Key Takeaways from NRF 2023 on Payments Transformation in Retail

Key Takeaways from NRF 2023 on Payments Transformation in Retail

This IDC Perspective discusses key takeaways from NRF 2023 on payments transformation in retail. NRF 2023 highlighted the impact of the growing strategic importance of omni-channel payments in retail point of sale (POS) with both payment and POS vendors unveiling new initiatives, partnerships, and integrations to meet customer demands for new payment types and enhance the customer experience at checkout. Emphasis was placed on achieving transactions that are as frictionless as possible for the shopper experience while keeping fraud at bay for the retailer with data-driven fraud mitigation solutions.According to Aaron Press, research director, Worldwide Payment Strategies at IDC, and Margot Juros, research director, Worldwide Retail Technology Strategies, "In today's complex, shopper-driven retail environment, ensure that your omni-channel checkout experience provides a great customer experience that is as frictionless as possible to ensure customer loyalty and brand differentiation while mitigating fraud. Be aware of the growing importance of payments to consumers, particularly in using new payments and financing options."

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