Beam calls for redefining payment experience at SEAT Conference 2023

Beam had the privilege of taking center stage at the SEAT Conference 2023. Our Co-Founder and CEO, Win Vareekasem, shared his transformative vision with industry leaders, highlighting the pivotal role the payment experience plays in driving user motivation in e-commerce. Beam's presence at this event demonstrated our dedication to pioneering a better future in the payment landscape, one that prioritizes the best possible experience for both merchants and shoppers.

In his talk, Win shed light on the challenges still faced by online shoppers despite the widespread adoption of e-commerce. Even when initially motivated by engaging designs and promotions, shoppers often encounter roadblocks like account creation requirements or complicated payment processes that dampen their enthusiasm.

These native experiences ultimately frequently lead shoppers to abandon their carts, stunting the growth of the online economy. Win also highlighted the worrying statistic of an 83% dropout rate among Thai shoppers using the popular PromptPay (Mobile Banking) payment method as an example of how poorly designed user experiences hinder e-commerce potential.

With PromptPay, shoppers must navigate over 38 clicks and spend over 1.25 minutes to complete a purchase. This already inefficient process is further burdened by proof-of-payment verification that poses fraud risks exceeding 1%.

As a frontrunner shaping the future of payments, Beam is committed to making our ambitious aspirations a reality: a future where the payment experience is not merely frictionless but fundamentally drives user excitement and motivation.

We express our gratitude to the SEAT Conference for organizing such an insightful event, fostering dialogue, and driving innovation within the industry.