December 20168Evolving the Digital Payments Consumer ExperienceBy Karen Pascoe, SVP, Experience Design, MastercardIN MY OPINIONWe're in the midst of a 4th Industrial Revolution as whole industries are being transformed and people are moving from the offline and disconnected world. This is the digital story of our time: everyone and everything is becoming connected. And this connectivity is transforming the way consumers interact...and now transact. Consumers are looking for a payment experience that works as well on a mobile phone as it does on a browser or in a store. Digital commerce is evolving rapidly and expected to account for more than a quarter of all retail commerce by 2023. So digital payments are here to stay, with consumers embracing them for convenience and expecting that transactions are secure.It isn't just the browser or the phone. The average consumer has multiple connected devices. We often see purchase decisions going across devices, from mobile to browser, tablet to mobile, etc. At Mastercard, we expect this trend to continue. Internet enabled devices are growing exponentially, with over 6 billion smartphones and 18 billion connected devices in the next few years alone. In essence, every device can be a commerce device.What does this mean for the consumer experience? We are entering a world where payment enabled smartphones, tablets and browsers will coexist with fitness bands, car key fobs and smart jewelry for secure contactless transactions. We have already payment enabled a smart fridge, chat bots and in-app purchases. This space will continue explode with innovation interplaying between connectivity, devices and convenience. Consumers will ultimately want a way to a pay that transcends the phone or browser ecosystems. Something that just works, seamlessly and safely. A way to pay that will be portable, personal and even fashionable.When we think about a mobile payment experience in practice, what you are really doing is answering three questions: who are you, are you in fact you and what can you do. The first and the third questions are have long traditions with KYC (know your customer) compliance, available Karen Pascoe
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