SAP, an established Enterprise Resource Planning (ERP) organization, has announced the rollout of a new innovation to its league of services- the SAP Commerce Cloud platform- aimed at empowering retailers with unprecedented flexibility. The new open payment system integrates a wide range of top Payment Service Providers (PSPs) such as Stripe, Adyen, Worldpay, and Airwallex and provides facilities like Buy now, pay later, etc.,
With new modes of payment coming up in e-commerce, paying preferences are like a moving target, especially in the digital payment arena. This platform presents retailers with the possibility of putting together the functionalities of several PSPs to design their personalized checkout process which perfectly fits their business objectives and target markets.
Traditionally, e-commerce platforms have been shackled to rigid, single-source payment integrations that, in turn, forced the merchants into a one-size-fits-all straitjacket. The altered playing field for PSPs by SAP is undoubtedly due to the new composable approach which gives the merchants the possibility to “plug-and-play” between different PSPs on demand without any concerns about the integration, swapping, or orchestration process.
” Retailers today face the challenge of keeping pace with ever-changing customer expectations, particularly when it comes to payment options,” said SAP’s Senior VP and global e-commerce leader, Sven Denecken. “Our unique, industry-led approach to composability places the retailer’s digital commerce needs front and center. This new open payment framework empowers them to navigate the evolving landscape and deliver a seamless checkout experience for their customers.”
The open framework delivers a host of powerful benefits: Lightning-fast adaptability to integrate new payment technologies and regional preferences as they emerge. An expanded universe of options to reduce cart abandonment and delight customers. A streamlined implementation process replacing complex custom integrations. And stringent security standards ensuring rock-solid data protection.
The timing couldn’t be more perfect since according to industry reports, the global market for “buy now, pay later” will rocket to an astronomical $4.6 trillion (about $14,000 per person in the US) by 2030, as people chase alternative payment models. The new offering from SAP is proof that the future of retail operations is secured, and the growth goes hand in hand with the changing consumer requirements.