Payment methods have been rapidly developing in recent years and the market has seen a lot of changes in 2021. Amazon Pay is an online checkout solution that lets customers use their Amazon information to shop on other sites. In an interview with Ecommerce News, Jenny Catterfeld looks back at achievements and to what the payments industry has to offer in the future.
Preference non-traditional payment methods
Across Europe, alternative payment methods (instead of credit or debit cards) are becoming more popular. Research shows that customers prefer checkouts with more available payment methods.
‘Companies that are able to offer a consistent payment experience will drive customer loyalty.’
“I am already seeing customers not always choosing the traditional payments providers, because they want to be able to manage their money in a more fluid way”, says Jenny Catterfeld, Head of EU Marketing at Amazon Pay. “Companies that adapt and are able to offer a consistent payment experience and are able to remove frictions from the payments journey, will be the ones that drive customer loyalty and value.”
‘Customers continue to use Amazon Pay’
Earlier this year, Amazon Pay introduced a re-imagined design of its checkout process with Checkout v2. With the new checkout solution, the customer’s checkout experience became easier and more streamlined.
‘Amazon Pay extends the commerce experience that consumers know from Amazon.’
Amazon Pay has hundreds of millions of active Amazon customer accounts, with 200 million Prime members globally. “I think customers choose Amazon Pay because it extends the commerce experience Amazon customers come to enjoy and trust on Amazom.com to thousands of websites around the world. Once our customers have experienced how quick it is to checkout with Amazon Pay, they continue to use it.”
‘Only a matter of time’
Though most online stores know that customers prefer a wide range of payment solutions, there are still companies that just offer traditional payment methods such as credit cards. “Credit card companies were the first movers in online payments and businesses trust them. It’s only a matter of time though, until other payment options prove their trustworthiness”, says Jenny.
With its integration possibilities, such as delivery notifications via Alexa, Amazon Pay is planning to continue growing its reach in the payments sector. “Many merchants using Amazon Pay are saying it has positively affected their conversion metrics like checkout rates because it is so simple and quick to pay. As most consumers already have an Amazon account, adding Amazon Pay to their online store is a logical step for many merchants.”