Digital Tech Removes The Drama From Payments And Commerce

For consumers, merchants and financial institutions, drama usually means hassle, frustration and lost sales. When it comes to the fast-growing world of subscription eCommerce, however, payments are reducing the drama quotient. The same can be said for the increasing use of mobile order-ahead technology for food and beverage purchases — including inside theaters. And as financial institutions become more dependent on digital and mobile, those technologies promise to keep transactions free of unnecessary and costly drama. Meanwhile, artificial intelligence promises to help bring depth to credit scoring — solving a common, challenging drama for many lenders, especially younger ones.

Data:

5.3: Average number of payment options on subscription platforms.

58 percent: Share of the consumer segment that prefers digital banking.

$11 billion: New funding raised by Aire, a credit assistance service.

55 percent: Share of retailers reporting rising payment fraud concerns.

$2,000: Per-month cost of the BMN subscription program.