Increase in Digital Payment Methods

Increase in Digital Payment Methods

Over the past few years, the retail and marketing landscape has been drastically impacted by the COVID-19 pandemic, as you well know.

The big question today is how this will change your operations moving forward.

In what directions are consumers—perhaps your very customers—moving with their shopping and spending habits?

Technological innovation in the retail sphere is one of the most important driving forces in shifting markets and sales.

Chief among these innovations at the moment are digital wallets.

Yes, you read that right:

DIGITAL WALLETS ARE HERE.

And they are going to affect just about every point of sale transaction in the coming years.

Designed as a digital receptacle for credit and debit cards, event tickets, and passes, digital wallets are not only an important tool in e-commerce, but they also change how customers operate in a physical retail space.

Digital wallets allow a shopper to leave their physical cards and wallets behind and purchase goods and services with just a smartphone and the tap of a finger.

In online shopping, they can be seamlessly integrated into the purchasing process, drawing on information stored directly on the device being used, essentially turning your phone into a credit card.

The digital wallet explosion cannot be overstated

One third of the people using services such as digital wallets, peer-to-peer payment services, and other related technology started using them in the past year, according to findings from Discover Global Network and 451 Research.

They’ve been around for a while, but digital wallets appear to be finally rising to the forefront thanks largely in part to COVID-19.

Thirty-seven percent of respondents in the Discover Global Network study are using curbside pickup for the first time, and 32 percent have started using mobile ordering.

Of all respondents, 52 percent are doing all or most of their shopping online, and two-thirds of these shoppers will continue to do most of their spending online even after the COVID-19 pandemic is behind us.

This is a marked shift into new territory, spurred on by a desire for less contact with others due to safety concerns, as well as ease, speed, and convenience, all of which digital wallets and digital shopping methods provide.

GLOBAL VIEWS DIFFER ON DIGITAL WALLETS

In the United States, respondents rank mobile ordering and curbside pickup the most important virtual retail services.

However, European and Asian-Pacific customers deem contactless payment, mobile ordering, and ability to check inventory online most crucial.

Enter Yodel Pass: The Digital Wallet with Extra Security Designed for Recreation and Leisure Brands

Designed with the customer in mind, Yodel Pass simplifies the digital wallet experience with the goal of saving brands and agencies time and money while improving customer service.

On the consumer end, Yodel delivers a seamless digital wallet where users can store tickets, park passes, and more, as well as track real-time stats such as venue capacity, attendance, and status.

On the management side, Yodel provides faster self check-in via live QR redemption, multi-factor security, and ability to track advanced analytics that will help you understand how customers are interacting with your venue and your services.

In today’s fast-paced world of digital consumerism, it is essential that customers are not only satisfied with service but with speed and convenience.

Yodel provides both.

Last year, digital payment methods accounted for $4.7 trillion in spending globally. Part of what makes a digital wallet enticing to the cutting-edge consumer and retailer alike is ease of use.

Forget your wallet? No worries.

Bring the wrong card or leave a ticket at home?

With a digital wallet, these concerns are things of the past.

The convenience of needing only a mobile device is immense. Of the trillions of dollars generated around digital payment methods, 51 percent were completed on mobile devices. And we all know this technology’s foothold will continue to grow.

According to the Discover/451 findings, these trends are crucial bases for digital wallets to rise in popularity and usage far outpacing that of traditional methods of payment.

It’s no secret that the world, especially in recreation ticketing and management, is undergoing massive changes right now.

Our work speaks for itself.

The past two years have driven massive changes in crowd and public space management. From vaccine checks at restaurants to near real-time COVID testing in airports, the consumer is being compelled to evolve faster than ever.

And business leaders along with them.

Whatever the new normal may be, rise to the occasion by building and improving your infrastructure to keep up with constant innovation and new, speed-of-light financial and monetary management systems.

Digital wallets, such as Yodel Pass, as well as peer-to-peer payment platforms like Venmo and Cash App, are already revolutionizing the way shoppers, event attendees, and ticket holders at a wide spectrum of venues are handling payments.

In a world where in-person interactions or venue capacity may be limited, it’s important to maintain normal levels of business and revenue to maintain a sustainable model.

With powerful flexibility in managing capacity, Yodel is also being deployed to facilitate social distancing and prevent overcrowding at popular events.

With online services such as payment methods and buy-now-pay-later platforms on the rise, it’s more important to secure your digital payment infrastructure against rapid changes.

Consumers who return to stores for in-person shopping will also be greeted with new options, such as curbside pickup and assisted shopping.

 

Digital wallets and payment methods such as Yodel Pass provide exciting, new ways for businesses and customers to interface and conduct transactions.

As changing markets have driven customers to adopt wallets offered by big players like Apple and Google, Yodel too has focused on innovation, simplicity, and security to jump to the forefront of this emerging crowd.

With improved security systems such as multi-factor authentication, live QR codes for scanner-free redemption by venue staff as well as added security, Yodel Pass is leading the industry to provide payment card industry compliance and peace of mind to your digital wallet experience.

Situated on the cutting-edge of tomorrow’s financial management and technological advancements, Yodel Pass will not only help your customers and pass-holders have a smooth, seamless experience, but will also provide you with new tools and methods to enhance your operations.

Ready to get started with Yodel?
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