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Published on 18/03/2025
Payment and retail | Key trends at the 2024 Payments Conference
Data | The new fuel for innovation in payment
Data is at the heart of the payment revolution and becoming an essential strategic lever for retailers. As Bertrand Pineau, Managing Director of Mercatel, pointed out, "Payment is acquiring a cross-functional role in companies"(1), a development that reflects the growing importance of data in commercial strategies.
Companies have already understood that data will profoundly transform their strategies. At Coopérative U, Emilie Tison, Director of Financial Services, highlights one innovative use of data: “Using loyalty and payment card data enables us to target our marketing campaigns more effectively and offer smoother customer journeys”(1). This approach not only makes it possible to personalise the shopping experience, but also to anticipate consumer needs as part of a coherent omnichannel strategy.
Retailers are reaping tangible benefits. With 61% of payments made by card in 2023(1), transactional data is a goldmine for refining commercial strategies. The emergence of Open Banking(2) is accelerating this transformation by giving businesses secure access to customer banking data via open APIs(3). This new approach provides a more comprehensive overview of purchasing behaviour by compiling traditionally fragmented financial information. Such a wealth of information makes it possible to optimise customer journeys, increase the security of transactions by using strong authentication solutions and promote innovative customer services.
The intelligent use of data is therefore paving the way for a new era in retailing, where personalisation and innovation work hand in hand to create ever smoother and more relevant shopping experiences.
Payment reinvents the customer experience | A revolution in the making
The buying process is undergoing a profound transformation, driven by the surge in new payment methods. Mobile and contactless payments grew spectacularly in 2023, accounting for 10% of local transactions, compared with 6% in 2022(1). This development reflects a radical transformation in consumer habits.
The key innovation driving this revolution? Buy Now Pay Later or BNPL solutions, which are redefining the codes of commerce. At Floa, one of the leaders payment in instalments, Circle Pay is a perfect illustration of this trend. Sales Director Imad Aboulfoun explains: "Circle Pay is not just a means of payment, but a lever for encouraging sustainable consumption". By offering customers the opportunity to exchange their old equipment for purchase credits, this solution has boosted our sales conversion rate by 30%(4).
This transformation is having a profound impact on the way stores are organised. Take Etam as an example. The brand has completely redesigned its spaces, in particular its Haussmann flagship store, to integrate mobile payment in across the shop floor.
Omnichannel is becoming the norm: it is now possible to pay in-store, in a car park or online, with flexible delivery. This increased level of fluidity comes in response to new consumer expectations, as Jessica Capuano of Sequra points out: "Putting payment at the forefront of the sales process increases the chances of a sale". This is a revolution that puts payment at the heart of the customer experience.
Payment security | Between innovation and vigilance
One of the biggest challenges at the moment? The fight against fraud, as the threat landscape continues to evolve. The figures speak for themselves: although the rate of bank card fraud has reached an all-time low of 0.053% (or €496M)(1), new threats are rapidly emerging.
Lucas Quinio, Head of Payments at Conforama, emphasises that "controlling fraud opens the door to new opportunities". While bank card fraud is declining thanks to PSD2(5) and strong authentication, social engineering and return fraud are gaining ground. A striking example is that at the end of 2023, a new form of return label fraud emerged, requiring PayPal the postal services and the legal authorities to work closely together in order to combat it.
Technological innovation offers promising solutions to these challenges. Artificial intelligence is emerging as a key ally, in particular with its ability to detect fraudulent behaviour. At Coopérative U, for example, self-service checkouts now incorporate AI-based surveillance systems to identify suspicious behaviour while maintaining a smooth customer journey.
The major challenge remains finding the right balance between security and user experience, an equation that retailers are gradually solving thanks to data intelligence and new technologies.
Payment is now a key lever in modern commerce. The 2024 Payments Conference clearly showed that the intelligent use of data, the reinvention of the customer journey and ensuring transactional security are the three pillars of a successful transformation. In a constantly evolving sector, the future belongs to retailers who can make payment a strategic component of their development to provide an increasingly fluid and personalised customer experience.
Discover the full insights and detailed strategies in the exclusive 2024 Payment Conference white paper.
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