What is slightly disconcerting is that my kids will only ever have a vague memory of going into a bank, and that memory will clearly not include the concept of queuing for a good 10-15 minutes in a state of endless boredom.
Their modern experience - brought about primarily by the forward-thinking dog-friendly approach of Metro bank - is one of wide open spaces, vast expanses of marble flooring and free sweets! The banking experience for them has been fun, simple, easy…frictionless!
So when it comes to my kids actually paying for something (and I’m still to actually see that day arrive), it is 100% going to be facilitated by an environment or a mechanism that they expect, nothing else will do. If it is anything else, you can guarantee they’ll not like it and will resist it.
As a parent, it ‘grates’ with me, that the mechanism they expect will be the deliverer of all things ‘YouTube’… the mobile! The constant companion to all things connected, all things friends, all things social. The mobile is the conduit by which we ‘can’ do everything.
It’s human behaviour. We (maybe more me) are fundamentally lazy. If it's easy I will do it. If the other is easier I will do that. And so will be the way of mobile payments.
Studies across some of the largest markets are indicating this behaviour is without a doubt. Mobile eCommerce continues to rise and more tellingly desktop eCommerce continues to decline. Figures for the last quarter of 2017 suggest eCommerce on Desktop computer screens has declined a truly staggering 51%! Does this mean by the end of next year, no one will be using computers to buy stuff? Very unlikely, but it shows us that the place to pay will be on the mobile…!
But what does this mean for payments? Personally, I believe it is about enabling context driven payments. The payment method that is best suited to the payment style. I’m at home on my computer, then sure, lets benefit from the nectar points on my nectar card (whilst they last…), I’m out and about, then heck, I don’t want to fish about for my card let's use VISA Checkout.
Give me the payment option I need when I need it…save me from the burden of making a decision… it's the future!
Russell leads the Savanti Ltd Payments team enabling payments for clients across the globe, having extensive knowledge and 'real-world' experience of tier 1, 2 and 3 merchants, as well as financial issuing and acquirer providers. Russell has successfully delivered strategic payments services to organisation including RS Components, Rabobank, SODEXO, Raphaels Bank, UK Fuels, Tesco Bank, Virgin Money and Travelex Financial Services.
Prior to joining the Savanti team, Russell lead one of Europe’s largest retail payments outsourcing programmes, enabling the UK’s largest grocery retailer to benefit from a significantly improved eCommerce and Store based payments infrastructure.