By Tim Spenny
Despite the slow adoption of Digital Wallets, we predict that Retailers, Banks and Tech companies will continue to launch and relaunch their Digital Wallets. Retailer Wallets, similar to Kohl’s and Starbucks, will be launched by the most forward thinking retailers with success being hinged upon solving for pain points, returns, price comparisons, checkout, integrated rewards, personalized offers, being the most successful. Among some of our other expectations for 2017:
- Mobile Payments 2.0 will develop. This is the concept that Mobile Payments 1.0 was focused on the security and functionality of making in-store payments using your phone. Mobile Payments 2.0 is a more consumer centric approach that incorporates benefits and rewards into the payment experience. Emphasizing saving money and time over security which will move to more of a table stake benefit.
- Expect improved customer experience at the point of sale, through upgraded and improved technology and the use of mobile payments. With remote checkout becoming more prevalent, representatives will be available to assist with customer queries and facilitate sales.
- The adoption of click and pick up will become more adopted amongst consumers. Buying online and picking up in-store offers many benefits to consumers and improves the shopping experience.
- More industry agreements will be announced to reduce friction within the payments industry, issuers, operators, acquirers and retailers will continue to collaborate to make paying for goods and services easier.
- Blockchain will find it’s use case in 2017. This could be for business to business for a large asset purchase of or for consumers directly, when closing on a house for instance.
- Additional data breaches will occur but it will not stop consumers from using mobile payments or shopping online.
- A consolidation of functionality within applications will begin to occur, with AI being the catalyst and messenger apps being the first entrant. Being able to order food, shop, schedule meetings, etc. through one app has a strong value to consumers in terms of ease of use an time spent.
- Emerging payments channel opportunities will begin to take form, virtual reality, connected car and smart home will offer the opportunity for payments platforms to proliferate.