Digital and contactless payments can change the way we use our personal devices and allow consumers to complete transactions almost instantaneously. Consumers want to feel connected to the product they are buying, but also want to stay loyal to the brands they most closely associate with. Merchants are tasked with tackling a digitally transformative world, and LISNR is ready to connect them with their loyal customers.
Where Current Modalities Fail
The global contactless payment market size was valued at $1.34 trillion in 2020 and is expected to expand at a CAGR of 20.3% from 2021 to 2028. When consumers think of contactless modalities, we often think of QR Code, BLE, or NFC. QR codes are often seen in mobile wallets and mobile applications, such as Venmo, PayPal, or Kroger. Similarly, NFC is dominated by ApplePay and GooglePay. Yet while convenience is often discussed when it comes to QR codes and NFC – user privacy, transactional costs, and imperfect customer expectations are associated with each transaction type.
Apple was recently sued over Apple Pay, in which it was accused of using its market power to fend off its competition of rival payment apps and charging card issuers fees. Apple owns the transaction and keeps the metadata for itself, disallowing its merchants to gain valuable insights on their consumers.
Meanwhile, consumer-presented QR codes require the image to be perfectly oriented with no line of sight issues, are susceptible to contrast ratios by sunlight and in-store elements, and create an element of fraud. For merchants, the upfront cost required to install, implement and maintain its respective scanners impacts its bottom line and takes up prime real estate on their small countertops. QR codes fail to work in an offline environment, thus forcing longer wait times at payment, the inability to transact in low – to – no internet areas, and the unidirectional flow of QR codes. For consumers, screenshotting their mobile wallets’ QR code introduces an element of financial fraud that no merchant wants to take part of.
How LISNR takes the Spotlight
It is core to LISNR’s business model that we do not change consumer behavior at time of checkout. LISNR delivers secure proximity solutions over an open counter platform, reducing the total cost of ownership while enabling more customer-driven payment solutions. LISNR’s proximity solutions ensure secure, frictionless and contactless data transfer leveraging non-captive near-field association to enable proof-present authentications through proximity tokens.
With more than 34 million merchants looking to accept contactless payments by 2027, LISNR only relies on the speaker/ microphone infrastructure of consumer devices to transact. While shoppers are looking at their digital wallets to reduce friction, by providing an offline, bi-directional product to merchants and ecosystem leaders, LISNR enables:
- Increased usage of merchant apps and loyalty programs
- 9x reduction of merchants transaction time over QR code
- Reduction of transaction cycles by 10.5%, minimizing network idle time
- 28.6% improvement in payment terminal cost
- Decreased wait times at checkout which allow cart sizes to increase
As LISNR continues to launch with customers displacing QR codes, we’re simultaneously creating an ecosystem with direct access to nearly 2 million global merchants through our strategic partnerships. As a result of current deployments, we have processed nearly 20 million engagements and over 1 million transactions in the past 6 months. LISNR’s transactional growth is 2x that of the global contactless payment market.
Merchants are innovative and consumer retention is directly correlated to a positive in-store experience. As the demand for omnichannel experiences increases, LISNR’s value added services enable payment organizations to provide a robust and unique solution for its merchants. For merchants themselves, LISNR enables you to create your own secure, contactless payment experience providing end consumers with more personalized payment options, an improved checkout experience, and significant cost savings to your bottom line.
To learn more about how LISNR can enable you or your subset of merchants, click here.