Report: BNPL and Loyalty Features Top List of Embedded Finance Priorities at Retail
Download the Study How Embedded Finance Drives Retail Platform Innovation
Firms are continuously enhancing their payments acceptance offerings to meet customers’ expectations for smooth online buying experiences. Embedded finance innovation has become crucial for retail platforms looking to improve customer experiences. Such offerings provide consumers with seamless access to financial services directly through a retail platform. This helps businesses deepen their relationships with current customers while adding services which will help attract new ones.
PYMNTS Intelligence data shows payment facilitators (PayFacs), independent software vendors (ISVs) and marketplaces in the retail arena are prioritizing embedded finance innovation. Even so, enhancing these features may take two to five years for many firms. The embedded finance features emerging as top priority for PayFacs, ISVs and marketplaces going forward include loyalty and rewards features and buy now, pay later (BNPL) support. Data also reveals the integration of digital wallets has become a must-have payment acceptance feature.
These are just some of the findings detailed in “How Embedded Finance Drives Retail Platform Innovation,” a PYMNTS Intelligence and Fiserv collaboration. Based on a survey of 280 executives — 40 at PayFacs, 120 at ISVs and 120 at marketplaces — this report examines the sentiments and behaviors of PayFacs, ISVs and marketplaces in the retail sector regarding embedded finance innovation. The survey was conducted between May 28 and July 20.
Inside “How Embedded Finance Drives Retail Platform Innovation”:
- How quickly PayFacs, ISVs and marketplaces are looking to begin innovation in this area
- Insight into why PayFacs, ISVs and marketplaces find embedded finance central to their innovation roadmaps
- The level of interest in various embedded finance products among PayFacs, ISVs and marketplaces
- How PayFacs, ISVs and marketplaces are prioritizing loyalty rewards and BNPL
- Why digital wallet payment acceptance features are quickly becoming table stakes for platform businesses and PayFacs in retail
The report explores not only the benefits of adding and enhancing embedded finance capabilities but also the challenges. Nine charts of insightful data explore the opportunity for PayFacs, marketplaces and ISVs in enhancing their embedded finance offerings. Download the report to learn more about how innovate embedded finance capabilities can increase customer engagement and drive sales.
The post Report: BNPL and Loyalty Features Top List of Embedded Finance Priorities at Retail appeared first on PYMNTS.com.