Why as a retailer should you go your own way with a native, branded payment app, rather than trusting one or more of a dozen different payment apps from different technology companies to do the job for you? As consultant Richard Crone suggested recently to Retail Dive, retailers are beginning to realize the payment process is another connection point with shoppers, and another opportunity to effectively manage and improve the customer relationship.
It’s also another way to put their brand on display and have it equate with technology innovation, and not just products sitting on a shelf. An association with technology innovation has done wonders for Amazon, so why not for CVS and Wal-Mart?
Ultimately, it sounds like retailers may start to get picky about the payment options they support, as a National Retail Foundation/Forrester Research survey showed this weekthat about 68% of retailers may only support one or just a few mobile digital wallet options.
These native apps still have to show acceptance and usage. It may help that CVS doesn’t yet support payment apps like Apple Pay, Samsung Pay and Android Pay. It’s giving CVS Pay a clear opportunity to gain traction. If it doesn’t pan out, there will be more than a few payment apps ready to take its place.