A new white paper from global security technology group and paytech leader Giesecke + Devrient explains why the world of phygital payments is already with us, and how banks and payments companies should respond to best serve user needs in this new environment.
Around the world, consumers are blending the convenience, security and flexibility of different payment methods in a single physical and digital experience – the phygital payment.
In Phygital payments are here. Are you ready?, Giesecke + Devrient outline a range of different phygital payment realities, from payment cards managed via an app through to new authentication technologies that blend contactless payment cards with mobile devices to deliver fast, smooth online verification.
The white paper also considers moves by digital-first brands such as Apple, Amazon, N26 and more to offer physical payment experiences, and how these phygital payment forms help to build consumer awareness and trust in digital-first brands.
What’s more, the combination of powerful, flexible payment instruments that combine physical and digital elements to deliver the phygital experience – such as biometric cards that onboard users with digital devices, tap-on-phone payments and others – also enhance customer loyalty.
Consumers love phygital payments because they combine the speed and convenience of digital with the trust and assurance of physical payments, cutting cart abandonment and authentication times online, while reducing hassles such as queuing for checkouts and searching for cash in the physical environment.
Given this popularity, Giesecke + Devrient argue banks should be using phygital payments to build customer loyalty and trust, and enhance their profitability at a time when KPMG report the profitability of retail banking has more than halved in the last decade.
Finally, the white paper sets out the steps banks should take to meet consumer expectations in phygital, from more versatile and attractive card products through to upgraded, mobile-optimised apps, greater automation, biometric security features and systemic upgrades that speed up time to market and improve product adoption by phygital consumers.
To take your place in the phygital present, download the new white paper from Giesecke + Devrient now
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