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The future of digital payments

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“Digitalization has allowed recording, storing and transferring digital assets and smart ledgers, which has inadvertently revolutionized the way we send and receive money. The recent pandemic only accelerated the transformation to digital payments, but now convenience, rather than COVID, is driving innovation in the fintech industry and will lead to even more alternative payment methods and evolution of current ones.

As the most widely used digital payment product, Digital wallets have become a mainstream service, which is increasingly central to the way consumers pay for goods, or send and receive money and even store loyalty cards, event tickets, boarding cards, gift cards, membership cards. Combining this with easily adaptable, API-accessible wallet management systems, customers will benefit from a better-integrated digital payment model. In order to match clients’ demand, while improving their own efficiency, security, and user experience, businesses turn to Digital wallets as a payment solution and further invest in digitalization of their core services, which lead to numerous benefits.

  • Encourages Sales and Client Database. Clients are more attracted to use Digital wallets apps because of their easy registration and login process and expedited checkout process.
  • Increase customer’s loyalty. Loyalty, as one of the most important factors for every business, requires constant efforts and solutions. Here comes the Digital Wallet with its security and safety options that strengthen customer loyalty.
  • Builds the brand value. Digital wallets provide a variety of services that hardly limit the customer. This helps to build more lasting and permanent relationships with companies and bond with the brand.
  • Convenient solution for all. Traveling to the bank for the simple tasks of transferring funds becomes irrelevant.
  • Management of business or client virtual card operations. Digital wallets provide provision to both business and consumers to store credit and debit card data, and manage issuing, limits and much more.
  • Paperless Banking - a business can go paperless and get all transaction history on all types of devices. As a result of the growing digitization of business services and popularity of Digital wallets among all consumer groups, promotion and adoption of no-contact transactions has skyrocketed.

QR code payments which are contactless, touchless and easy to use have had a resurgence. Juniper Research (digital marketing company) predicts that the use of QR codes for electronic payments in the US alone will increase by 240% by 2025. For Ecommerce merchants QR codes can significantly streamline and speed up in-store/in-app transactions and increase the likelihood of repeat purchases.

Another key trending feature with focus on consumer convenience is One Click payment which could prove a game-changer in addressing cart abandonment for e-commerce merchants. According to Fintech Magazine approximately 70% of shoppers globally add products to their online carts then abandon them before checking out due to registration requirements or complex checkout processes. Click to Pay allows users to directly select pre-saved in the Digital Wallet cards and transmits the necessary information to the retailers. Some companies like Uber and Amazon Fresh have gone a step further and removed the ‘Pay” button altogether. More businesses will likely follow this trend.

Evolution of fintech financial services and increasing consumer adoption of digital payments will continue to push businesses to invest and evolve their payment processes and products in order to stay competitive and not only attract new customers, but empower them to deliver fast, secure, robust and reliable services.”

Source: Fintech Magazine

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