Thinking of payments as “experiences” is relatively new. Five years ago, no one would have thought of handing a card to a retail cashier as paradigm-shattering – or memorable in any way, for that matter.
Now, payments play a significant role in shaping the consumer experience. Whether you’re ordering ahead through the Starbucks app or paying for gas with your mobile phone, fast and frictionless payments help define a new kind of transaction experience. As a result, almost every consumer-facing industry has had to adapt to the new payments landscape. Insurance companies are applying new technologies to speed up the payment of claims. Airlines and hotels see improving their payments experience as necessary to retaining business. In-car payments are such a natural outgrowth of connected technology that it’s a miracle they aren’t ubiquitous already.
Thinking of payments as an experience driver might require a bit of a shift. But as credit unions work to re-imagine their member experience as one that’s digitally-driven, delightful and fast, these new-and-improved payments experiences serve as a compelling model. Payments are an experience – and a good one at that.
Here are five examples of payments innovations that credit unions should pay attention to:
Food for Thought in Food Service Payments
The new taco place in town processes orders and payments on an iPad. The restaurant down the street offers mobile order ahead and pay. Can’t choose a place? Check out DoorDash or UberEats for a panoramic assortment of local eateries you can access through an outside app. Payment options aren’t merely diverse in food service these days: They’re driving new business models.
Who’s Using Remote Order and Pickup?
Specifically, how many individuals aged 18 to 34 have used remote order and pickup services in the last 12 months? The answer may surprise you. Find out what a recent Mercator Advisory Group report revealed.
What New Claims Innovations Will Florence Yield?
Faster payments can’t happen fast enough for hurricane survivors. Find out how the insurance industry is deploying satellite imagery, drones and machine learning to capture information and process claims efficiently and quickly in the wake of natural disasters.
Why Travel Payments Need an Upgrade
According to an Amadeus survey, 81 percent of travel companies are planning to invest in payments innovations in the next three years. “[Airlines and hotels] want to be able to offer payment experiences that meet their customers’ preferences in terms of method, that go through without a lot of friction, and they know it’s mission-critical to offer those services because they lose sales without them,” says Bart Tompkins, managing director of Amadeus Payments Business Unit.
Driving e-Commerce Purchases with the Connected Car
According to a recent study by VISA and PYMNTS, U.S. commuters spend more than $212 billion on purchases like coffee, parking and gas. Moreover, 89.6 million people use the internet while commuting and 69.1 million car commuters use the internet to purchase items. No wonder payments providers are in a race to provide in-car payments solutions.
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