Frictionless payment transactions heighten the mobile payments consumer experience
Mobile technology is rapidly evolving to make developments in the payment industry. It is vital to keep a lookout on payment trends to keep updated. As payment methods evolve, there are significant implications in the banking industry and the financial industry. There are many more businesses that seek ways to upgrade their payment system and optimize the consumer experience with the use of mobile payments.
Payment methods provide an enormous opportunity for industries. The applications and websites that provide payment methods can offer a much-desired seamless customer experience. The customer experience is now recognized as one of the competitive differentiators. With this, the consumer experience reaches higher heights with the ability to make a frictionless payment transaction.
There was a time that the payment information had to be placed for the transaction to be initiated. Since mobile payment apps do get to integrate the necessary transaction details in it, sending payment does not require the repetitive inputting of data. The data such as credit card information is invisible with embedded payments to make the blended experience a lot faster and less tasking for the consumer.
There are many apps that enable the customer to no longer input the details of their financial accounts to make a payment transaction. The information is typically automatically placed in from their digital wallets. The information is already on file, and sometimes, even payments can be made automatically such as those payments for subscriptions.
The checkout experience from the consumers that do have subscription payments like for that of their cable makes it an invisible payment. The word ‘buy’ or ‘pay’ no longer exists in the mind when the payment transaction is done automatically. Online payment subscriptions and the invisible payment experience when it happens also brings about less attachment, unlike that of cash payments.
Attachment to cash
Handling cash brings about an attachment to the banknotes and coins. Holding on to a wad of money makes a person feel secure. Then, there are even the emotions attached to making payments. There are some payments that make a person feel pain while other payments can make a person feel joy. The feel of accepting money brings about emotions. Giving money to another person also brings about a bevy of emotions. Sometimes, the person feels happy to hand over money, and there are times that it hurts.
With mobile payments, there is less attachment and those emotions when it comes to making payments. Holding cash may make a person feel like not letting it go. It is difficult to let go of something that you own, even if there are liabilities to be paid. Mobile payments and online payments do aid in making a person feel disattached. The digital money becomes numbers and one can study their finances, and get to see the exact amount.
Down to the last cent
When you have cash like banknotes and coins, it is highly possible that you don’t count your coins. There might be an enormous pile of coins and that which you store in a piggy bank. With digital money, you know exactly how much you have, down to the last cent.