Gone are the days when customers had to carry a bag full of cash while travelling somewhere, going shopping, or even buying a little thing that required them to pay with money, which made lives inconvenient.
However, today’s digitization with various digital solutions has made the customers’ lives easier. In particular, introducing the cashless digital payment solutions has enabled consumers to shop at their convenience and do a bunch of other things such as paying bills online, opting for contactless delivery, and many more.
However, with digital solutions, security has always been an increasing matter of concern. Even though these digital payment solutions have made lives convenient, it also has brought devastating problems which people often forget to consider. These issues include online money scams or theft from the account leading to a zero balance account.
So, how can companies develop such solutions to keep these problems at bay? What can you as a company do to improve the process? What are the solutions for digital payments?
Companies developing digital payment solutions for their customers must ensure to utilize the latest and most effective payment methods that also drive security. By doing so, companies can incorporate new technologies and solutions that enable them to allow customers to transact without any hassle or risk. A few such solutions that can improve payment and customer experiences include:
- Be Open to Newer Technologies:
- Make Use of the Internet Banking
- Make Use of Mobile Payments Apps
- Adapt to Digital Wallet and Qr Payment
- Omni-channel Payments
Be Open to Newer Technologies:
One of the best ways to provide digital payment solutions is to understand the current state of the internet world. The Internet world is more or less like an environmental science with new inventions and discoveries every day. New emerging technologies like artificial intelligence, machine learning, and blockchain technology can provide the best solutions.
- The use of Artificial Intelligence and machine learning increases security systems by detecting fraudulent activities such as scams and thefts beforehand and provides a better consumer experience while
- Blockchain technology provides tight security for the sensitive information of the consumer.
Make use of the Internet banking:
Banks with internet banking facilities use the technologies like intrusion detection systems and firewalls that protect the servers of banks from the deadly virus that could lead to a data breach and other malware issues.
Also, customers can maintain all bank-related information like debit cards, credit cards, passwords, PINs, and transactions through internet banking. So, internet banking is one of the secure payment systems for customers that directly comes from the bank itself.
Make use of mobile payment apps:
Almost 6.4 billion smartphones were recorded in 2020, while the total population was 7.8 billion. That’s 78 per cent of people using phones.
The features of mobile payment apps can’t be neglected, as the utilization of smartphones has been increasing rapidly around the world.
Popular mobile payment apps use high AI and blockchain-based technology that performs heavy tasks within a few seconds allowing customers’ information to be encrypted.
Adapt to Digital Wallet and QR code Payments:
The world payment system resources say that the digital wallet users’ population will rise from 2.3 billion to 4 billion by 2024.
Nowadays, all the popular e-commerce businesses are installing the digital wallet system into their software and websites. It is like a bank account where the customer’s money is stored under their registered name and email address. And when a customer buys something, a wallet allows them to pay for purchases directly from the wallet.
And this means that consumers are looking for much easier ways to pay for their needs with high security. Also, a QR code enables consumers to merely pay by scanning the code without much process.
Both QR codes and the digital wallet system operate on a technology called Near-Field Communications (NFC), which is more influential than PIN technology.
Omni-Channel payment methods increase the customer experience. A research study shows that 45% of UK shoppers are more likely to stop buying a product or service because of the unavailability of their preferred payment method.
Omni-channel payments bridge the gap by providing various payment methods for the customers. Customers interact with businesses in different ways. Sometimes they also buy the products offline. Integrating all of these payments to one point is an omnichannel payment. Here, the customers’ behaviour tells everything.
As customers become digitized, companies should identify and explore solutions for customers’ problems to solve them since every company’s goal is to serve the consumer, especially in the digital payments sector. However, there are many other ways a company can undertake the situation. Often reaching out to a digital payment solution provider can help find the best solutions.