EconomyFinancialElectronic payment platforms: the new challenge for businesses in...

Electronic payment platforms: the new challenge for businesses in Mexico

Online stores and marketplaces have had a boost in the last two years. In the midst of the confinement, Mexican consumers had to familiarize themselves with digital payment mechanisms. And now they hope to have similar payment options in physical stores, beyond cards or cash.

Sergio Villaruel, general manager of Fiserv México, comments that integrating payment methods in a single channel has become a new trend, especially at times when buyers seek to reduce physical contact, which implies that businesses are they will have to reinvent themselves to meet the needs of buyers.

And these changes will take hold in the future. In the Global Consumer Insights Survey-Mexico Chapter analysis, the consulting firm PwC details that eight out of 10 feel more comfortable using direct online payment platforms, such as Paypal or bank transfer, either in physical channels (86%) or in channels online (89%).

“When a business is born, it generally focuses on the product. It is the same need of the user that makes them reinvent how they should charge. For example, a user can go directly to a gym to pay for their membership and then ask them to make a recurring charge to their card ”, declares the manager.

In Mexico, Fiserv México has deployed the self-collection kiosks that already operate in the self-service chain Walmart or the Smart Fit clubs. In addition to other solutions, for other businesses and companies, aimed at buyers who do not yet attend physical channels. “It is about reinventing itself in order to continue turning the wheel of income to its business,” says Villaruel.

Regarding the results, the manager explains that when a store has an omnichannel strategy, its sales increase between 30 and 40%, depending on the product and service they offer. In addition, with the pandemic that forced businesses to explain these channels, digital sales represent between 20 and 40% of total sales, when before the pandemic, it was only 1%.

“Merchants have to have a full range of collection options for their customers, which depending on the customer’s circumstances will not make them lose the sale. Companies do not have to be oblivious to what is happening and this trend accelerated and companies have to focus on the issue of payments “, he points out.

Jorge Senties, partner specialist in consumer markets at PWC, comments that the future for companies is omnichannel, and chains and stores that do not join these trends that have strengthened, may lag behind in the market.

“Thinking about an omnichannel strategy goes beyond companies going digital to follow a trend. Each company must define how it is integrated into the hybrid purchase flow of consumers ”, he points out.

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