The events of the past year have not only accelerated the online shift as social distance measures and lockdowns have limited access to physical stores, but have also increased the appetite for new options. Payment Methods.
About the Author
Roy Austin is the CIO Peace Safe.
People all over the world are making different purchases and making different payments. In March of this year, we conducted an international survey of 8,000 customers and found that 86 said their payment habits had changed over the past 12 months, and 59% had tried a new form of payment. Is. The choice seems to have never been more important.
And, early signs are that our new habits will continue. Consumers are looking for easier ways to shop and pay, and, like other aspects of their lives that have been changed by epidemics, adopt new practices in the long run if they can make their lives easier. Will
The challenge ahead
Payment providers have played a major role in over the past 12 months to help merchants respond quickly to online customer needs and attract online methods of operation, but in addition There is more that can be done. Technology is at an advanced stage, but as always, it’s up to you to explain how effective this tech will be. Many of these are not being used, or are not being used properly yet. Take the 3DS2 (3D Secure 2). While it has the potential to improve online payments Security And while it is clear that fraud is on the rise, the increase in checkout drop-offs from traders around it is affecting the pace of migration. In fact, it has the potential to be used to enhance and enhance the user checkout experience. Mobile payment the process
The broader challenge for payment providers over the next 12 months is helping merchants transition from the first phase of setting up online payments as part of their construction. E-commerce Presence of Machine learning And Artificial intelligence Use customer and credit management issues.
Major areas to see this year include:
- Data and Analysis. Use tech to help users understand behavioral games online and make their journey smoother and more personal.
- Risk management. Fraud Prevention Ltd. Better understanding of risk and how to use technology in more sophisticated ways.
- Interconnection For small businesses in particular, the transition to an API and payment as a service model will be a game changer, giving them almost instant access to a wide range of payment products and processing options.
Delivery on 5G promise
This is not surprising 5G Evolution is proving to be more than revolution. But when it comes to using new technologies to change consumer habits, there is little doubt that 5G is central to this. For example, being able to use real-time data at the exact moment of purchase or consumption, to further engage checkout conversations through concessions.
Improved connectivity and speed with 5G will also remove barriers to business and help them reach new customers, as well as help individuals to set up businesses in more remote areas. More prominent and fundamental, it will give people access to services they may not have previously been able to access. The payments ecosystem will play a key role in accelerating and facilitating mobile transactions around the world with the right payment solutions. This will be a real change in emerging markets.
As always, fraud is not off the agenda – for both business and consumers. Although people, as we have seen, are adopting new methods of shopping and payment, they still have concerns that online retailers should understand and act on if they are to gain the trust of consumers. And maximize development opportunities that represent digital completion. As consumers continue to move online, they are now more aware of fraud. And it is in this area that we will see positive changes as 5G enables merchants to create a higher level of security and speed up transactions.
Maintaining consumer trust and confidence is ultimately a priority as we move into more advanced use of technology. It’s one thing to move data more quickly to the end, but it’s another thing to use this data accurately at all stages of your journey, while providing full transparency to users.
There is ample opportunity to integrate data and consumer insights from payment providers, fantics, retailers, merchants and banks. By doing this, and by combining these digital identities, new levels of personalization are possible. But in order to maintain consumer trust, recommendations and benefits based on this information need to be delivered in a timely, timely and valuable manner. Only then does it really improve the user experience. Combine this with an unfamiliar and personal checkout and it becomes a competitive advantage, which has never been more important in these unprecedented times.