The four layers of the "payment experience" paradigm

Albert Camus once said - "You cannot create experience. You must undergo it." The thing about experiences and how we as individuals live them is very personal, contextual and is significantly influenced by the culture and the social ecosystem we are a part of. The other thing about experiences is that there are very many flavors of how we all live them. So there are purely physical experiences, emotional experiences, intellectual experiences, information experiences, cultural experiences, financial experiences, social experiences and ethereal experiences. Each of these flavors add up in their own way to the overall experience we have as individuals. The value and importance we associate with each of these experiences is again subjective - based on our personal preferences and circumstances, so it is a "secret portion" which does the trick for every one of us!

Specifically in the context of payments, the "experience paradigm" is multi-layered as outlined below:

First is the "Payment experience": which is about the "process of payment", i.e., deciding which mode of payment you will use (cash, card, etc.) and actually making the payment - which really involves transfer of funds from the buyer to the seller.

Next is the "Buyer experience": which is about the "process of buying", i.e., short-listing exactly what you want to buy at a particular store (online/offline), thinking through priorities, preferences and possibilities, getting feedback to help you finalize what you will buy, putting it in a shopping cart and placing an order. Then comes the "Payment Experience".

Third, is the "Shopping experience": which is about the "process of shopping", i.e., deciding what you want to shop, getting feedback from friends/family/social media, deciding at which store (online/offline) you will shop. Then comes the "Buyer experience".

Last is "THE overall experience" which is really about how you feel at the end of it all - which is really a function of the holistic way you live the experience from start to finish.

So what are the opportunities for any payments innovator? To create a paradigm to 'live new experiences' - experiences which are possibly first time experiences - which make you go "Wow" when you read about them or live them - which disrupts the way you live and experience life - which changes the way you do everyday things - which pushes you out of your comfort zone, and compel you to explore ways to do everyday things in a faster, simpler and efficient manner. The list goes on…

Can you think of any examples from your day to day life which are trying to innovate the payments experiences for you as a consumer? Leave a comment below to let us know…

A version of this post was first published on FinExtra

About the Author

Nischala Murthy Kaushik

Marketing Director – Innovation and Technology Ecosystems, Wipro Ltd.

In her current role, Nischala heads global market positioning initiatives for the Innovation and Technology ecosystem at Wipro. She works at the intersection of transformative technologies, GTM (go-to-market) & commercialization of strategic themes, brand communications & creative storytelling and data inspired business growth insights. As the marketing partner and advisor to the company’s CXOs and practice units, she crafts and executes high impact integrated marketing programs for areas like blockchain, open source, solutions for Apple ecosystem, HMI [Human Machine Interface], robotics / smart machines and the Open Innovation charter that front-ends strategic initiatives with academia, start-ups and VCs.

In a career spanning more than a decade, Nischala has shouldered diverse roles in India, US and Europe - being responsible for top-line growth, strategy, business innovation, thought leadership, marketing, customer relationship management and project execution.

Nischala is a recognized expert on marketing, and was featured among India's Top 100 Content and Brand Custodians. She was also a Winner at the Rising Star Awards (Top 50), an Awards Recognition Program to highlight achievements of female talent in India.

Nischala has done her MBA from IIM Bangalore. She loves to write, and is an avid blogger with bylines in The Economic Times , Financial Express, The Huffington Post, Thrive and The Times of India. Her blogs are featured among the Top Marketing Blogs in India, Directory of Top Indian Blogs and Most Widely read Indian Bloggers . You can follow her on Twitter @nimu9 or visit her LinkedIn page to know about her work.

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