Volume, a new fintech startup founded by ex-Worldremit employees is set to pave the way for new simplified checkout experiences.
With complex checkouts and dated eCommerce payment gateways costing businesses millions in lost revenue each year, there’s a growing need to improve how consumers transact with online shops.
Industry leaders including former Mastercard, Worldremit and HSBC executives have joined forces to bring about a fundamental change in payments with Volume setting the standard for future checkouts.
Simone Martinelli and Kris Tarnawski are just some of the big industry names involved in the project, who’ve been working on designing a renewed checkout experience for websites and apps alike.
The company’s vision is to make payments for online shoppers and eCommerce businesses much easier, more quick, and safe, with the ultimate goal in making transaction based shopping free.
Having founded a network to rebuild the traditional economic model of the internet, Volume are setting their sights on aggregating payment methods through a unified banking app. This will enable shoppers to have an easy access point to all their preferred payment methods under one roof. Could this be the Internet Passport we’ve been hearing about?
So what are the fundamental problems of checkouts today? One of the big hurdles that shoppers face is the traditional cart that accepts debit and credit card payments. Although in recent years this has been enhanced by the likes of Apple Pay and Google Pay, it is estimated that the abandon rate for checkouts using these methods is still a staggering 70% of all transactions.
With the pandemic having accelerated the need for faster eCommerce experiences, the friction of old-school credit card and debit card checkouts is no longer viable in our modern society.
And for merchants, they also have to provide sometimes more than 15 different types of payment methods, substantially increasing costs and friction with shoppers that have to endlessly fill out credit card details as well as personal information such as their name, surname, email, address and more for new purchases.
Over in Britain, a fintech boom has led to innovation in the banking sector. With major US banks like J.P. Morgan setting up shop in London, there’s a lot of investment going into new technologies that reduce friction when it comes to payments – with established and challenger banks all vying to be the next modern payment gateway.
With the trend of buy now, pay later payments also becoming more important for the checkout experience, merchants around the world are struggling to keep up with new checkout requirements.
For the founders of Volume, it’s an exciting time to innovate and find solutions to bring about faster payments and change how consumers interact with online checkouts. And for merchants, there are equal opportunities to streamline the payments process, which Volume is setting an ambitious goal to completely transform in the coming years.
Have you been frustrated by your checkout experience? Share your opinions with us.
Source: Los Angeles Issue