New research shows Singapore businesses are actively leveraging payment insights to drive business decisions, manage risk and increase loyalty
- Media OutReach - 12
September 2019 - Retailers are leveraging payments to create
shopping journeys that increase customer loyalty and engagement. This is
according to a new IDC research survey commissioned by Adyen, the payments platform of choice for many
of the world's leading companies.
"A commonly held belief is that
payment innovation is about a new way for customers to pay. For example, the addition of new payment
wallets or the acceptance of new devices," said Michael Yeo, Senior Research
Manager, IDC. "In truth, payment innovation
is about the use of technology to build experiences like endless aisles for
customers across online, mobile and in-store.
Businesses who understand that payment can be a strategic business
enabler will win the battle for the shopper."
In the latest
research, Payments Culture in Singapore: How Businesses Must Transform,
which studies the local payment landscape, IDC identifies 3 important pillars
for building a frictionless customer experience:
The Use of Payment Data as an Identifier -- Payment data is now a strategic business enabler, connecting
customers across channels. 39% of businesses are able to, and do, identify their customers via
payment methods. This allows them to
offer additional experiences across online, mobile and in-store experiences to
The Use of a Single Payment Platform Across Channels - 93% of businesses who use a combined payment platform noted that
doing so accelerated the identification of friction points in a customer's journey to the checkout. The ability to quickly identify and fix key
friction points drives additional revenues -- for example, past research from
Adyen shows that 89% of Singapore customers have walked away from a purchase
due to long lines. Retailers can use
queue 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 to
rise, merchants are beginning to invest in technologies to reduce friction in
the payment process. The research shows 53% of merchants are already offering
seamless payment journeys through the use of one-click ordering and auto
renewals for recurring payments. 63%
offer swipe or tap contactless type payments for in-store transactions. IDC and
Adyen believe that more can be done to reduce payment friction.
"Adyen has always believed that
payments can be the glue to create new shopper journeys. For businesses, it's no longer enough just to be present in
various online and offline channels, it's now about how relevant you are to
shoppers," Warren Hayashi, President, Adyen,
Asia-Pacific. "To succeed, businesses
must consider the relevance of the payment methods they're offering to
customers. Are your customers time-starved
-- are they "tokenizing" their cards to enable faster
checkouts? Are they gadget friendly -- using smart watches to pay or using their phones to take public
transport? The shopper has already decided to purchase an item, don't let a bad
payments experience make them walk away."
 Preliminary findings of an on-going survey on
payments, "Payments Culture in Singapore: How Businesses Must Transform." This
is based on a final sample size of 375 businesses in APAC as of September 2019,
of which the preliminary results represent 30% in Singapore.
Adyen (AMS: ADYEN) is the
payments 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 delivers
frictionless payments across online, mobile, and in-store channels. With
offices 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.