customers on their payment method options, and offer those payment methods consistently across different channels, build trust along the way.

The bottom line, customers have and continue to establish preferences for their variety of payments. Delivering an omni-channel methodology to your payment strategy equips customers to deliver a stronger experience and built greater brand loyalty. The PCI Pal and Worldpay partnership provides integrated solutions that achieve this securely. Check out the joint infographic for more consumer insights into the Future of Payments. To dive even deeper, you can download the full e-book to learn more.

Download the infographic

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