XY Retail introduces its payment virtualisation service

Payment virtualisation simplifies the process of managing payments, as, instead of relying on traditional systems for in-store and online transactions, the technology combines them into a unified, digital platform through APIs. XY Retail’s approach intends to improve efficiency, minimise complexities, and offer a cohesive method for businesses to manage their payment processes in the current interconnected retail environment. As detailed in the press release, XY Retail found in a recent survey of 100 stores across 11 countries that 65% of transactions in 2023 used a payment processor. Also, the average amount of those transactions was 60% higher than transactions made with other payment methods.

By launching the Payment Virtualization Service, XY Retail focuses on enabling retailers to explore strategic options in optimising processing charges with different providers, supporting efficiency, and decreasing costs. Integrating the new service allows retail brands to provide their customers with more payment choices to improve the overall shopping experience, increase conversions, and remove locked-un payment processing. Additionally, the Payment Virtualization Service provides:

• Omnichannel reliability of payment options, online and offline;

• Effective management of multiple payment types, so the process of handling transactions is simplified for retailers;

• Convenient integration with any payment processor in a decreased amount of time to support the expansion to new markets;

• Removed locked-in payment processing due to complete payment virtualisation;

• Constant updates to software and technology to adhere to industry standards and ensure continued payment processing efficiency without additional costs.

Furthermore, officials from XY Retail stated that payment virtualisation allows the company to provide retailers with the autonomy to choose their preferred payment processors. The strategic flexibility assists in simplifying global expansion and improving customer experiences across the world. Additionally, XY Retail underlined its commitment to offering enhanced solutions that support retailers in their development strategy.

XY Retail is a unified commerce platform that intends to simplify retailers’ omnichannel operations, foster customer relationships, and improve the in-store experience for consumers and store associates. Brands globally integrated XY Retail’s API-enabled, mobile-first cloud platform to modernise their stores and manage their operations, including data decisioning, stock management, and order management.

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