Frictionless payment makes all our lives easier. It is an online or offline payment process using data from apps, devices or websites to make purchasing simple. Customers don’t need to memorise PIN numbers to complete the transaction; they simply tap their devices and get on with their day. Although many stores use this technology, some are still hesitant.
TYPES OF FRICTIONLESS PAYMENT
Mobile applications are the most used frictionless payment process because they substitute for expensive POS machines. Stores tend to use QR code stickers, and customers can scan them using their phones, choose their payment method, and after a few taps, the process is complete.
Mobile and Digital Wallets
Although you can interchange mobile wallets and digital wallets, they work differently. Mobile wallets are used as an exchange for physical wallets and used for in-store purchases. On the other hand, digital wallets, such as Apple Pay and Google Pay, are used for online transactions.
Buy Online, Pick-up In-Store
This frictionless payment process allows customers to place an order online and pick up and pay for the items at a brick and mortar store.
BENEFITS OF FRICTIONLESS PAYMENTS
Reduced waiting time
Customers don’t need to wait in long queues to finish their purchase transactions, nor do they need to abandon their carts because of extended lines.
Forget that forgettable PIN code. With frictionless payment, customers only need to tap on their device to complete their transactions.
Improved customer satisfaction
As there’s no need to wait in queues or negotiate complicated booking flows, customer satisfaction will increase. Plus, advanced technology will make people feel that the company’s service is seamless. It’s also handy for shoppers not needing to carry bulky physical wallets around anymore.
Digital wallets and mobile applications often provide rebates and promotions to customers and businesses. So, the more you use your device, the more significant advantages you get.
Technology offers convenience, and that is what customers want. We can expect that more businesses and stores (both online and offline) will adopt this technology, which will itself become ever more seamless.