In today’s digital world, consumers expect the convenience and favorable prices of online shopping to be available offline and part of their physical shopping experience. At the same time, whether in-store or online, customers need to trust that their transactions are in safe hands. Rambus has over 15 years of experience in payments and is now applying this technology to assist retailers in improving the buying experience, reducing costs, increasing revenue and keeping customer data safer.
Many loyalty programs are ineffective because it takes too long to redeem offers. By having loyalty points and payment cards connected to one account, consumers can mix and pay between points and cards during their checkout – redeeming their loyalty points in real-time rather than having to wait until the next visit.
By having an interactive loyalty card on a smartphone, retail customers can be much more engaged with cross-sell and/or up-sell opportunities that are much more personalized and relevant and hence stimulate increased spending.
The way we pay is changing. Consumers are now using their PC, smartphones, wearable devices and even cars to buy goods and services. The size and value of the card-not-present (CNP) market, therefore, is increasing exponentially as payment use-cases across e-commerce, m-commerce and the Internet of Things (IoT) emerge and mature. Although payment methods utilizing card-on-file offer convenience, they also create challenges. EMV payment tokenization can significantly enhance the security of card-on-file payment methods, while increasing convenience and simplifying the user experience.
Some payment methods incur higher transaction fees. With the Rambus retail platform, retailers can incentivize their customers (for example, by applying extra loyalty points) to use payment methods that incur the lowest transaction fees. This can include private label, closed-loop cards or by directly linking to a consumer’s ACH/direct debit bank account.