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According to Payments UK, debit card payments will overtake cash payments by 2021, while mobile payments company Worldpay has said that by the end of 2016, the total number of contactless transactions where a mobile device was used reached 38 million.
As more and more consumers shun cash for card or mobile as their prefered method of payment, the value at the point of customer transaction increases for retailers.
From every customer transaction, retailers have the opportunity to analyse the resulting basket data produced, especially through mobile payment.
This can include:
Michael Rolph, co-founder of Yoyo, said: “As consumers, our behaviour leaves behind an amazing amount of information both online and offline. Whilst this data integration is already flourishing online, the physical world has a long way to go in order to catch-up.”
Platforms such as Yoyo are able to tap into offline basket data, which takes mobile beyond a mere payment capability in bricks and mortar stores.
By using basket data taken at the point of payment, retailers can then segment customers based on their behaviour and produce targeted and personalised campaigns with specific offers and marketing to an individual customer’s mobile device, opening up a new world of customer insight.