What are the best practices when implementing new payment methods and optimising the checkout experience (UX/UI perspective)?
As the Vice President of Payments Strategy for the global freelance platform Fiverr, my role has provided me with unique insights into payment methods and their critical interplay with the user experience (UX) and user interface (UI). When introducing new payment methods and enhancing the payments checkout process, making sure the user’s experience is seamless is of utmost importance. This is why, at Fiverr, we are focused on designing and maintaining an intuitive UI that guides users through a frictionless payment journey.
Adopting a minimalistic design approach, with clear calls-to-action, well-placed progress indicators, and relevant payment options ensures a streamlined and efficient checkout process.
We are also focused on personalisation. We curate payment methods based on user preferences and previous behaviours – increasing user satisfaction and trust. We also localise, offering the relevant local payment method and currency.
What are the main challenges and benefits of doing so?
Introducing new payment methods and UX/UI enhancements is not without challenges. Integration complexities, security concerns, and the need for robust compliance measures can present obstacles.
However, overcoming these challenges yields numerous benefits. By diversifying payment options, platforms can cater to a broader audience, expanding their user base and, ultimately, increasing revenue streams. A smoother payments checkout process improves acceptance rates and fosters user loyalty and trust.
From your perspective, how will Gen Z and millennials help shape the future of online payments?
The advent of Gen Z and millennials into the digital landscape has already begun to redefine the payments ecosystem. These tech-savvy generations prioritise convenience, speed, and flexibility. Their affinity for digital wallets, peer-to-peer (P2P) platforms, and contactless payments is driving innovation in the payments industry. I believe the future of payments lies in personalised solutions. Gen Z and millennials demand tailored experiences that cater to their unique needs and preferences. AI-driven algorithms can analyse spending patterns and suggest relevant payment methods, further enhancing user satisfaction.
Moreover, the blurring lines between social interactions and financial transactions are inspiring the integration of payments within social media platforms, creating new avenues for seamless transactions. A significant part of my role as VP of Payments Strategy for Fiverr is to ensure that we are always looking towards the future. We want to embrace innovation in the payments landscape. However, implementing new payment methods and optimising the payments checkout process requires a delicate balance between functionality, security, and user experience.
Despite challenges, the benefits of embracing these changes are substantial, from expanded user bases to increased loyalty. As Gen Z and millennials continue to exert their influence, the payments industry will witness a paradigm shift towards personalised, intuitive, and technologically-advanced solutions. The future of payments is an exciting journey into uncharted territory, driven by the aspirations and expectations of the digital-native generations.
This editorial piece was first published in the Payment Methods Report 2023, which provides an in-depth overview of the latest worldwide developments in how people pay, the payment methods space, the innovative technologies that these methods work upon, and the best strategies on how to win at conversion and retention.
Shany Malbin, VP Payments Strategy, Fiverr
