Dive Brief:
- More companies are offering or enhancing their embedded payment options — such as buy now, pay later and digital wallets — to improve the checkout experience, according to a survey of 238 executives by PYMNTS Intelligence and Carat from Fiserv.
- Nearly three-quarters of marketplaces have enabled digital payment experiences to remain competitive, according to the survey. Among those marketplaces and independent software vendors that don’t currently offer digital payment capabilities, more than 3 in 5 plan to add them in the next 12 months.
- More than 7 in 10 payment facilitators say they offer embedded finance solutions that aim to improve the customer experience. Another 3 in 10 say enhancing CX is the most important factor in their current innovation pushes.
Dive Insight:
Consumer interest in embedded payment options are on the rise. As such payment options become more widespread, offered by retailers like Walmart and software giants like Google, payment providers are adding or expanding their embedded payment options to give consumers more choice.
Marketplaces and independent software vendors that already offer embedded payments are working to stay ahead. Three-quarters plan to enhance their existing options, according to the survey.
Lack of convenient payment options were highlighted as one of the digital pet peeves cited by Contentsquare in a December 2023 survey. The firm noted that one-click payment options, like digital wallets, improve the customer experience by making checkout frictionless.
“In our 2023 holiday survey, speed was critical to conversion, with 54% of respondents noting they will shop elsewhere if a website or app loads too slowly and 17% saying their primary frustration was with a lack of quick-purchase checkout options,” said Danielle Levitas, VP of Marketing at Contentsquare in an email to CX Dive. “These measures highlight the value of one-click payment options for brands to maximize revenue and provide a seamless experience for their customers.”
