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How can you make your payment innovation stand out in the market?

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The payment industry is constantly evolving, with new technologies, regulations, and consumer preferences shaping the way people pay and get paid. If you are developing a payment innovation, you need to stand out from the crowd and convince your target market of your value proposition. How can you do that? Here are some tips to help you create and market your payment innovation effectively.

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Joe Frisz

Payments Transformation Expert @ Brinks; ex-JPMC and Visa | Product and Program Management and International Markets

1 Identify your niche

Before you launch your payment innovation, you need to identify who your ideal customers are, what problems they face, and how your solution can solve them. You need to find a specific niche where you can offer a unique benefit, such as convenience, security, speed, or cost. You also need to research your competitors and understand their strengths and weaknesses. By doing this, you can position your payment innovation as a superior alternative and differentiate yourself from the rest.

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Joe Frisz

Payments Transformation Expert @ Brinks; ex-JPMC and Visa | Product and Program Management and International Markets
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Certain specific definitions are needed to answer this question, so to make it easier, let's assume that we are referring to a start up that is looking to carve out a niche for itself in the payments landscape instead of a mass market solution such as Apple Pay or Google Pay.

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2 Validate your idea

Once you have a clear idea of your niche and value proposition, you need to validate your payment innovation with real users. You can use various methods, such as surveys, interviews, focus groups, or prototypes, to gather feedback and insights from your potential customers. You need to test your assumptions, identify any gaps or flaws, and measure the demand and satisfaction for your payment innovation. By validating your idea, you can improve your product, avoid costly mistakes, and increase your chances of success.

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Joe Frisz

Payments Transformation Expert @ Brinks; ex-JPMC and Visa | Product and Program Management and International Markets
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The first step is to figure out what niche your innovation offers the best value in, and the more specific it is, the better. Later on, the payment innovation can be spread out to other similar niches if successful. As the economy in the United States continues to mature and therefore, produce more areas of specialization, there are plenty of opportunities to make money from a payment innovation if one knows where to look and subsequently target. Add to this the innovations in biometrics, embedded payments, and of course, artificial intelligence, the trick then becomes finding an innovation that can capture the interest of anywhere from 100,000 to 1,000,000 users and building something that is fully customizable for that target market.

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3 Build trust and credibility

Trust and credibility are essential for any payment innovation, as you are dealing with sensitive financial data and transactions. You need to demonstrate that your payment innovation is secure, reliable, and compliant with the relevant regulations and standards. You can do this by using encryption, authentication, verification, and other security measures, as well as by obtaining certifications, accreditations, or endorsements from reputable organizations or authorities. You also need to communicate clearly and transparently with your customers about your fees, policies, and terms of service.

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Joe Frisz

Payments Transformation Expert @ Brinks; ex-JPMC and Visa | Product and Program Management and International Markets
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As a second step and beyond the innovation, the rest depends on hyper-targeted marketing with corresponding rewards that the target will be attracted to. This should largely be focused on identifying customer experiences and not necessarily demographics. An example of this can be, how many people have gone to get their tires filled up with air only to discover that the gas station only accepts cash for this service or the existing automated credit card terminal no longer works? Especially with the latter, this is quite a common occurrence in the state of Texas, so perhaps designing a new innovative solution for this niche occurrence is where a solution can stand out.

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4 Educate your audience

Another way to make your payment innovation stand out is to educate your audience about the benefits and features of your solution. You need to explain how your payment innovation works, how it can help them save time, money, or hassle, and how they can get started or switch from their current payment method. You can use various channels, such as blogs, videos, podcasts, webinars, or social media, to create engaging and informative content that showcases your payment innovation and answers any questions or concerns your audience may have.

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5 Leverage social proof

Social proof is a powerful way to influence your audience and persuade them to try your payment innovation. Social proof refers to the evidence that other people have used and liked your solution, such as testimonials, reviews, ratings, referrals, or case studies. You can collect and display social proof from your existing or early adopters, as well as from influencers, experts, or media outlets that have endorsed or featured your payment innovation. By leveraging social proof, you can build trust, credibility, and awareness for your payment innovation and motivate your audience to take action.

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6 Optimize your user experience

Finally, you need to optimize your user experience to make your payment innovation stand out and retain your customers. You need to ensure that your payment innovation is easy to use, intuitive, and fast, and that it provides a seamless and satisfying experience across different devices, platforms, and scenarios. You also need to monitor your performance, collect feedback, and analyze data to identify any issues or opportunities for improvement. By optimizing your user experience, you can increase your customer satisfaction, loyalty, and advocacy for your payment innovation.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you make your payment innovation stand out in the market?

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1 Identify your niche

2 Validate your idea

3 Build trust and credibility

4 Educate your audience

5 Leverage social proof

6 Optimize your user experience

7 Here’s what else to consider

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