Payments Innovation

Digital Transformation Hits Overdrive

Fiserv

“Just as changing consumer behaviors are accelerating the adoption of digital commerce, they are also creating a greater demand for digital payout methods.”

Money movement has gone further, faster in the past four months than in as many years. That’s progress — and not a moment too soon. “The digital disbursement of funds enables businesses to move money with the same flexibility, convenience and positive experiences created by digital commerce — while enabling contactless interactions and instant funds delivery,” said Nandan Sheth, senior vice president, head of global digital commerce at Fiserv. “Emerging use cases for digital disbursements include digitizing tip payments from employers to waitstaff, claims payments from insurers to claimants and winnings from casinos to players.”

The following is an excerpt from How 35 Execs Are Powering The Great Digital Shift Of 2020 (And Beyond), contributed by Nandan Sheth, senior vice president, head of global digital commerce at Fiserv.

In just over three months, digital commerce adoption among consumers has grown exponentially, accelerating many businesses’ nascent digital transformation plans into overdrive. How these transformations materialize will define the second half of 2020.

At the forefront of that digital wave has been the grocery industry, an essential business compelled to innovate quickly to manage growing demand and deliver new commerce experiences. Digital grocery spend has grown as much as 10 times since the start of the year, and we believe that digital growth is an indicator of what other businesses can expect when they get back to business.

As we work alongside merchants to innovate for their digital needs for Q3, Q4 and beyond, a few common innovation trends are rising to the top.

A Digital Payment Option for Every Need

Merchants are looking to enable new digital shopping experiences, including curbside pickup, buy online and pick up in-store (BOPIS), and more advanced commerce experiences like scan-and-go. As the enablement of contactless payments continues to gain steam, payment methods like installment payments, pay by ACH and QR code-based payments will see new levels of consumer adoption.

Merchants have also shown a keen interest in making digital commerce and payment options available to all customers — best epitomized by grocers’ recent rush to accept online EBT payments for the first time.

Payment choice is becoming a key differentiator to creating positive consumer experiences, and the ability to connect each experience into a single omnicommerce strategy will allow businesses to create increased value for their consumers.

Growing Demand for Digital Payouts

Just as changing consumer behaviors are accelerating the adoption of digital commerce, they are also creating a greater demand for digital payout methods. The digital disbursement of funds enables businesses to move money with the same flexibility, convenience and positive experiences created by digital commerce — while enabling contactless interactions and instant funds delivery.

Emerging use cases for digital disbursements include digitizing tip payments from employers to waitstaff, claims payments from insurers to claimants and winnings from casinos to players.

Security Can’t Be Ignored

A result of the acceleration of digital commerce is that security and fraud risks will become more pervasive and complex, and cybersecurity resilience will become a significant lever of competitive advantage for many businesses in a digitally-enabled future.

As our clients embrace this digital commerce revolution, they understand that securing their customers’ transactions with innovative fraud solutions is fundamental to their ability to deliver on the digital commerce experiences today’s consumer is demanding.

——————————

LIVE PYMNTS TV OCTOBER SERIES: POWERING THE DIGITAL SHIFT – B2B PAYMENTS 2021 

Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

TRENDING RIGHT NOW