Constant change in the North American payments landscape is a given, yet the COVID-19 pandemic has accelerated a shift to more modern channels. A recent survey from McKinsey shows that US consumers are increasing their use of digital payments in a variety of ways, which can lead to a variety of new opportunities for providers.

Digital payment vehicles

The McKinsey 2022 Digital Payments Consumer Survey shows that almost nine out of ten Americans are currently using some form of digital payments. In 2022, penetration of digital payments went up to 89% and those respondents using two or more forms of digital payments grew to 62%, up from 51% in 2021. This covers a number of high-profile payment vehicles. For example, more than two-thirds of Americans expect to have a digital wallet within two years, while those reporting an interest in using BNPL facilities have increased to 15%, up from 11% in 2021.

Digital-first strategy

While it is not expected that any single payment solution will dominate the market in the near term, modern payment technologies will become more and more imperative in delivering innovative solutions that can be tailored to the customer market and allow you to stand out in today’s crowded market. One thing is certain, digitisation is the key to success.

There are a number of advantages when adopting an innovative digital-first strategy:

●      Designing and providing the best Customer Experience: Avoid churn, retain existing customers and attract new ones by leveraging on uniqueness, hyper-personalization and a feature-rich digital payment experience. Payments providers can offer simple, seamless and secure payment experiences

●      Optimizing and securing your business: Generate new revenues by addressing several segments, creating sophisticated business models, launching new and competitive products - while keeping costs down

●      Keeping up with changing market dynamics and improving Time To Market: Adapt dynamically to any market or regulatory changes with the ability to quickly launch new digital products, tokenization, virtual cards or alternative payment methods

●      Innovating today to create tomorrow’s payment experience: Offer digital and mobile products such as virtual cards, numberless cards, instant payment, AI, voice payment, accessibility and security for all with one-time PIN solutions, next generation and digital onboarding, BNPL, wallet, real-time or extended controls.

HPS - simple, seamless & secure

HPS technology allows you to shape your unique digital card experience. You can manage any card, alternative payment means and/or accounts in real time, as well as instantly launch any product (e.g. credit, debit, prepaid, corporate or fleet) as either virtual or physical cards, mobile wallets or smart objects. Numberless cards, instant payment, virtual cards, AI and voice payment are just a few examples of innovation, in addition to accessibility and security for all with one-time PIN solutions.

Essentially, you can create your own payment experience through HPS’ PowerCARD. PowerCARD is the HPS digital payment platform that covers the entire payment value chain to robustly process any payment transaction, from any channel, initiated by any means-of-payment, anywhere in the world.

Your customers can access innovations such as BNPL, Tap & Go, instant self-servicing, and the ability to split and pay bills in real time. Merchants can take advantage of instant/same-day settlement, accepting all forms payments including Tap & Go or QR codes, as well as offering Click & Collect.

Technology that matters

HPS’ fully digital payment platform enables flexibility and scalability to meet your unique payment needs. By leveraging HPS digital payments platform, the customer experience can be tailored to strive on your market, both for the issuing and acquiring.

With HPS, you can quickly deliver relevant and innovative payment solutions to stand out in today’s crowded market.

To know more about HPS and PowerCARD capabilities, please contact sales@hps-worldwide.com.