How are Retailers Building Connected Experiences Through Omnichannel?Nov 07,2022
As convenience and personalized shopping experiences continuously shape consumer behavior, retailers gravitate towards solidifying omnichannel strategies.
Worldline Rise 2021 India chapter is a global initiative powered by Worldline. The recently concluded event was based on 8th October 2021 was based on the theme ‘Driving Growth Through Innovation In Payments’ where industry leaders from across the spectrum of the payment value chain came together to discuss key developments in the ecosystem. Payment is one of the fastest-growing industries that thrive on innovation. We explore diverse aspects of this theme through insightful sessions and panel discussions.
The next segment of Worldline Rise India chapter featured a panel discussion on The Future Of Payments and how payment preferences of consumers are changing in the new normal. The list of panellists included Mihir Gandhi (Partner and Leader - Payment Transformation, PWC), Yezdi Lashkari (Founder, Flexmoney), Simone Lavicka (VP Strategy and Business Office, Worldline). The session was moderated by Usha Shankar (AVP and Head Platform Business, Worldline). Read on for more insights from the discussion.
There are a few trends observed in the payment space. They are:
As consumers get comfortable with online shopping and digital transactions, merchants are channelling mobile commerce and offering a wholesome experience on social media platforms like WhatsApp, Instagram, and Facebook. This is likely to be a game-changer with the rising number of mobile users in the country.
India has just launched the account aggregator framework, an open banking architecture. The move has been much appreciated for helping financial inclusion and enabling pocket-sized payment options for a wider population. The account aggregator model is bound to change the way we look at payments.
On the other hand, blockchain is gradually being rolled out in use cases like cross-border remittance and Central Bank Digital Currency (CBDC). However, large-scale adoption of this technology will happen over a period of time.
In countries like India and other Asian countries, there has been a visible shift from cash to cashless payments accelerated by the pandemic, UPI (United Payments Interface) being the classic example. That being said, the payment space is going to look completely different 10 years from now due to digitisation.