Our habits and consumption patterns have been drastically changed by the advent of new technologies and the Internet. Payments have been a major concern since the dawn of digitization. In addition, consumers have become more demanding about payment due to their increasing reliance on digital services. Randall Castillo Ortega, a financial expert and the founder of SME backer RACO Investment, explains why the use of them is enhancing the customer experience.
Payments are an essential step in customer experience. They must be analyzed in order to change them depending on consumer behavior. We can see a cashless future.
The payment industry must adapt to current consumer trends. The context in which technological innovation is increasing and competition is getting more difficult makes it imperative that the payment world adapts. The importance of digitizing companies has been discussed a lot in recent times, particularly in this current environment. The pandemic caused many changes in our lives, including in how we consume food. Digital payments are already very popular thanks to the pandemic.
We have seen changes in consumer behavior even before the pandemic. Consumers wanted financial transactions to be easier, quicker and more technologically advanced. The new consumer demanded everything, immediately and without delay.
This same consumer expects companies today to adapt to current circumstances. They expect digital payment options to be implemented. This will reduce contact and offer convenience as well as speed. All payment players should consider digitization when preparing their future models. In particular, the rapid innovations in eCommerce will impact the payments market.
Companies have new loyalty options with the development of invisible and contactless payments services. Castillo explains, “Technological innovation is increasingly facilitating the payment process. This offers customers a better shopping experience and many benefits for business management.”
Contactless payments are easy to use and do not require a code. This allows for faster checkouts and reduces the wait time. In most countries, credit and debit cards aren't the only options for payment. Recent developments include the introduction of cell phones as a method to make purchases.
A chip embedded in the smartphone allows payment to be made by gesture. This is a technique that wasn't widely used at first but is now becoming more popular. This is a great way to simplify your shopping experience.
Invisible payments continue to revolutionize payment methods. Customers can now make purchases online without the need for cash or credit cards. Castillo adds, “Payment options not only provide customers with a better shopping experience and reduce the time it takes to pay but also enable retailers to automate payment processing. The time saved can be used to pay more attention to customers. This is the main goal: a better shopping experience.”
Invisible and contactless payments allow you to pay without the need to enter the code or credit card number on the terminal. These convenient and fast methods are especially useful in situations where contact must be kept to an absolute minimum. Additionally, QR codes can be used to pay for items. This will improve the shopping experience.
The year 2020 saw a strong increase in digital payments. Digital payments in the form of cards and mobile wallets have become the norm, as per COVID-19. This is a growth that was already taking place before the crisis, and it will continue in the future.
Society is evolving and more people are opting to pay with cashless or contactless methods of payment. These new trends are not to be ignored. To ensure better shopping experiences, it is important to adapt your business to these new trends.
About RACO Investment
RACO Investment is a financial investment firm serving small- and medium-sized companies in Panama and Costa Rica. It was founded by Randall Castillo Ortega, an expert financial adviser who has his roots in the import and export industry in Latin America. The firm has helped numerous startups find the financial support they needed to get off the ground. It has also contributed bridge loans to assist those looking to restructure or improve their operations.
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