Added Value Benefits
According to an Accenture study, 88% of consumers who use digital options to pay bills are satisfied by the service. But aside from convenience, consumers also see more benefits in using digital payment channels.
Millennials and Generation Xers in particular are motivated by the ancillary features — electronic loyalty rewards, discounts, account alerts and receipts. An OpenMarket study found that 76% of Millennials prefer to receive texts over calls from companies — it’s less invasive, more personal and makes them feel valued. They’re accustomed to swipes and clicks, not calls and meetings. 59% receive text account information, payment reminders, and fraud alerts. And 62% receive text product offers or coupons.
Why is engaging a younger audience so important? The Millennial generation plays a major role in driving the recent changes in payment processing. Making up about one-fourth of the US population, Millennials outnumber Baby Boomers and they’re three times the size of Generation X.
Millennial influence cannot be ignored.
The Customer Experience
It’s not that payment functions are broken — cash is accepted, cards swipe, chips insert and taps pay. But ancillary features are the game changers. Digital payments breathe new life into paper and plastic, giving your customers control over their account balances, product offers, loyalty and rewards. Ongoing technology advances will soon make it possible to connect with your customers before, during and after their purchases.
Digital payments provide a convenient, affordable way for consumers to transact and manage their money. But the value delivered beyond the payments transaction is your competitive edge — an opportunity to control the overall customer experience, and to ensure that payment methods seamlessly integrate into your customers’ everyday lifestyle.
For more information about First Data digital payment solutions, please submit your questions and comments.