Cost-splitting apps enhance the convenience of daily rituals
Trend - A plethora of payment-splitting apps can now be observed across categories. With the idea of making bills easier to pay, these apps are appearing across sectors from restaurant visits to managing household expenses.
Insight - Consumers have come to expect transparency, efficiency and convenience as cornerstones in the ways in which they engage with brands, platforms, services and technology within their daily lives. With these drastic shifts occurring across industries, payment services as a whole are undergoing an overhaul.
Insight - Consumers have come to expect transparency, efficiency and convenience as cornerstones in the ways in which they engage with brands, platforms, services and technology within their daily lives. With these drastic shifts occurring across industries, payment services as a whole are undergoing an overhaul.
Workshop Question - How could your brand ease the purchase journey for its customers?
Trend Themes
1. Payment-splitting Apps - The increasing popularity of payment-splitting apps is leading to an overhaul of payment services, with transparency and convenience at the forefront.
2. Real-time Payment-splitting - Real-time payment-splitting apps like Rift Pay are disrupting the traditional process of having one person pay and be reimbursed, making it easier to split costs when traveling or sharing expenses with roommates.
3. App-based Menus - The adoption of app-based smart menus in restaurants is making ordering and payment easier for diners, while offering added features like dietary preferences and group payment options.
Industry Implications
1. Financial Technology - The rise of payment-splitting apps and real-time payment services are disrupting the traditional financial services industry.
2. Hospitality - The adoption of app-based menus and wait-free payment services is streamlining the dining experience in the hospitality industry.
3. Travel - Real-time payment-splitting apps like Rift Pay are making it easier for groups of travelers to split costs and manage expenses while on the go.
