Adapting to the consumer's new payment preferences - the merchants' perspective part 2

Friday 29 October 2021 08:14 CET | Editor: Anda Kania | Interview

Seasoned payment managers from Jumia, Kinguin, Mango, TIDAL,, and Wayfair share their expertise in a bid to further support peer-to-peer knowledge and provide our readers with an in-depth view of the merchants’ payment strategies

What measures have you taken to adapt to the new payment preferences of your consumers? 

Sami Louali, EVP Financial Services, Jumia 

We keep on adding new payment methods to our portfolio of available providers, to make sure our customers can use their preferred payment method – for example a card, a bank account, or a mobile money account. Our objective is to offer all relevant local payment methods to our community. 

In addition to that, we have developed an instant refund solution in the form of a store credit for future purchases on Jumia. Our customers can choose to be refunded on their original payment instrument (e.g. their card) but it can take a few days, or they can opt for the store credit and get their money back instantaneously to use on our platform. The credit is then automatically debited from their next purchase. It is a significant improvement of the user experience. 

Faheem Bakshi, Vice President of Payments and Exchanges, Kinguin 

Vault Payment – We recently added Vault Payment via our Kinguin Payment Service 2.0, which is our API platform for payments. Customers, after choosing the Vault Payment option, do not have to input their credentials or credit card information on the second purchase. It results in faster checkout and an increase in conversion. After we enabled this feature, we saw traction resulting in organic conversion to Vault Payment. 

Crypto payments – We have had Bitcoin integrated since 2015, but recently we also added new cryptocurrencies like Ethereum, USDC Paxos standard, Gemini dollar, Binance USD, Ripple (XRP), and the famous Dogecoin (DOGE). 

Faster checkout – We see increased conversion after introducing fewer payment or checkout pages and having all information requested from customers in one page once the product is added to the basket. 

Mobile payment – We have observed not only that consumers are willing to pay via phone, but also that telecoms are moving from traditional SMS purchases and prepaid to billing. 

Buy Now, Pay Later – There are payment providers who make the upfront payment on behalf of the customer, and we as a platform receive the amount instantly upon purchase. Since we have a gaming audience, we have a great demand and we enable this feature as soon as our payment partner introduces it. 

Carlos Madrona, Internal Control & Compliance, Payment Methods and Fraud  Director, Mango

We are in the midst of creating an omnichannel payment experience. Because a client has to pay differently across channels, why has the same client different payment experiences in a different country? All these things are what we question and that is why in our transformation process we are developing an omnichannel payment environment in which the customers will decide how they want to pay and where – this of course, in a secure environment and with an optimal payment experience with the latest technologies while simplifying developments as much as possible. This way, we can alienate ourselves with this whole world that advances at a speed where it is really difficult to compete if you do not have good partners along the way. 

Melissa Gentile, Global Payments Manager, TIDAL

In response to these new preferences, TIDAL has taken great care in making sure we offer as many relevant and prominent payment methods as possible in as many regions as possible. We continue to expand these offerings as new ones emerge and as we continue to expand our global footprint as a company. 

Elena Emelyanova, Senior Payments and Fraud  Manager, 

The adaptation of payment preferences is a regular activity that every merchant should keep in practice. With flexible adaption to the changes in external environment, here are the top 4 measures we’ve been taking and move forward with: 

Talk to your customer: When you’re looking to get a better understanding of your customer’s needs, especially relating to a specific market or payment method group, questionnaires and feedback are of great help. 

Be friends with your Billing Customer Support team: Billing CS team is the first to know about any request, bug, or inconvenience in the payment flow, thus close collaboration between departments is extremely important. 

Listen to your industry colleagues: Although live networking has recently moved online, virtual industry conferences, online webinars, and roundtables are in high demand and add significant value to payments experts’ knowledge. 

Improve the checkout page UI/UX: Improve UI of the checkout page, a/b test variations of layouts, remove any extra steps if possible. Put the most preferred methods of your customers at the top. 

Attila Doğan,  Head of Product, Global  Payments & Fraud, Wayfair

At Wayfair, we are focused on creating the best possible shopping experience for home, and that includes making payments seamless. A lot of work has gone into building our proprietary payment orchestration layer for card payments but as for the earlier reference on the growing adoption of BNPL products, we offer at least one financing option in each of our markets – in most countries even more. Back in September 2020, Wayfair announced a long-term partnership to provide a new private label Wayfair Credit Card and co-brand Wayfair Mastercard which enables us to reward our loyal customers with more added perks and benefits. The payment methods we currently offer to our customers at Wayfair reflect the trends and preferences we are observing and measuring, and we’ll continue to explore opportunities to offer a best-in-class experience for our customers as mobile payment options continue to take market share. 

This is an excerpt  from our Payment Method Report 2021, a comprehensive overview of the payment methods in scope for 2021, as well as best practices for checkout optimisation and customer conversion by addressing digital transformation, security, and localisation. 

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Keywords: ecommerce, payment methods, retail, customer experience
Categories: Payments & Commerce | Ecommerce
Countries: World
This article is part of category

Payments & Commerce