5 Trends Reshaping Payments In 2018
From card issuers and acquirers to ISVs and gateways, payments providers are working to simultaneously embrace new technologies and keep pace with rising customer demands. The result is a dramatic change in how payments products and services are being built, deployed and utilized. As part of this transformation a variety of trends are emerging that are reshaping the payments value chain. Five in particular stand out from the rest:

1. Payments as a digital experience factor.

The traditional retailer mindset has been that payments are effectively a “cost of doing business” – a necessary evil required to facilitate a sale. More recently, certain merchants have realized that payments can be a strategic lever. There is a deeper understanding that payment infrastructure serves as a critical digital experience factor that directly influences customers’ likelihood of converting and returning. This is resulting in an enhanced focus on the role of payments in powering digital commerce experiences, as evidenced by wallets such as Kohl’s Pay and order-ahead apps like Shake Shack’s Shack App. Greater attention is also being paid to supporting local payment methods to court cross-border shoppers and delivering a streamlined checkout experience to reduce cart abandonment. Of course, the expense and margin compression associated with payments has not been forgotten, either. Digital paves the way for more merchants to get creative with tender steering, as we’ve seen with Amazon Prime Reload and Uber Credits.
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Jordan McKee
Forbes
MAY 8, 2018 @ 09:29 AM

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