“Retailers’ and merchants’ businesses changed instantly this year, and Blackhawk has responded with a product suite that brings once-disparate physical, digital and stored value payments together, keeping brands and consumers connected in a seamless way,” Helena Mao, vice president of global product strategy at Blackhawk Network, said in the release.
Blackhawk’s Pay4It suite of tools offers its partners “a complete end-to-end, omnichannel experience for their customers,” Mao said.
This year has seen a revolution in electronic payments, with surging adoption of digital wallets, mobile apps and contactless payments. Blackhawk’s new solutions offer a seamless, omnichannel payment experience, which will drive revenue as well as new channels to attract more customers, the company said.
The new tools target central pain points in payments, while also offering an expanded array of payment choices. The solutions aim to connect the divide between cash and electronic payments by digitizing cash transactions. This will help retailers that have unbanked or under-banked customers, or have users who just prefer cash.
An alternative solution has become a necessity for the estimated 230 million private sector workers without a bank account who get paid in cash. A recent Blackhawk survey indicated that 69 percent of respondents from eight countries said being able to use cash was a critical factor in buying decisions. Some 49 percent of digital wallet users said they would make use of an opportunity to add cash to wallets at a physical store.
Some 68 percent of respondents in another survey said they would shop more often at a store that allowed for cash additions to digital wallets and 57 percent said they would spend more money than usual.
In a recent PYMNTS interview, Talbott Roche, president and chief executive officer of Blackhawk Network, said that digital transformation was previously stifled by a perceived lack of value by consumers. The global pandemic has changed that and prompted a shift as value and necessity became apparent as the world locked down and people stayed home for school and work.
In another PYMNTS interview, Brett Narlinger, head of global commerce at Blackhawk Network, said the “wildcard” is how digital payments will advance in the post-pandemic world.