JCB and Worldline have launched a whitepaper to help European merchants optimise frictionless payment systems for international consumers. It comes at a pivotal time with global frictionless payments expected to reach $8 trillion by 2024 including a 22.4% growth in demand from Asian cardholders.
The whitepaper offers practical steps to enhance customer loyalty and revenue by improving payment experiences for international shoppers. Non-cash transactions, including digital wallets and credit cards, are rising, driven by Millennials and Gen Z, who will form 72% of the global workforce by 2029. Effective frictionless payment systems are seen as key to reducing shopping cart abandonment with 22.3% of Gen Z are likely to abandon a purchase if they have to make an account on a merchant’s website.
Additionally, the whitepaper outlines four prominent technologies that can help create a more frictionless and secure experience for both merchants and consumers. These include Tokenization, NFC tag payments, AI and machine learning, and biometrics. Among its findings, it reveals that contactless mobile transactions secured by biometrics are expected to increase by over 520% between 2020 and 2025.
Ray Shinzawa, Managing Director of JCB International (Europe) Ltd., and Miranda Rodigas, Head of Scheme Management at Worldline Merchant Services, both emphasize that the whitepaper equips merchants with the knowledge to implement effective payment strategies, ensuring growth and customer satisfaction in the digital economy.
Read the whitepaper here
