As the volume of non-cash transactions continues to increase, JCB and Worldline have stressed the importance of businesses providing customers with frictionless payment experiences to meet high expectations.
Digital and mobile wallets, credit cards, debit cards, and bank transfers are already the most frequently used payment methods both at point-of-sale and in e-commerce settings.
By 2029, Millennials and Gen will constitute around 72 per cent of the global workforce. These generations have grown up in an era of digital transactions and are used to having things instantly accessible. Because of this, European merchants must be ready to meet their expectations by implementing seamless payment experiences.
Recognising this, JCB has launched a new whitepaper to help European merchants take advantage of opportunities and tackle challenges surrounding payment experiences. It says merchants will be able to benefit from improved customer loyalty, reduced shopping cart abandonment, and, ultimately, revenue by applying some of the practical steps listed, within this guide.
By combining industry research, data, and proprietary insights, JCB and Worldline shared their views of how merchants can effectively create a frictionless payment journey for their customers, reflecting on the growing demand for frictionless payments among Asian consumers.
Ray Shinzawa, managing director of JCB International (Europe), commented: “At JCB, we are committed to providing our cardmembers with the best possible payment experience and we are keen to share our knowledge. We hope that this guide will equip merchants with the information and insights needed to understand both the ‘why’ behind frictionless payments’ role in commerce today, and the ‘how’ when it comes to implementing an approach that yields results, grows your business, and meets the expectations of your customers.”
‘Boosting sales and customer satisfaction’
By publishing this guide, JCB aims to showcase that the adoption of new technologies and practices can reduce the steps needed in the transaction journey, while maintaining a secure process for both customers and merchants. Merchants who embrace these solutions and stay attuned to their customers’ needs can thrive in today’s fast-paced digital economy, while international travellers are able to experience a truly frictionless payment journey.
Miranda Rodigas, head of scheme management at Worldline Merchant Services
Miranda Rodigas, head of scheme management at Worldline Merchant Services, said: “Worldline is committed to enhancing the payment experience for merchants and consumers alike. Our partnership with JCB in contributing to this new whitepaper signifies our dedication to ensuring European merchants have the resources and expertise needed to facilitate seamless payments for international consumers.
“By sharing our industry-leading insights and practical steps for merchants, we aim to empower businesses to capitalise on the trend towards frictionless payments, ultimately boosting sales and customer satisfaction.”
JCB emphasises the importance of merchants understanding their customer base to facilitate greater payment experiences, especially in the travel industry.
Tourism remains a significant source of income for merchants, and the expectations for frictionless payments are high. This is especially crucial for Asian travellers, as language barriers and unfamiliar payment systems can pose potential obstacles. Offering mobile or contactless payments, supported by a transparent and secure process, can eliminate barriers and provide hassle-free experiences for tourists.
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