Most have heard of the Amazon effect, and the Uber effect. It’s no secret that those tech behemoths are helping to shape consumer expectations about the ways we shop and pay — the whole continuum of action across transactions is streamlined, efficient and fast. If there’s one word that defines it all (what consumers and merchants want, and are pursuing in a world where omnichannel is a Holy Grail across brick-and-mortar and online activity), it would be “frictionless.”
In an interview with Karen Webster, Will Byrne, CEO of omnichannel solutions provider Worldnet Payments, pointed to what he termed the “Uberization of the payment experience.” There is no longer much tolerance, or enthusiasm, on the part of consumers for digging into one’s pocket to find money or a payment card, or doing the mental math (well, OK, a smartphone has a calculator) to figure out how much to tip a driver.
Listen to the full Podcast here