As retail sales continue to experience a challenging period, it is estimated that utilising PIS as a payment method this Christmas could save up to 80% of the cost per online transaction, according to open banking provider Yolt Technology Services.
It comes as the retail sector continues to shift online, something that was accelerated by the events of 2020 and appears to show no signs of slowing down into 2021.
Leon Muis, Chief Business Officer at Yolt Technology Services, commented: “Retailers already using PIS will have been in a better place to cope with the Christmas surge and adapt quicker to the changes brought on by the pandemic, with more consumers than ever making purchases from home rather than the high street.
“Those retailers who can offer the best digital experience will come out best and PIS will be playing an important role in helping retailers deliver an efficient and faster process for consumers, while saving money at the same time.
“With the shift to digital services during the pandemic expected to become a long-term behaviour amongst consumers, PIS and open banking will only become more important.
“As a result, many customers may quickly start to see PIS from being an accessory to a necessity in their everyday shopping. Retailers who don’t embrace PIS may find themselves losing not just on saving costs but on sales themselves, with retailers using PIS having a significant competitive edge in offering the optimal online experience for consumers.”
Expert Analysis: This research further underlines the potential of open banking in elevating payment transaction and commerce journeys. Building on a period that has seen the elevated digitalisation of the industry, collaborations between open banking and payments have never been so important.