New research finds U.S. retailers are planning real-time payments (RTP) advancements to optimize customer experience.
That’s according to “The Instant Payments Transformation Guide,” a 2023 PYMNTS report done in collaboration with ACI Worldwide, which shows that 32.5% retailers are planning to add RTP capabilities to their checkout experience in the near future.
In the face of rising eCommerce competition, payments innovation along the customer journey has become table stakes to win greater share of spend.
Introducing new, better and increasingly instantaneous digital payment choices for their customers is a key driver behind internal innovation strategies that U.S. retailers plan to adopt in the next three years, with real-time payment options topping the list.
Many American retailers believe the current suite of digital solutions they have on offer are not enough to meet the fast-evolving expectations of their customers around frictionless payment experiences.
Providing RTP options at checkout makes both the purchase experience and refunds faster for consumers, and more closely mimics the online experience. Separately, it increases liquidity for retailers, an industry-agnostic benefit for all merchants — particularly in the present period of economic contraction.
Buyer’s Choice Leads to a Better Experience
Venmo, scan-and-go merchant apps, cryptocurrencies, Samsung Pay and Zelle represent other payment choices leading U.S. retailers tell PYMNTS they are planning to invest in and provide their customers with.
When consumers are able to find and purchase the same products online as they can in-store, the in-store experience becomes paramount to winning greater shopper loyalty.
Within grocery alone, PYMNTs finds that over half (55%) of businesses are innovating their available payment methods.
Still, payment options can present their own implementation hurdles as retailers race to meet customers’ needs for security, convenience and a friction-free checkout experience.
It’s important for retailers to review their legacy technology and identify existing gaps between customer experience and critical functions, such as security and payments optimization.
It is also mission critical when launching a payments innovation strategy to decide whether to focus on in-house innovations, implement an outsourced solution, or move forward by taking a hybrid approach.
If your organization is interested in modernizing its PYMNTS approach and building shopper loyalty, download PYMNTS’ free “The Instant Payments Transformation Guide” 2023 report to learn more.
PYMNTS Data: Why Consumers Are Trying Digital Wallets
A PYMNTS study, “New Payments Options: Why Consumers Are Trying Digital Wallets” finds that 52% of US consumers tried out a new payment method in 2022, with many choosing to give digital wallets a try for the first time.
