In a bid to unearth new means to ease the customer journey, JCB and Worldline have launched a new whitepaper seeking to empower European merchants. 

Both payments companies found that frictionless payment methods are hampering the customer journey as the most common cause of a downfall in loyalty and an uptick in cart abandonment, two foremost concerns for retail merchants. 

The research found that convenience, speed and security are critical in ensuring a frictionless payment journey. 

Millennials and Gen Z customers will make up to 72% of the global workforce by 2029, according to the whitepaper and therefore their payment requirements will need to be met now in order to secure future growth. It found that 22% of Gen Z customers will abandon purchases if they are forced to make an account on a merchants website. 

JCB and Worldline revealed the key components that make a frictionless payment journey; seamless integration, payment options, transparency and fewer steps to complete. 

Ray Shinzawa, Managing Director of JCB International (Europe), commented: “At JCB, we are committed to providing our cardmembers with the best possible payments experience and we are keen to share our knowledge. 

“We hope that this guide will equip merchants with the information and insights needed to understand both the ‘why’ behind frictionless payments’ role in commerce today, and the ‘how’ when it comes to implementing an approach that yields results, grows your business, and meets the expectations of your customers.”

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Whilst outlining the steps to ensure a non-friction path, Worldline eased concerns on how to adopt technologies to make this journey easier. 

The report outlined that tokenisation is easing security fears by securely storing personal information, such as card details in an instant, whereas NFC tag payments are rising in prominence as they are quick and flexible. 

Unsurprisingly, the rise of Artificial Intelligence models are becoming increasingly sophisticated and therefore enabling faster payments and combating against potential security and fraud risks, as highlighted by Worldline. 

Biometrics are also becoming the predominant means for security log-ins. The report reveals that between 2020 and 2025, contactless mobile payments using biometrics will rise by 520%. 

Miranda Rodigas, Head of Scheme Management, Worldline Merchant Services, said: “Worldline is committed to enhancing the payment experience for merchants and consumers alike. Our partnership with JCB in contributing to this new whitepaper signifies our dedication to ensuring European merchants have the resources and expertise needed to facilitate seamless payments for international consumers. 

“By sharing our industry-leading insights and practical steps for merchants, we aim to empower businesses to capitalise on the trend towards frictionless payments, ultimately boosting sales and customer satisfaction.”

By publishing the guide, JCB aims to showcase that the adoption of new technologies and practices can reduce the steps needed in the transaction journey, while maintaining a secure process for both customers and merchants. 

Merchants who embrace these solutions and stay attuned to their customers’ needs can expect to flourish in the fast-paced digital economy.