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WORLDPAY EDITORIAL TEAM
July 10, 2019
Do you know your customers’ wallets?
Whether tapping their device or dipping their card, today’s consumers are paying in many different ways. In order to stay ahead of the game, you need to know your customers’ payment preferences and the technology that will help you meet those preferences.
Here’s a look at what a 2017 Worldpay / Socratic Consumer Survey1 revealed about consumer payment preferences and what that means for your business.
Key Takeaways: Mobile payments fit the do-it-yourself and brand-loyal style of Gen Xers and are gaining in popularity in all age groups. While credit and debit cards remain essential payment options, consider offering alternative payment methods, like eWallets and direct bank transfers.
Key Takeaways: Consumers feel more comfortable charging large purchases to pay later, rather than having large sums instantly withdrawn from their checking account. Budget-minded consumers are using debit cards to help keep expenses in check.
Key Takeaways: Consumers are wooed by cash back and rewards. Whether you have a loyalty card or program, offering attractive incentives attached to purchases is an effective way to get customers’ attention.
Key Takeaways: While men are thinking about the loyalty rewards they can earn by using their credit card, women have a budget in mind and prefer to save credit cards for special or unexpected occasions.Women may be more inclined to use wearables because of the functionality they offer beyond payments.
Debit and credit cards are the go-to payment method for consumers. But staying top of wallet remains a major concern for financial institutions of all sizes, especially during peak holiday shopping periods.
How can financial institutions compete in credit card usage? Think about how to make your debit card program competitive in light of the rewards and points offerings that have made credit cards king of the wallet.
Loyalty program participation is the Holy Grail—driving card usage tied to a loyalty program is an art form. Some major retailers have perfected consumer dedication, attracting customers that are fully engaged with their brands.
As consumers warm to mobile payments using eWallets, enterprise businesses should consider integrating loyalty programs with mobile payment applications. Doing so will help your enterprise move to the front of the pack in an increasingly crowded marketplace.
Smaller businesses can look to provide simple and streamlined shopping experiences, whether in-store, online or in-app. Being able to easily accept credit and debit cards is especially important as the dominance of cash recedes into history. Providing rewards at checkout is a great incentive for consumers to shop and spend more.
1Socratic Consumer Survey and Worldpay worked together to provide the estimated statistics and, in turn, inferences in this article.
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