The acceleration of technological advancements is mirrored by the growth of efficiency within the payments journey.
Speaking to Payment Expert, MuchBetter co-founder Jens Bader emphasised that technological evolutions will be pivotal in enhancing the payments journey, especially as consumers continue to be driven by convenience.
He stated: “I believe what drives people, willingly or unwillingly, is convenience. People always look for the easiest way to do things.”
He went onto underline that taking this convenience to the mobile journey is crucial: “People are addicted and dependent on their mobiles, so building convenience onto the mobile journey is very important.
“I believe you see this in many areas, for instance how Uber came to the market and how easy it makes it to order and pay for a ride. When you get geolocated, you order your taxi and you pay all within on tap.
“We have seen the convenience driven approach across other industries, it’s the same in gaming, people like convenience. If there is an easier way of doing things, people will opt for that.”
When questioned on what implications this could have on safety and security, he added: “Wherever there is convenience, that usually means there is a trade off against safety and security. If you cut down certain processes that means you are eliminating some elements which are important to keep you safe and secure.
“There is technology that comes in like biometric authentication or voice identification for example, I believe with technology we can still reduce customer journeys, making it more convenient, but also maintain the same levels of safety and security.”