Mobile payment poised for take-off

Fabrizio Andreose
Client Partner, Banking and Insurance
Kantar - Insights Division
Fabrizio.Andreose@kantar.com

Among all the areas affected by digital disruption, payments are perhaps – together with IoT and robotics – the one most talked about, and with good reason.

Data shows that take-up of some innovative payment methods is more than doubling each year*. Many improvements have been made by the “offer side” – product innovation, security and CX – leading to growth in merchant acceptance and customer usage on the “demand side”. However, the path to universal adoption of digital payments is still long in Italy, a country where cashless payments are less widely used than in other European markets.

In this context, the growth of contactless payments, mobile remote payments and e-commerce is key to the creation of a fluid purchase experience.

For mobile payment in Italy, the two key elements for service activation are: curiosity about innovative/digital systems and convenience. The experience has to be immediately accessible, flexible and fast compared to traditional payment methods.

Among consumers who use these new options, satisfaction is high. However, expectations seem to be growing: better knowledge of digital payments and benchmarking against other apps further raises the bar of the experience consumers expect. Brands must work on fluidity and ease of use, providing a pleasant and frictionless purchase experience to consumers.

Source: *Observatory Mobile Payments & Commerce - Politecnico di Milano - 2017

Share