Familiarity with new payment methods is rising, but with these technologies consumers still want choices from retailers to offer promotions and incentives consistently across all channels to maintain brand loyalty and provide positive experiences for their customers, according to Verifone’s U.K. consumer study.
Better sales promotions or discounts are now expected by 35 percent of respondents in exchange for their customer loyalty, the study shows.
What’s more, the study examined the extent to which the application of new technology in retail environments has shifted expectations and customer engagement and satisfaction.
Overall, 38 percent of respondents in London were either very or somewhat familiar with contactless payments, and 21 percent were very or somewhat familiar with mobile wallets. Yet, cash remains the primary choice of payment in the U.K. for 65 percent of the respondents, followed by chip and PIN transactions and online payment methods.
Loyalty programs also have a huge impact on meeting consumer needs, with 78 percent rating them as important in improving the way they shop; 32 percent expect to be treated consistently across all payment methods, marketing channels and whether shopping in-store or online according to the 
study.
“We are seeing U.K. consumers begin to take to new technologies with enthusiasm, indicating that mass adoption won’t be far away,” said June Felix, President of Europe for Verifone. “However, shoppers also want to feel that retailers value and understand them more because of these technologies. Therefore, it’s imperative for these new technologies to provide a connected commerce experience that is clear and relevant to the consumer. Otherwise, retailers risk frustrating and even eroding trust with their customers.”
Improve the Experience Without Compromising Security
Feliz said security has become a primary experience both for ecommerce and in-store, with retailers expected to assure the same level of protection wherever or however people shop.
“We found that the older a person is, the more worried they are that their shopping will lead to a personal data breach or fraud,” Feliz said. “Retailers need to find ways to continue to improve the retail experience and in particular reduce wait times—without compromising security in any way.”