A recent Smart Insights report called ‘Invisible payments key to omni-channel commerce’ by Intelling, a consultancy based in Marseille, France, reveals a detailed analysis of the emerging invisible payments market segment. Invisible payments mean reducing the payments experience for consumers to the minimum amount of effort, while maintaining the highest levels of security, authentication and trust.
According to the report, many activities will be moved to the back-end and at the same time processes will become even more automated, leading the consumer to complete a payment without even noticing it.
The report forecasts payments mix of electronic transactions (in billion transactions), retail sales (in-store, mCommerce and eCommerce) and retail sales’ payment mix (in EUR trillion) from 2016 until 2021. Total electronic transactions are forecasted to reach 721.3 billion by the end of 2016 of the forecast period. Invisible payments’ adoption during the forecast period are analyzed in five regions (Asia, CEMEA, Latin America, North America and Western Europe).
“Invisible payments are about to revolutionize the payments industry,” said Thierry Spanjaard, CEO, Smart Insights. “Invisible payments will mostly be processed in the cloud, with automation of identification and authentication phases. After succeeding in making the smart card the most common playing tool, the secure transaction industry introduced mobile payments and is now shifting without any physical support.”
Silvana Pintao, industry analyst for Smart Insights and author of the report, adds: “Invisible payment is about to make payments frictionless and frustration-free for all stakeholders. New solutions must build on client-centric innovation, while building the foundations to persecute an omni-channel commerce strategy.”