New Means Of Payment: New Consumer Expectations

With the evolution of digital tools and digitalization in general, retailers are facing a transformation of the Retail sector. Retailers are implementing increasingly varied solutions in stores to meet the needs and expectations of increasingly demanding consumers.

The emergence of new means of payment and the use of new functionalities and digital tools are accelerating the process of change, and the market must deal with it by adapting to it as quickly as possible. Several questions then arise as to the strategy to adopt in the face of this sudden acceleration of consumer lifestyles.

How do retailers meet consumer expectations about new payment methods?

Payment methods

For retailers, offering different payment methods can be a competitive advantage. This makes it possible to target a wide audience regardless of their payment expectations. For this, it is necessary to use appropriate technologies to accept different means of payment.


The emergence of new technologies, coupled with consumer expectations, has given rise to a diversification of payment solutions. Indeed, more and more means have been put in place by retailers to offer consumers different payment methods. A challenge that seemed complicated a few years ago, is essential today because the diversification of payment solutions, in particular by its simplicity and speed, allows a certain loyalty of the customer. A customer will be more tempted to go to a store offering several means of payment than to a store that only accepts cash, for example. Today, some means of payment are already installed in consumer lifestyles.

Among them, contactless payment is the most widely used. This is explained by the ease of payment as well as the speed which requires much less time than inserting your credit card or paying in cash. Indeed, the solutions offered via contactless payment are multiple. It is possible to make a payment via your mobile phone or directly via a smart card. It is a fast and secure solution because on the one hand, it does not require merchants to stock cash at the checkout and, on the other hand, in the event of fraud linked to contactless payments, the payment is then guaranteed by the bank.

There are also online payment platforms that address the issue of time during transactions. The customer can then transfer money to an online account very quickly and securely.

Mobile applications have emerged with the explosion of mobile users. This solution has evolved to better meet user needs


In addition to the payment solutions already mentioned, others have been put in place to respond to the modernity of society and new technologies. More modern payment methods can be sensitive in terms of security.

The “Buy now, pay later” system makes it possible to better meet customer expectations. This functionality is used more and more and helps to establish a relationship of trust between the retailer and the consumer. Regarding the e-commerce shopping experience, this functionality could in the future become a standard offering to each customer. However, it will still be necessary to control the indebtedness and the resulting payment margins.

Other payment solutions will surely emerge shortly. The challenge for retailers is to anticipate new trends and offer more secure means of payment in the future.

Consumer expectations 

The evolution of technology and lifestyles have had the effect of increasing the expectations of consumers, who today are seen as consumer actors because they are more and more involved in the process of buying products. end to end.


Convenience is one of the major expectations of consumers. Indeed, the simplicity and speed of payment are criteria that can act as competitive advantages.


In addition to practicality, there are rewards and consumer loyalty. Customer loyalty is a subject that continues to evolve, strongly impacting customer


What would be the use of the diversification of means of payment if they are not secure and safe? The more a technology used is modern and almost “unknown” to the public, the more consumers will be reluctant to use it. Indeed, consumers fear the unknown and the increase in fraud confirms their doubts. This is why payment security is today a very sensitive subject that must be taken into account in the purchasing process.

There are many other expectations on the part of consumers such as the diversification of payment solutions within a store. The development of different technologies will result in changing consumer expectations.

Challenges for retailers

The new means of payment come with new challenges for retailers who must expand their offer and provide total transparency to their customers regarding the measures to protect their data.


Customers today “discussed extensively their desire to see merchants equip themselves with new payment systems”.

However, what we observe is that there is still a great disparity between retailers: those who can offer a range of choices in terms of means of payment to their customers and those whose offer of payment method is very limited. This difference is reflected in the behavior of customers, who instinctively turn to retailers who offer them this flexibility in terms of means of payment.

Faced with this pressure imposed by customers, retailers have no choice but to align themselves and invest in new payment solutions. Without this, the risk of losing market share would be great.


If the innovation of means of payment allows customers to have a wide choice of payment methods and to improve their customer experience, it also generates new frauds and scams. Who says innovation says new frauds

Two protocols exist:

Strong Customer Authentication (SCA): technology that allows customers to authenticate using a passphrase, facial or voice recognition, or via an object they own (tablet, smartphone).

3D Secure 2 (3DS2): allows the customer’s identity to be verified via a code received by text message and/or validation via a banking application.

In short, we have seen that today the trend and the wishes of consumers tend toward digital and online payment solutions. Faced with this growth in the use of new means of payment, there are many advantages for the consumer: fluidity, simplicity, and a better shopping experience.

These new means of online payment also come with new risks of fraud. Faced with this, new regulatory measures and protocols are put in place to close security gaps.

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