Page 18 - Advanced_Payments_Report_2014

ADVANCED PAYMENTS REPORT 2014 – SPONSORED BY

they choose to use will work across all channels. What won’t work While striving to achieve real multi-channel payment methods will
is expecting or requiring consumers to use various diferent means bring benefts for customers in the form of better experiences, it
of payment, each of which only works in one or another channel. will also bring benefts for merchants. The eventual consolidation
PayPal’s moving into physical points of sale is testimony to this need of payment methods should bring a decrease in prices for all
to consolidate payment methods even as the disruptors continue channels. This phenomena will be compounded by the ideas and
inventing new ones. models proposed by new entrants and disruptors. As acceptance
Historically, the result of successfully implementing innovation has prices decrease, the business case to accept new forms of payment
been consolidation. Examples include the automobile industry or will be clearer for more merchants further accelerating payment
music distribution (think records, CD’s, mp3’s). And the evolution convergence.
and maturity of successful payment systems will be no diferent. The lower ranking of data analytics, relative to other items, closely
Customers are beginning to demand that their preferred payment tracks the low rankings given to the direct questions about the
system be usable in all channels. Merchants are demanding, by difculty of implementing data analytics and the lack of clear models
their choice of payment mechanisms (often made by balancing for monetization, on both of which the survey shows continuing
cost savings against usability), that innovators do a better job of doubt. This topic is addressed elsewhere in the report.
rationalizing the current over-abundance of payment solutions
by better meeting the sometimes competing demands of the
merchants as well their customers.

86%

86% of respondents considered that development
of mobile-friendly payment methods is essential

18 www.edgardunn.com | www.paymentscardsandmobile.com www.edgardunn.com | www.paymentscardsandmobile.com E Edgar, Dunn & Company in association with Payments Cards and Mobiledgar, Dunn & Company in association with Payments Cards and Mobile