Electronic transfers

Platforms help online merchants borrow the in-store experience

It happens behind the scenes and before our eyes. Payment changes quickly. But some would argue that it’s not moving fast enough to keep up with the trends that govern the payments industry.

In curious twists and turns, the further we move into what feels like the post-pandemic, the more it seems there will be a mix of habits from before and those acquired during life in lockdown. One thing that doesn’t go away with face masks is the improved customer experience that the connected economy has created at almost every level over the past two years.

Making these experiences easier – and available wherever we want them – is the business of companies like Ayden, based in the Netherlands. Speaking to PYMNTS’ Karen Webster for the “One Thing” series, Adyen North America President Brian Dammeir isn’t afraid of the future of commerce.

“The way we look at the evolution over the next 5 to 10 years is that the distinction between digital e-commerce and in-person interactions is starting to blur and frankly is probably going to fade over time,” he said. .

“What we’re seeing is that merchants and customers are looking forward to what we call unified commerce. Whether it’s via app, in-person, terminal, card, etc., merchants are realizing that they’re going to have to offer all of these streams because different consumers are going to expect different things,” he said.

“It’s more important for marketers to really choose what will have the most impact based on who their consumers are,” Dammeir added.

See also: Going Digital Increases Adyen Payments Group’s Transaction Volumes by 70%

Next step: “Truly seamless”

Pressed for “the one thing” needing extra effort in 2022, Dammeir’s somewhat surprising response focused on the fact that e-commerce more closely mimics physical checkout.

“The thing we don’t talk about enough is, ‘How can we make e-commerce or online payments more like shopping in-store?’ In-store is still evolving, but you have to admit, whether you tap, swipe or dip, it’s pretty simple, it works all the time, and there’s effectively no fraud. electronic.

Adding that “punch 16 digits on a website will have to go away,” Dammeir noted that EMV chips, network tokens and 3DS2 are all integrated into the Adyen platform.

“We are in the weeds on all these standards, building them straight. I’m hopeful I know where this is going, along with all the other payment methods that are changing the digital ecosystem. »

See also: Adyen launches Score machine learning solution

On-board embarkations

Asked about the difficulties of evolving, maintaining and scaling a unified commerce platform, Dammeir didn’t downplay the complications, but said Adyen was up for the challenge.

Calling “the balance between innovation and predictability” as the axis on which Unified Commerce revolves, he said: “Because we are a technology company but we understand the mindset of business , the question is, “How can we be fast and iterate a lot, but break very little?” It’s a very easy thing to say out loud, but balancing those two things [is challenging].”

“For retailers, at the end of the day, this transaction has to be done. For subscriptions, any unintended turnover is at the heart of your bottom line, so the ultimate balancing act we have as an organization is, “How do we make sure we always keep those two things in check? “

Almost regardless of the merchant or the brand, Adyen sends the message that “the traditional checkout is going to disappear. We advise them to really see the store as a center of experience and to orient their organization in this direction. The other is the proliferation of payment methods, whether in North America or abroad. And how do you manage what consumers demand? »

Short answer: you do it with a platform designed to handle it.

Dammeir said, “Anyone managing today, whether it’s a commerce platform, point of sale or otherwise, wants to embrace integrated payments and integrated finance. Basically, every platform has woken up in the last couple of years and realized what payments integration can do for their proposition, as well as their bottom line, so all of them have a lot of questions there.

See also: Mastercard names 16 partners for its real-time digital payments program

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.