Speed, convenience and security for personal information. That’s what consumers want at checkout, according to new research. But with the rapid rate of change in personal technology, what do consumers expect today in stores? And how can merchants optimize the experience and keep their customers coming back?
Understand what’s happening in the mind of consumers at the checkout counter and get reactions from merchants in the findings from a new survey, “Emerging Trends at the Point of Sale.”
Data shows that consumers currently prefer to insert their credit and debit EMV chip cards and almost everyone has their card readily available when it’s time to pay. Contactless and digital are starting to see traction and present an opportunity for merchants to take the lead in industry change by helping consumers see how these methods best meet their needs.
Contactless is the leading emerging payment technology in the U.S. because it’s fast and easy to use. Interestingly, data shows that consumer age plays an important role in adoption of this technology. For younger generations, their general comfort with technology is a key factor to help shift merchants towards contactless. While older consumers are more likely to report they’ve been using contactless payments longer, they also don’t use these cards as often or believe them to be as secure as the younger set. And the youngest consumers in our study, Generation Z, are evidence of what is to come for the point of purchase landscape: 65% describe contactless as a must have.
Consumers expect merchants to protect their personal information, and they expect payment technology to work well every time. If these expectations aren’t met, consumers are willing to stop shopping with a merchant that disappoints them.
Security is the top attribute for merchants in selecting payment hardware for their business, the survey shows. Other important attributes include ease of use for staff, versatility, ease of implementation and transaction fees.
Their card was not accepted
Their card information was stolen
Their identity was stolen
Security is the leading factor for consumers when it comes to selecting a payment method in general, but the data shows this is particularly true for contactless payment. Contactless payments made with credit/debit cards or digital wallets are as secure as contact chip payments. However, consumer perceptions don’t match that reality, with 73% of consumers saying that security stands in the way of rapid contactless adoption.
