As technology continues to drive brands and businesses towards creating more digital experiences for their customers, the stage is set for digital payments to even flourish and become bigger. With such a rapid increase in usage over the last years, digital transactions and digital wallets have shown the potential to become primary modes of payment for consumers over time. Especially evident in today’s new normal where consumers are learning how to embrace digitalization, the growth of digital payments is seen to go further on: according to an article on TechRadar featuring data gathered by AksjeBloggen, the global digital payments market is expected to rise and reach a $6.7 trillion valueincrease and reach a $6.7 trillion value by 2023. This staggering number may be enough for companies to pivot their digital strategies to explore the advantages of digital wallets, and accept that they are not a trend, but are here to stay.
The rise of digital wallets can present an opportunity for brands and businesses in various industries to jump ahead of the competition through implementing innovation, while ensuring that their customers’ buying experience remains exceptional. Vying to increase customer satisfaction through digital wallets means customers consumers expect much higher levels of security and a user experience that combines functionality, speed, flexibility, and usability. Throughout it all, customers, however digitally-savvy--still expect to receive care and attention should issues or concerns arise.
While digital wallets can be easily accessed via smartphones, technology continues to elevate the shopping experience for customers. Augmented reality (AR) and even virtual reality have played roles in enhancing the shopping experience for customers who prefer to go cashless and go digital: Alipay VR has allowed consumers to complete a purchase with just an eye movement, while merchant payment processor Payscout launched its Payscout VR Commerce App that haswith a Visa Checkout built on the app’s menu. The app also allows customers to use a VR headset to have a 360-degree view of the items sold and check out through eye motion. Consumers can appreciate the convenience of going cashless, while businesses can expect sales conversions as a result of making the shopping experience easier and more accessible for their customers.
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