A recent finding showed that customers’ payment habit has shifted from paying with cash to making cashless payments, more prominently a rise in eWallet users. In fact, the drastic change is triggered by the wake of COVID-19 crisis.
Stay on top of customers’ shopping behaviors
Integrating popular alternative payment methods would be the most excellent opportunities for businesses to grow its customer base. As business owners and entrepreneurs, let’s take a look at the factors that have changed customers’ online payment habits.
1. More convenience and speed
Using eWallets saves you time. With a few clicks, customers can complete a purchase through their eWallet via sign-in to pay or scan to pay and payments are processed seamlessly. They no longer need to dig out a credit card and enter the number, expiration date, and security code, which many people are hesitant to do if they’re trying to get their online shopping done in public places, like in the MRT during their morning commute.
2. Another advanced security
Unlike credit cards that can be easily lost or stolen, these solutions feature enhanced security aspects. These enhancements would encrypt transactions and utilize PINs, expiration period and secure authentication process to ensure their users’ safety.
3. Loyalty Programs Benefits
Combination of payment and rewards has become an expectation and fosters customers’ preference. The better the rewards linked to the payment methods, the greater the purchase. Benefits such as coupons, giveaways, redemption, or cashbacks are proving to be a winning loyalty programs.
Below you will find the differences between these popular alternative payment methods:
|Virtual Account (VA)|
An eWallet stores a customer’s personal data and funds, which are then used to purchase from online stores. Signing up for an ewallet is fast and easy, with customers required just to submit their information once for purchases.
|A Virtual Account (VA), 16 digit payment code, is an account created and assigned to each paying clients. It requires the customer to transfer funds to virtual bank account via a banking mobile application, internet banking or physically via ATM. The customer uses provided information to do a bank transfer into the virtual account before the account expires.|
The More Payment Options, The Better
Customer shopping and payment habits will continue to evolve with technology, and businesses will have to continue to adapt to maintain relevance. The more convenience you offer, the more likely it is that you will have more sales coming in. Do drop us an email at firstname.lastname@example.org to explore these payment trends today!