Easy cross-channel mobile and online payments will boost spending, says PayPoint as it restructures
Forget mobile payments, consumers really want a smooth seamless and trustworthy way of paying in-store, online and on mobile finds research carried out by Centre for Economics and Business Research (Cebr) for PayPoint, which is merging its online and mobile payment services into one offering.
Cebr found that non-card non-cash payments – which include mobile payments and coupons – are set to grow from 9.3% of all retail transactions today to 19.6% by 2019, and that retailers could gain by accepting payment methods which their customers prefer, rather than restricting payment methods.
The study finds that preference for mobile commerce is strongest among younger consumers, but it is not their sole preserve. A third of people aged 18-30 have bought goods and services via their mobiles in response to offers or advertisements. A fifth of consumers aged over 55 agreed they would make purchases via their mobiles.
Scott Corfe, managing economist at Cebr, explains: “Organisations can no longer afford to restrict the payment options available to consumers. Our research has found that people of all ages and backgrounds want fast, simple payments, and will vote with their feet when their expectations are not met.”
PayPoint, which commissioned the study, has merged its internet payment service provider and mobile phone payment businesses, previously trading as PayPoint.net and PayByPhone. The new business, known as PayPoint Mobile and Online, combines PayPoint's depth of expertise in online payments with PayByPhone’s consumer insight gained as one of the world’s most successful mobile payments schemes.
PayPoint Mobile and Online provides solutions that cover the entire end-to-end transaction, from engaging the consumer to processing the payment.
PayPoint Mobile and Online will also be instrumental to PayPoint Group’s move to develop a series of multi-channel payment propositions. PayPoint already enables retail cash payments through its 36,000-strong retail network across the UK, Ireland and Romania. By combining these retail networks with the new Mobile and Online business, PayPoint will enable organisations to give their customers a seamless choice of when, where and how to consume and pay for services, whether via mobile, online, or retail channels.
One of the first applications of the new integrated capability will be Smart Metering, enabling energy providers for the first time to give their customers a seamless choice of paying in cash, or via mobile or online channels.
“Customers want to pay by mobile or online with a convenient, simple, seamless experience,” says Dan Salmons, Managing Director, PayPoint Mobile and Online. “As a result, many organisations are suddenly finding they need more sophisticated payment solutions that can keep up with the rapid changes in technology, consumer behaviour and regulation. By combining our unrivalled expertise in mobile and online payments, we can manage payments from app to bank, making it simple for organisations to resolve their payment needs. Our modular platform means we can rapidly develop a wide range of solutions from home energy to urban mobility, online gaming to financial services. We believe we are that rare thing: a payments company that gets consumers, and a mobile company that gets payments.”