There is growing number of paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More options out there ranging from more established ones like cashMoney in physical form such as banknotes and coins. More, credit and debit cards, to more recent ones like mobile and contactless payments. Also gaining ground are merchant-specific apps (like Starbucks) or wearable payments (like Apple Watch).
The choices are many, and consumers are enjoying the growing variety and freedom, says Nick Kerigan, Managing Director of Future Payments at Barclaycard. This large array of payment methods offers convenience, security, flexibility and choice. And although the numbers in some countries may indicate a decline of cash usage, consumers continue to consider it as an important pillar of their payments portfolio.
“Rather than necessarily removing the opportunity for people to pay in cash, the challenge for retailers is to accommodate the growing convergence of the online and offline worlds, and to create a seamless experience that mixes and matches the best of both,” says Kerigan. A crucial reminder that those that keep consumers in mind will be those that will succeed as the freedom of choice is the key to convenience.
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