Mobile payments to ‘reduce friction for consumers’

Written by Chris Lemmon

17/07/2017

The rapid increase in the popularity of contactless and mobile payments presents retailers with an opportunity to optimise their in-store environment, significantly reducing friction in the customer journey.

This is according to a new study from Qmatic UK, which highlighted that contactless purchases now account for over 30 per cent of card transactions, up from 10 per cent in October 2015.

Mobile technology is playing an increasingly important role in the in-store experience, with Qmatic’s latest research revealing that 19 per cent of consumers are now comfortable making payments with their mobile phones, and using mobile checkouts. However, the research also reported that over half of consumers (53 per cent) have never experienced any of this technology within British stores.

Qmatic’s survey found that 49 per cent of retailers see mobile optimised checkouts as the innovation most likely to make a significant impact on the customer experience, above other technology such as virtual and augmented reality.

Vanessa Walmsley, managing director at Qmatic UK, said: “The growth of contactless technology can provide significant benefits to retailers. A recent report from the Bank of England indicates that the ease of contactless technology may encourage consumers to spend more, increasing sales for retailers.

“Retailers need to ensure that they have an end-to-end connected experience to engage with customers, on their chosen platform, at all the interaction points with their brand. The integration of mobile technology can offer a seamless, omnichannel experience that supports the customer journey, winning over new customers, retaining the loyalty of existing customers and potentially increasing sales.”