In 2024, businesses are expected to process $8 trillion in frictionless payments globally.(*1). The preference towards frictionless payments is forecasted to grow by 22.4% in the coming years among Asian card members.(*2). The new whitepaper shares expert tips for European merchants on how to capitalise on this trend and increase sales by catering for the needs of international shoppers.
JCB, with the support of Worldline, a global leader in payment services, has launched a new whitepaper aimed at empowering European merchants to explore the opportunities and tackle challenges surrounding frictionless payments. Merchants will be able to benefit from improved customer loyalty and, ultimately, revenue by applying some of the practical steps listed, within this guide. This, in turn, will positively impact international consumers, as their payment experience will be simpler and more streamlined, giving them more confidence to shop with international brands.
The volume of non-cash transactions market is expected to continue its upward trajectory, with digital and mobile wallets, credit cards, debit cards, and bank transfers being the most frequently used payment methods both at point of sale and in e-commerce settings already.(*3)
In addition, Millennials and Gen Z will constitute 72% of the global workforce by 2029.(*4) As they have grown up in an era where nearly everything is instantly accessible, they anticipate seamless experiences and European merchants must be prepared to meet their expectations. Businesses that implement effective frictionless payment experiences can, amongst other things, benefit from reduced shopping cart abandonment.
By combining industry research, data, and proprietary insights, JCB and Worldline shared their views of how merchants can effectively create a frictionless payment journey for their customers, reflecting on the growing demand for frictionless payments among Asian consumers. As a result, this guide aims to provide actionable steps for European merchants who want to keep up with the expectations of a society that values speed and convenience, and who want greater access to new technologies and secure transaction processes.
In addition, JCB emphasises the importance of merchants understanding their customer base to facilitate greater payment experiences especially in the travel industry. Tourism is a significant source of income for merchants, and the expectations for frictionless payments are high. This is especially crucial for Asian travellers, as language barriers and unfamiliar payment systems can pose potential obstacles. Offering mobile or contactless payments, supported by a transparent and secure process, can eliminate these barriers and provide the hassle-free experience that tourists seek.
By publishing this 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 thrive in today’s fast-paced digital economy, while international travellers are able to experience a truly frictionless payment journey.
Download and read the whitepaper here.
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Worldline powers the growth of over one million businesses around the world. Worldline generated a 4.6 billion euros revenue in 2023.
JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 49 million merchants around the world. JCB Cards are now issued mainly in Asian countries and territories, with more than 158 million card members. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase its merchant coverage and card member base.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
