Verifone Study into Consumer Attitudes in the
UK Shows Growing Familiarity with Broader Ways to Pay and Changing
Expectations of Retailers
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Verifone (NYSE:PAY), today announced the findings of its UK
consumer study that shows how British shoppers are taking to new
technologies enthusiastically as they browse and pay for goods and
services. Yet with these advances and choices comes a need for
retailers to offer promotions and incentives consistently across
all channels to maintain brand loyalty and provide positive
experiences to their customers, according to the study.
FAMILIARITY WITH NEW PAYMENT METHODS ON THE RISE
Overall, it found that familiarity with new payment methods is
rising; 38 percent of respondents in London were either very or
somewhat familiar with contactless payments, and 21 percent were
very or somewhat familiar with mobile wallets. Yet cash remains the
primary choice of payment in the UK for 65 percent of the
respondents, followed by chip and PIN transactions and online
payment methods.
Conducted among 1,085 UK adults last month by Censuswide, the
survey gives a view of consumer attitudes toward in-store and
online shopping experiences, and how they want to be treated by
retailers. It also examined the extent to which the application of
new technology in retail environments has shifted expectations and
customer satisfaction.
The effect of the rising prominence of technology in retail
experiences is clear, with 56 percent of respondents saying the
breadth of new ways to pay in-store is important to them. Three out
of 10 supported improvements made in the range of payment methods
at the point of sale, while 32 percent saw mobile applications that
stored card details as important or very important.
The results also show that e-commerce continues to evolve and
bring new opportunities to retailers, with in-store (75 percent)
and online (72 percent) shopping now practically equal in
popularity. However, only 10 percent of respondents had shopped by
mobile phone. And, the same number said they now expect less human
interaction because of new technology, showing that the personal
touch remains crucial to the retail experience.
NEW TECHNOLOGIES, NEW EXPECTATIONS
The introduction of more technology has also shifted
expectations, with consumers wanting retailers to use it to enhance
their marketing and the way discounts are offered. Better sales
promotions or discounts are now expected by 35 percent of
respondents in exchange for their loyalty through a more connected
approach to commerce, and 32 percent expect to be treated
consistently across all payment methods, marketing channels and
whether shopping in-store or online.
“We are seeing UK consumers begin to take to new technologies
with enthusiasm, indicating that mass adoption won’t be far away,”
said June Felix, President of Europe for Verifone. “However,
shoppers also want to feel that retailers value and understand them
more because of these technologies. Therefore, it’s imperative for
these new technologies to provide a connected commerce experience
that is clear and relevant to the consumer. Otherwise, retailers
risk frustrating and even eroding trust with their customers.”
IMPROVE THE EXPERIENCE WITHOUT COMPROMISING SECURITY
“Security has become a primary and integral part of that
experience both for e-commerce and in-store, with retailers
expected to assure the same level of protection wherever or however
people shop. The age of the customer is also a consideration. We
found that the older a person is, the more worried they are that
their shopping will lead to a personal data breach or fraud.
Retailers need to find ways to continue to improve the retail
experience and in particular reduce wait times—without compromising
security in any way,” she said.
Other key survey data include:
- Online shopping has become ingrained in
daily life, with 81 percent of respondents inputting card details
online regularly or fairly regularly
- Loyalty card schemes have a huge impact
on meeting consumer needs, with 78 percent rating them as important
in improving the way they shop. Point of sale technologies and
processes will need to become more integrated with marketing and
promotional benefits in order to sustain customer loyalty between
purchases
- When asked about what factors most
contributed to a negative shopping experience, 73 percent cited
having to queue to pay, while 75 percent indicated price as the
biggest factor in a happy shopping experience
- Although 49 percent believed speed of
purchase was more important than security in-store, security of
online transactions was seen as more important, for 35 percent,
than speed of purchase
- Simplicity with assured security is
important, as 23 percent said payment devices being easy to use was
their primary concern
LEARN MORE AT RBTE 2015
To learn more about these findings, visit Verifone (Stand 450)
at RBTE 2015 (Retail Business Technology Expo).
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's current
expectations or beliefs and on currently available competitive,
financial and economic data and are subject to uncertainty and
changes in circumstances. Actual results may vary materially from
those expressed or implied by the forward-looking statements herein
due to changes in economic, business, competitive, technological
and/or regulatory factors, and other risks and uncertainties
affecting the operation of the business of VeriFone Systems, Inc.,
including many factors beyond our control. These risks and
uncertainties include, but are not limited to, those associated
with: market acceptance of our product and services offerings,
execution of our strategic plan and business initiatives and
whether the expected benefits of our plan and initiatives are
achieved, short product cycles and rapidly changing technologies,
our ability to maintain competitive leadership position with
respect to our payment solution offerings, our assumptions,
judgments and estimates regarding the impact on our business of the
continued uncertainty in the global economic environment and
financial markets, our ability to successfully integrate acquired
businesses into our business and operations, our ability to protect
against fraud, the status of our relationship with and condition of
third parties such as our contract manufacturers, distributors and
key suppliers upon whom we rely in the conduct of our business, our
dependence on a limited number of customers, the conduct of our
business and operations internationally, our ability to effectively
hedge our exposure to foreign currency exchange rate fluctuations,
and our dependence on a limited number of key employees. For a
further list and description of the risks and uncertainties
affecting the operations of our business, see our filings with the
Securities and Exchange Commission, including our annual report on
Form 10-K and our quarterly reports on Form 10-Q. The
forward-looking statements speak only as of the date such
statements are made. Verifone is under no obligation to, and
expressly disclaims any obligation to, update or alter its
forward-looking statements, whether as a result of new information,
future events, changes in assumptions or otherwise.
About Verifone (www.verifone.com)
Verifone is transforming everyday transactions into
opportunities for connected commerce. We’re connecting more than 27
million payment devices to the cloud—merging the online and
in-store shopping experience and creating the next generation of
digital engagement between merchants and consumers. We are built on
a 30-year history of uncompromised security. Our people are known
as trusted experts that work with our clients and partners, helping
to solve their most complex payments challenges. We have clients
and partners in more than 150 countries, including the world’s
best-known retail brands, financial institutions and payment
providers.
Verifone.com | (NYSE:PAY) | @verifone
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Verifone, Inc.Laurel Wolfe, +44
(0)1895-275178Laurel_W1@verifone.com
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