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The digital front door is open.
Lia Cao, managing director of JP Morgan Payments and global co-head of corporate and e-commerce sales and solutions, told Karen Webster of PYMNTS that this super app is coming and in some cases already. He said he was.
Of course it depends on where you look.
Super Apps are already well established in Asia Pacific and are poised to catch up in other regions including Latin America and Africa. The key to bringing them all together, she told Webster, lies in transforming big data into “smart” data.
Already in the wild, in Asia, Alipay and WeChat are serving as launching points for a range of connected experiences that help consumers navigate all kinds of commerce, financial activities, and social media.
In North America and Europe, the ecosystem lags behind due to the maturity and stickiness of existing apps, consumer preferences, and concerns about data sharing and privacy. Numerous mini-programs and services piece together a piecemeal approach to digital interaction. A consumer may use Amazon’s platform to find products, but use his PayPal for payment.
That interaction includes switching between providers, leaving one site and moving to another, and sometimes requiring you to repeatedly enter your credentials before you can finally complete your transaction.
She pointed out that consumers want a more seamless experience. In short, businesses must strive to build on the technological foundations that already exist today to connect consumers, buyers and sellers.
Nonbanks are increasingly willing to include financial services and payment capabilities as value-added services or as additional touchpoints for collecting data, she said.
“It’s also an additional revenue stream,” said Cao.
This is especially true for smaller businesses that have traditionally been less focused on payments and more focused on increasing market penetration. Now, these small businesses want to reduce the complexity inherent in payments and offer digital and contactless options.
One avenue they are considering is embedded finance. This allows you to streamline B2B transactions, improve liquidity, and continue to invest in your business.
shape the future
To shape the future of commerce, JP Morgan Payments and others are aggressively investing in the concept of connected commerce. Connected commerce connects consumers, buyers, and sellers by combining multiple products and services to create more value-added experiences than the sum. of any part.
These investments and data are “the foundation for continuous and rapid payments innovation,” she said.
Leveraging the wealth of data at hand, payment rails embedded in platforms and apps can turn almost any setting or interaction into an opportunity to commercialize their consumer base, she said. of e-commerce marketplaces want to broaden their appeal to consumers. Traditional retailers want to establish direct (D2C) relationships with consumers.
mobile wallet on wheels
And it is the connected car (the proverbial mobile, the digital wallet on wheels) that provides a key insight into how fully the ecosystem will evolve.
JP Morgan Payments has made significant investments in the space by acquiring Volkswagen Pay and integrating its capabilities into a full suite of mobility-focused payment solutions.
At a high level, by consolidating services and features into a single access point, individuals can complete their initial vehicle purchase or lease, pay for gas or electric vehicle charging, and enjoy streaming media services for in-car entertainment. Can be set/maintained. Consumers approach the pump to have their coffee ready at the station marketplace or order it in advance, Cao said, so voice commands will be important to enable these experiences. .
Automobiles are evolving into devices that allow users to seamlessly interact with marketplaces, gas stations, convenience stores, and even original equipment manufacturers (OEMs) for goods and services.
“This platform is the foundation that will allow many players and clients to participate in this new generation mobility ecosystem,” she told Webster.
Consumers should feel that their experience is good, frictionless, and their data is secure. Cao said authentication—establishing portable digital identities for all use cases—is a key factor in creating new experiences in the connected world.
We are moving towards a future where the same digital identities used to make payments and redeem loyalty points are also used to access medical records. Here, she says, partnering with the right provider can help meet the compliance, data security, and validation efforts that need to support systems behind the scenes.
Tokenized credentials and blockchain offer a way to create a new model for digital identity and remove friction from the ecosystem, she said.
“We need a cross-platform digital identity that isn’t tied to a particular marketplace or social network,” says Cao.
https://www.pymnts.com/partnerships/2022/bigcommerce-snap-partner-help-merchants-advertise-snapchat/partial/
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