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#RBTE2018: Barclaycard stresses need for retention, security & analytics in payments

The transition from cash to plastic to contactless has been a success, as customers have demanded to see the concepts replicated in other places, as well as faster and a more secure experience.

Speaking in the keynote address “So what does the ultimate payment experience feel like?” at RBTE2018, Barclaycard head of strategic account development Julian Law said that payments had “moved on to a great degree.” 

He explained that current payment options were about “being joined up” and customers wanting the same experience, so it is up to retailers to offer an “omni-channel experience” so that the mechanism to pay works efficiently so repeat purchases that are made.

In particular, Law highlighted four key areas that retailers need to focus on for successful payments:

  • A good experience in terms of engagement with consumers and omni-channel engagement
  • Make sure payment mechanisms are quick and easy and repeat purchase ability
  • Be sure the payment process is secure and payments are in a controlled environment, and make sure payment mechanisms are secure and robust
  • Big Data and utilising data on how and where customers shop, how they interact with the retailer and how you entice further interactions

Law said: “Understanding what customers demand is fundamental. If you have not got a payment method then a repeat purchase will likely move elsewhere or demand you change as part of the course.”

Law also praised “one-click” options such as Uber, where the mechanism is “quick, easy and effective,” and he pointed at the Dine & Dash app trial with Prezzo, which allows a diner to pay via the app rather than wait for the bill.

He told Essential Retail that the trial had been successful, and it gives the consumer the experience to pay the bill and this will create a digital receipt so the restaurant knows that it’s been paid and the cardholder knows they have been debited as well. “We’re currently working on how we scale that up,” he explained.

He concluded by saying that purchasing needed “continuing learning” and to be in control of who and where and how a customer is shopping with you.

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