Payment insight March 2023
Highlights of the month
FRICTION-FREE PAYMENT - Focus on the payment experience
- FRANCE - Adyen and GIE CB launch an automatic bank data update solution
- INTERNATIONAL - Adyen adds Click to Pay to its online payment interface
- UNITED STATES - Apple offers live video shopping with a dedicated advisor
- UNITED KINGDOM - SumUp launches Kiosk, an ordering kiosk connected to an EFTPOS terminal
- INTERNATIONAL - Ingenico acquires SoftPOS Phos
The term "frictionless payment" refers to any online or in-person payment process that uses data from apps, devices or websites to simplify the customer's payment process and improve conversion rates. According to the criteria required for frictionless payment, Adyen's innovations such as click-to-pay (which saves consumers time by simplifying the process of entering bank details) or the partnership with the GIE CB for automatic bank details update, help boost conversion rates, but also reduce churn, especially in subscription-based business models. Ingenico's ambition to invest in SoftPoS technology poses significant challenges. It will enable physical merchants, especially mobile sellers, to make payments an integral part of the customer experience, from advice to delivery. Sumup is taking the frictionless payment experience a step further by offering a self-service kiosk directly linked to their Eftpos terminal, allowing them to process a higher volume of orders and upsell opportunities at the checkout. Finally, live shopping will be a real trend in e-commerce in 2023, generating conversion rates up to 10 times higher than traditional channels, according to a McKinsey study.
WEB 3.0 - Web3 begins to see the emergence of "as-a-service
- INTERNATIONAL - Coinbase wants to simplify access to Web3 with its Wallet-as-a-Service
- INTERNATIONAL - Worldline launches its "Metaverse-as-a-service" offer
- FRANCE - Circle sets course for France
France wants to position itself as a true pioneer on the Web3. In its 2030 strategic plan, it says it wants to become the European and global hub. The arrival of Circle in France and the recent fundraising of Ledger are confirmation of this potential. Web 3 opens up numerous opportunities for retailers, particularly in the area of loyalty, with metavers and NFTs enabling brands to create a real community within this space. Creating an optimal payment experience in this new ecosystem was a real challenge, to accompany retailers on this new sales channel. Apart from large retailers, not all players necessarily have the resources to invest in R&D or the technical skills to explore this new ecosystem. Coinbase has therefore launched its wallet-as-a-service to democratize payment via cryptocurrencies in this universe and Worldline, has launched a "metaverse-as-a-service" offer to facilitate the entry into this world for retailers offering them a turnkey offer, from the infrastructure (from the field in this space to the payment of the tangible or intangible good). The metaverse is a real revolution in the world of distribution. It will become a complementary sales channel, where retailers will have to offer a hybrid customer experience depending on the needs and the level of digitalization of their targets.