We write this paper as a call to action and an invitation to dialogue with: banks, card schemes and solution providers, other retailers that have identified the same challenge as us, regulators who want our input and innovative newcomers wanting to help!
Position paper
Payment has always been an important part of the consumer journey in retail. The Nordics are on the path towards a cashless society, where regulation and new technology drives the pace of the change. But as complexity increases, and new players and innovation thrives, retailers are forced to take a stronger grasp on the surrounding partners to enhance the competitive edge of retail experiences.
Upcoming Events
Stockholm Meetuptor. 06. feb.Hotel At Six, Stockholm- Retail meetupons. 07. feb.Solli Plass
Shape and define the future of retailons. 15. feb.Hotel At Six
The Consumer of the Future
We are preparing a new Nordic Initiative focus area dedicated to exploring how consumer expectations are transforming.
From AI-driven shopping and evolving loyalty models to retail media and payments in the age of intelligent agents, the questions are clear: who will the consumer trust, how will they engage, and what role should retailers play?
Our goal is to bring Nordic merchants, banks, and partners together to deep dive into these questions, share insights, and shape concrete responses that strengthen competitiveness in a changing global market.
Upcoming Events
- Stockholm Meetuptor. 06. feb.Hotel At Six, Stockholm
- Retail meetupons. 07. feb.Solli Plass
- Shape and define the future of retailons. 15. feb.Hotel At Six
Limitations
Every year we facilitate billions of payment transactions and interact frequently with more customers than any other sector. This makes us by far the biggest users of payment solutions and the most important interface towards the customers. Still it is our joint experience that existing payment solutions do not support our need for providing seamless, effective and cheap services to our customers.
Billions
of payment transactions
Millions
of customers
Ineffective
Payment solutions
Halting
The customer journey
Views on a good payment solution
No lock-in
The market must work, with no lock-in effects (different standards or other barriers that make it difficult to change vendors)
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Support different payment scenarios
Variable recurring payments. Flexible risk based payments. Different use cases not limited toPay first, buy later (Petrol), Hospitality, ecommerce, In-store, Subscription, in-app.
Purpose: Better fit for applying appropriate services to different retail scenarios
5
The retailers should be in control of the orchestration of customer dialogues.
Payment providers must allow the retailer to be in control of the client relationship and the transaction data generated in the retail channel.
Purpose: Ensure all embedded service offerings are aligned with the retail brand
4
Contextual authentication with the ability to be leveled up when required
The retailer needs an effective way to identify the customer. The quality of ID should be based on the situation the payment is being made, e.g. regular, small, on the run payments (buying a coffee) would require less quality of the ID than large, one-time purchases (buying a TV).
1
Standardized, rich and effective APIs
APIs must support customer centric retail experience across different channels. API providers should adhere to industry standards and market best practices catered by independent
Purpose: Predictable time to market for new and changed capabilities
2
Low, predictable and simple fees
The payment solutions should be cost effective across the total cost of the value chain. Leveled to actual and measurable risks. Not proportional to the amount of a basket.
Purpose: Prioritization of preferred services
3
Real time clearing and settlement
The money must be on the retailer's account at the time of the transaction.
7
Scheme fees
The card schemes need to lower their fees on in-store payment to reflect the low risk of the transaction
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