The Payments Gap: Why Online Payments Still Frustrate Consumers and Merchants

 

The Payments Gap: Why Online Payments Still Frustrate Consumers and Merchants

Report Payment Experience Playbook, published by TrueLayer (truelayer.com) about how to improve the online payment experience for customers and merchants. It is based on surveys, interviews, and focus groups with consumers and businesses in different countries and industries. 

The report covers four main topics:

Payment experiences aren't living up to consumer expectations


The report identifies a "payments gap" between what customers want and what they get when they pay online.

It shows that consumers are frustrated with authentication, payment method selection, and hidden fees, while merchants face challenges in integrating new payment technologies, balancing security and convenience, and choosing the right payment partners.

It also outlines the four key themes for a optimal payment experience:

  • Security
  • Trust
  • Speed
  • Convenience

How to find the right payment tech partners


The report provides advice on how to choose and work with payment technology suppliers that can help merchants improve their payment flows. It suggests looking for partners that can offer clear options, flexibility, data-driven recommendations, prototypes, best practices, and ongoing support. It also highlights the importance of building long-term relationships with suppliers and connecting stakeholders in both businesses.

Balancing security and convenience in the payment experience

The report discusses the impact of Strong Customer Authentication (SCA) on conversion rates and customer satisfaction. It shows that while consumers value security, they also dislike friction when paying³[3]. It suggests that merchants can benefit from SCA by enhancing trust from consumers, reworking their payment flows, and switching to digital-native payments such as open banking. It also provides examples of how to balance security and convenience in different sectors such as ecommerce, iGaming, and financial services.

How to harness open banking in your payment experience

The report explains what open banking payments are and how they can solve many of the problems faced by consumers and merchants. It shows that consumers are familiar and comfortable with open banking payments, which offer a secure, fast, convenient, and low-cost payment method that is compliant with SCA. It also provides examples and advice on how to use open banking in different sectors such as ecommerce, iGaming, financial services, and crypto investing.

The report concludes by emphasizing the importance of designing a great payment experience that fulfills the customer expectations of security, trust, speed and convenience. It also urges merchants to be data-driven, customer-focused, and innovative in their payment strategies.


To learn more about Bankable API and how it can benefit your business, visit their website at www.bankableapi.com. With its cutting-edge technology and innovative approach, Bankable API is the future of banking, and it's here now. Don't miss out on the opportunity to join the ranks of their satisfied customers and partners and see the transformative power of Bankable API for yourself.

 
Bankable API is a revolutionary new solution that is set to change the way banks and third parties connect and do business. Bankable API is a cutting-edge and innovative solution that has the potential to significantly impact the banking industry. 
 
Keywords: Fintech, API marketplace, Open finance, Open data, Developer experience, Bankableapi, API, APIMarketplace, Enterprise-grade API ecosystem enabler, API security, Banking, Finance, Technology, Islamic finance, Global, Europe, UK, UAE, Dubai, Abu Dhabi, Qatar, Saudi Arabia, Middle East, GCC, Arabic, Oil and gas, real estate, tourism, GITEX, Dubai World Trade Center, Gulf Cooperation Council

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