Unlocking Payments To Enhance The Shopper Experience

This PSFK report looks at digital transformation in the payments sector and how it is changing the retail industry, exploring emerging trends such as the rise of mobile and contactless payments, the use of blockchain technology, and the increasing demand for seamless and personalized shopping experiences.

About This Report

The retail industry is rapidly evolving, driven by changes in consumer behavior and advancements in technology. As digital payments and new financing models continue to rise, retailers are looking for innovative solutions to meet the changing needs and expectations of their customers. This report explores the key trends and drivers of innovation in the payments space and how they are shaping the future of retail.

Executive Summary

This report provides an overview of the new payment trends that are revolutionizing the retail industry, including fractional ownership, bartering systems, value-generating transactions, rapid and decentralized finance, digital wallets, and seamless payments. By understanding these trends, retailers and brands can leverage new opportunities to monetize assets, engage with customers, and provide innovative ways to finance purchases.

What You’ll Learn from This Report on Innovation in Retail Payments

• What the acceleration of digital and contactless payments looks like three years out from the start of Covid-19, and how this has led to increased investment in digital payment infrastructure and the adoption of new technologies.
• Why consumer trust in digital payments is growing due to the use of advanced security technologies and the prevalence of mobile and online payments.
• How community-powered payments, driven by blockchain technology, are gaining popularity and prioritizing collaboration and shared values.
• Why the combination of data and personalization are enabling retailers to offer more tailored shopping experiences, leading to increased engagement and loyalty among consumers.
• How decentralization and the use of blockchain technology are removing intermediaries and providing faster, more secure, and transparent transactions.
• Why NFTs have the potential to serve as a new store of value and digital asset for consumers.

Who Prepared This Report?

This report on NYC retail was developed by the same PSFK research department that since 2004 has provided trends-led innovation consulting advice to Apple, BMW, Meta, Google, Microsoft, Samsung and Volkswagen.