New research shows Singapore businesses are actively leveraging payment insights to drive business decisions, manage risk and increase loyalty

SINGAPORE- Media OutReach - 12September 2019 - Retailers are leveraging payments to createshopping journeys that increase customer loyalty and engagement. This isaccording to a new IDC research survey commissioned by Adyen, the payments platform of choice for manyof the world's leading companies.

"A commonly held belief is thatpayment innovation is about a new way for customers to pay.  For example, the addition of new paymentwallets or the acceptance of new devices," said Michael Yeo, Senior ResearchManager, IDC.  "In truth, payment innovationis about the use of technology to build experiences like endless aisles forcustomers across online, mobile and in-store. Businesses who understand that payment can be a strategic businessenabler will win the battle for the shopper."

In the latestresearch, Payments Culture in Singapore: How Businesses Must Transform,which studies the local payment landscape, IDC identifies 3 important pillarsfor building a frictionless customer experience: 


*      The Use of Payment Data as an Identifier -- Payment data is now a strategic business enabler, connectingcustomers across channels.  39% of businesses are able to, and do, identify their customers viapayment methods.  This allows them tooffer additional experiences across online, mobile and in-store experiences tobuild loyalty. 

*      The Use of a Single Payment Platform Across Channels - 93% of businesses who use a combined payment platform noted thatdoing so accelerated the identification of friction points in a customer's journey to the checkout.  The ability to quickly identify and fix keyfriction points drives additional revenues -- for example, past research fromAdyen shows that 89% of Singapore customers have walked away from a purchasedue to long lines.  Retailers can usequeue busting techniques such as mobile point of sale systems to solve this.

*      The Use of Payments to Create Transformative Experiences for Customers -- As customers' expectations continue torise, merchants are beginning to invest in technologies to reduce friction inthe payment process. The research shows 53% of merchants are already offeringseamless payment journeys through the use of one-click ordering and autorenewals for recurring payments.  63%offer swipe or tap contactless type payments for in-store transactions. IDC andAdyen believe that more can be done to reduce payment friction.  

"Adyen has always believed thatpayments can be the glue to create new shopper journeys.  For businesses, it's no longer enough just to be present invarious online and offline channels, it's now about how relevant you are toshoppers," Warren Hayashi, President, Adyen,Asia-Pacific.  "To succeed, businessesmust consider the relevance of the payment methods they're offering tocustomers.  Are your customers time-starved-- are they "tokenizing" their cards to enable fastercheckouts?  Are they gadget friendly -- using smart watches to pay or using their phones to take publictransport? The shopper has already decided to purchase an item, don't let a badpayments experience make them walk away."

[1] Preliminary findings of an on-going survey onpayments, "Payments Culture in Singapore: How Businesses Must Transform." Thisis based on a final sample size of 375 businesses in APAC as of September 2019,of which the preliminary results represent 30% in Singapore.   

About Adyen

Adyen (AMS: ADYEN) is thepayments platform of choice for many of the world's leading companies,providing a modern end-to-end infrastructure connecting directly to Visa,Mastercard, and consumers' globally preferred payment methods. Adyen deliversfrictionless payments across online, mobile, and in-store channels. Withoffices across the world, Adyen serves customers including Facebook, Uber,Spotify, Singapore Airlines, Cathay Pacific, Grab, Klook, Lorna Jane, Freelancer.com,Kogan.com and the Cotton On Group.