Following this announcement, the new solution is expected to enable clients to optimise their payments strategy and checkout experience through the use of dedicated and secure access to functionality. This will drive revenue by expanding access to local clients, increasing loyalty, and reducing the overall cost of developing and managing an improved payment experience.
In addition, the company will continue to focus on meeting the needs, preferences, and demands of customers and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
For subscription-based businesses, the process of offering the right payment method at checkout and the features in place in order to optimise conversion and recurring payments are critical for the development of their solutions, as well as for optimising customer experience and retaining a competitive edge. In addition, with the subscription economy being projected to be worth USD 1 trillion by 2028, the opportunities and competition are rapidly increasing for businesses operating subscription models.
According to the official press release, the new Subscriptions for Local Payments is set to allow businesses to access multiple benefits. This includes the possibility to choose from several payment methods (including local payment methods and local cards such as Twint and Bancontact with native recurring functionality), feature flows that are fit for the subscription economy (this includes dedicated features that help cut down on free trial abuse, reduce transaction declines, allow flexible billing, make the onboarding process friction-free, and more), or the PPRO-signiture reccuring features (the features are set to improve schemes that don’t offer native recurring and to optimise the functionality to become subscription-ready). In addition, companies will be enabled to benefit from dedicated subscription expertise, which focuses on maximising conversion rates and minimising drop-offs.
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