The State of the Payments Industry for Retailers
Shoppers want freedom to pay their way. Here's how retailers can adapt and thrive
The checkout process has a huge impact on shoppers’ perception of your brand. Just one bad experience — a slow, inconvenient point-of-sale terminal (POS), or an unsupported payment option — can drive shoppers away, sometimes permanently.
Creating a convenient checkout experience has become more complex for some retailers as more and more payment options become available. Preferred payment methods differ significantly across generations — and providing the right options your core audiences want to use is another way of showing you understand their preferences. Gen Z and Millennial consumers have embraced digital payment methods, like mobile wallets. While Gen X and Boomers both prefer credit cards, Boomers still favor presenting a physical debit or credit card. 1
Regardless of age, customers are interested in shopping with retailers who offer the payment methods they prefer. This is a way you could potentially make your customers' experiences easier. To do that, modern retailers must be ready for anything when it comes to payments, from cash for one transaction to a device that receives tap to pay for the next.
Cash
Credit cards
Debit cards
Check
Buy now, pay later
Contactless payments
Mobile wallets
