Tips for Catering to Consumers’ Payment Preferences

More highlights from the “How Understanding Consumer Behavior Can Help Indentify and Ignite Innovation” panel:

Liza Landsman (former EVP and GM of North America Consumer Channels, Citi) shared her view that payments trends mirror the following law of physics – objects in motion tend to stay in motion, while objects at rest tend to stay at rest. She advised that payments professionals should look to the behaviors consumers are already exhibiting and then seek to accelerate those interactions.

Troy Woods (President, TSYS) spoke to how TSYS Hybrid, a credit card that has special capabilities on it, caters to consumers’ individual financial needs.

“What do consumers want? They want control of their own finances, higher rewards, and they want the ability to use multiple accounts for different purchases,” he said.

TSYS Hybrid is best suited for issuers to provide additional control and flexibility to their cardholders over managing their finances. It gives consumers complete control for what they elect to pay now, versus pay later. (Watch video demonstration)

“It is a credit card product with options,” said Woods. “It is a credit card product on steroids.”

In these difficult economic times, Woods pointed out that consumers are seeking tools that give them greater control over their finances. He cited a recent survey in which two-thirds of consumers said they want to reduce their household budgets, and half said they would budget more closely.

PYMNTS.com Blog Entries from the Innovation Institute

Day 1

1. David S. Evans: Why the Time Is Right for Innovation (and Cash Is Not Dead) (9 a.m.)
2. No Need to Give a Eulogy for Venture Capital (10 a.m.)
3. There’s Two Sides to Every [Payments Platform] Story (11:30 a.m.)
4. The Key to Igniting and Launching Mobile Payments Platforms (12:30 p.m.)
5. Fed’s Proposal for Interchange Rates to Be Announced Within a Few Weeks (2:30 p.m.)
6. What Payments Professionals Can Learn from FarmVille (4 p.m.)
7. Driving Network Effects with Platforms (4:30 p.m.)
8. What Is The Next Great Payment App That Has Yet To Be Created? (5 p.m.)

Day 2

1. Can the U.S. Replicate Japan’s Mobile Payments Success? (8:30 a.m.)
2. POS Opportunities around Social Networking (9:30 a.m.)
3. POS Innovation in the Cloud (10:30 a.m.)
4. American Idol: Payments Innovation Style (Noon)
5. Federal Reserve: Cash Usage Increased in 2009 (1:30 p.m.)
6. Tips for Catering to Consumers’ Payment Preferences (2:30 p.m.)
7. How Walmart Views Consumer Payments Behavior (3 p.m.)