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February 16, 2017
Let’s all be honest with each other. We don’t really want to think about how we make a payment, we want to concentrate on the experience we are about to have. When I go to a concert, I don’t want to spend time thinking about how to pay for that ticket or where to pick it up. I just want to show up and enjoy the music. That’s because the experience is what’s most important.
The same holds true in how we conduct our daily lives. Who wants to worry about buying more laundry detergent or eggs, especially when I can get them delivered straight to my door with just a quick press of a button? Payments and the transaction are quickly transitioning away from the focus as the consumer experience as it takes center stage.
Invisible payments are quickly becoming mainstream, with a variety of approaches designed to make paying invisible and effortless:
Loyalty programs will be more integrated into buying experiences:
Issuers will be challenged to gain top-of-wallet status as payments fade into the background. I know that once I preload card numbers, I wouldn’t make a change unless there was a breach of my card credentials. How can an issuer overcome the inertia of getting consumers to switch to your card? How does your brand stay relevant in a world where the payment mechanism fades into the background?
Retailers that don’t create experiences enabling consumers to use their rewards and their coupons easily during the payment transaction will lose out.
The personalization of payment activities runs parallel to the transformation of invisible payments. How will consumers identify themselves? How will authorization change?
Biometric identification is here. Selfies, eye retina scans and other physical forms of identification will become mainstream. For example, in Saudi Arabia, the norm is to use thumbprints as a replacement for the debit card. The card goes away entirely. Think about how cool it would be to integrate thumbprint authentication into online shopping. Card-not-present fraud could nearly disappear. The downside? Card personalization goes away and vanity cards will cease to exist, making the color and image on a card meaningless.
Issuers and their partners have work cut out for them as payments transform from artifacts to invisible:
What else do you foresee that needs to be done?
Payments Leader from FIS provides insights on credit, loyalty, fraud and emerging payments strategies through blog posts from our industry experienced authors.
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