Interview • 11.05.2020

Contactless? Cross-channel? Consumer-friendly?

Things to look for in a payment solution

Man in white shirt and dark sack
Source: Wirecard

Whether it’s e-commerce, point of sale, or mobile payment: we have to pay for our purchase. But what do customers want and expect from a payment solution? How can retailers meet these expectations and are self-checkouts really a faster option than standing in line?

Find out in this interview with Alexander Hahn, Vice President POS Retail Solutions, Wirecard Global Sales GmbH.

Mr. Hahn, what are the top - online and offline – payment trends?

Alexander Hahn: You have to look at this question from a consumer and a retailer perspective. Here is the consumer’s point of view: Cash is still king for European and especially German customers, though our love of plastic is also unbroken and going strong. However, our money habits are changing. NFC technology powers contactless payments, making them increasingly popular in the process. What’s nice here is that we simply hold our credit card or smartphone near a payment terminal to pay and don’t have to hand anything over to a cashier. This option has truly boosted the mobile payment segment.

It also forces retailers to take a more customer-centric approach. There is an ongoing rethinking process as customer expectations are changing. Consumers appreciate it if a cashier can also deliver stellar customer service on the sales floor. It boils down to multi-channel inventory shop management, which combines the checkout system with the retailer's product catalog – a cloud-based checkout system, so to speak.

How does Wirecard support retailers in times of digitization?

We offer over 55 payment methods serving online, POS, and mobile payment settings. We aim to offer retailers an ecosystem that’s international, one-stop, and across all channels pertaining to services and products. Recently, we have also become a credit card issuer and are licensed to issue our own credit cards. This means if retailers want their own credit card with a custom design, Wirecard can accommodate them and issue the card to the retailer's customers.

Contactless payment by smartphone with NFC
Source: PantherMedia / Ronalds Stikans

A custom design is a nice feature, but how does it benefit retailers to have their own credit card?

First, there are practical benefits for retailers: We are principal members and can supply card acceptance contracts. We also support all popular payment methods. Besides Visa and MasterCard, we hold acquiring/licensing contracts with American Express, JCB, Diners Club, and UnionPay. Retailers can also track when and where the card is being used.

The card can also be combined with loyalty programs, which provide incentives for loyal customers and drive customer acquisition: earn points, redeem coupons ...

Venturing into the future, will digitization cause traditional cash registers to vanish from retail stores?

I don’t think so. It pays to consider short-term, medium-term, and long-term developments. Consumer behavior won’t change drastically in the short term. That’s because consumers in Europe tend to be more conservative: “Old habits die hard," as the saying goes. Having said that, retailers should embrace alternative methods in the medium term: retail self-checkouts are increasingly popular due to perceived time savings and by allowing customers to take an active role. What’s funny is that this method isn’t actually faster than standing in line. It only feels that way because you are busy doing things. Scanning items yourself appeals to your sense of play, making the process seem to go faster. Checking out at individual department checkout points will also become more important. It goes along with extensive services and customer support as this is the perfect opportunity for retailers to cross-sell and send the customer home with a bigger shopping bag. Using the 20 minutes they might have to wait at the cash register, associates can offer the shirt a customer has picked in a different color. It's a way for retailers to provide more value to customers and serve them more in quality in the long term.

Interview: Katja Laska

related articles:

popular articles:

Thumbnail-Photo: Toshiba Launches New ELERA™ Security Suite to Address the Industry’s...
22.09.2023   #cashpoints #customer experience

Toshiba Launches New ELERA™ Security Suite to Address the Industry’s Challenges Around Shrink

Toshiba’s A.I.-powered solution empowers retailers across the globe to better manage loss prevention and protect profits

Security Suite from Toshiba Global Commerce Solutions empowers retailers to minimize shrink...

Thumbnail-Photo: The global state of autonomous stores
18.12.2023   #Tech in Retail #self-checkout systems

The global state of autonomous stores

The stores are located in various retail segments such as food retail, fashion, electronics, convenience stores and fast food.

In a highly competitive global retail landscape, autonomous stores are an emerging force that addresses changing consumer behaviors, reduces operational costs, improves profitability, and powers revenue growth strategies. Advancements in autonomous ...

Thumbnail-Photo: Unified Commerce Platform in focus
24.10.2023   #omnichannel #software developement

Unified Commerce Platform in focus

Handover at REMIRA: Dirk Bingler supersedes Stephan Unser as CEO

REMIRA is setting the course for future development of the company: On November 1, Dirk Bingler (48) will become the new CEO of the supply chain and omnichannel software expert headquartered in Dortmund. The previous CEO Stephan Unser (62) moves to ...

Thumbnail-Photo: MPREIS Transforms Operations with Zebra Workcloud Task Management™...
06.11.2023   #customer experience #software developement

MPREIS Transforms Operations with Zebra Workcloud Task Management™ Software Solution

Austrian food retailer to streamline communication in around 300 stores to improve staff engagement, inventory optimisation, and customer satisfaction

MPREIS has around 300 Austrian stores in regions across Tyrol...

Thumbnail-Photo: New German vending partner for ITL
30.11.2023   #Tech in Retail #cash management

New German vending partner for ITL

Innovative Technology (ITL) have recently announced Bernd Boddart as their latest trading partner

Bernd Boddart will be supplying their cash validation and biometric age verification solutions to the German vending market. Bernd Boddart, based in Mönchengladbach, Germany, have 30 years of experience in the field of coffee machines, table ...

Thumbnail-Photo: EuroCIS 2024: Go beyond today!
16.10.2023   #retail #Tech in Retail

EuroCIS 2024: Go beyond today!

27 to 29 February 2024 will see the Who’s Who of Europe’s retail technology sector meet in Düsseldorf

Go beyond today! EuroCIS at the end of February will once again show solutions and products for the retail of the future @Messe DüsseldorfIn late February, numerous companies will again exhibit solutions and products for retailers to shape and ...

Thumbnail-Photo: Out of Stock in Retail and innovative solutions to avoid them...
07.11.2023   #brick and mortar retail #customer satisfaction

Out of Stock in Retail and innovative solutions to avoid them

Due to various events, the availability of goods in retail will be increasingly restricted from 2022, with the result that customers cannot find in food retail the products they wish to buy, because those products are sold out, are temporarily ...

Thumbnail-Photo: EuroCIS 2024 - technology special
11.12.2023   #online trading #e-commerce

EuroCIS 2024 - technology special

The latest technology solutions and trends for you and the retail sector

At EuroCIS 2022 from February 27 to 29, 2024, the Leading Trade Fair for Retail Technology, we will be looking at all the important and current topics relating to technology in retail: AI and Machine Learning, Payment, Connected Retail, Seamless Store and Smart Energy Management and many more.

Thumbnail-Photo: Nedap teams with Foot Locker to extend RFID project...
05.10.2023   #omnichannel #software applications

Nedap teams with Foot Locker to extend RFID project

Foot Locker successfully matches supply and demand in newly opened stores in Eastern Europe using RFID technology

Nedap the global leader in RFID solutions, announces that multi-brand sports fashion and apparel retailer Foot Locker has successfully extended Nedap iD Cloud to its new, Eastern European stores. The objective is to offer the best possible ...

Supplier

Innovative Technology Ltd.
Innovative Technology Ltd.
Innovative Business Park
OL1 4EQ Oldham
Captana GmbH
Captana GmbH
Bundesstraße 16
77955 Ettenheim
Zebra Technologies Germany GmbH
Zebra Technologies Germany GmbH
Ernst-Dietrich-Platz 2
40882 Ratingen
REMIRA Group GmbH
REMIRA Group GmbH
Phoenixplatz 2
44263 Dortmund