Taking the friction out of payments | eNett
August 30, 2016
A lot of people attribute the success of Uber to its User Interface. For me, it’s all about the hassle-free or ‘frictionless’ payment experience. You press a button on your phone, wait for car, reach destination, exit car. That’s it. No cash, no cards, no signing receipts. A great end-to-end customer experience, made possible through the seamless connection of the front-end interface with back-end payment systems.
Uber successfully illustrated how important simple, hassle-free payments are to customers. As a result, we are witnessing huge developments in reducing the friction of payments even further. Earlier this year, MasterCard launched its ‘selfie-pay
’, where you can pay bills by taking a photograph.
But what about C2B2B? Why can’t we see the same one-touch frictionless payments that we are seeing in the consumer world right though the value chain? Commercial payments are a lot more complex compared to consumer payments. Consumers make a handful of payments each week, but travel companies handle and reconcile thousands of transactions a day. Added to this is greater international travel, compounding costs, risks and complication. And these transactions require a lot more data than consumer ones.
There are innovative technologies that are significantly reducing the friction points through automation and seamless integration between the booking and payments workflows. We may not be delivering the ‘Uber-level’ payments experience today, but simple, hassle-free C2B2B payments are not something you should be waiting for…they’ve already arrived.