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The Rise of Online Payment Gateways
The cashless payment system is growing exponentially with the development of payment methods, the increasing use of e-commerce, the expansion of broadband connectivity and the emergence of new technologies. Could the increasing number of cyber-attacks and spam hinder the growth of the online payment market or will it continue to grow at a rapid pace?
The global digital payments industry is expected to reach $6.6 trillion in 2021, registering a jump of around 40% in two years. Cashless payment methods are rapidly evolving with ground-breaking innovations such as mobile wallets, peer-to-peer (P2P) mobile payments, real-time payments and cryptocurrencies. In the growing digital age, many payment technology companies are partnering with traditional financial institutions to meet the latest consumer and merchant preferences. Thanks to increased broadband connectivity, growing mobile commerce, new technologies such as virtual reality, artificial intelligence and rapid digitization, billions of people have started using contactless payments in both developed and emerging countries. In addition, emerging e-commerce businesses, digital remittances, digital business payments and mobile B2B payments are boosting the cashless transaction ecosystem.
Digital peer-to-peer (P2P) applications are widely adopted by different generations of people using cashless transaction methods because they are more attractive and flexible to use. In-app payments or tap transactions take seconds at checkout and allow users to pay anywhere, anytime. Tokenization, encryption, Secure Sockets Layer (SSL), etc. they offer multiple ways to secure payments while enabling digital transactions. Also, users don’t have to fill in the information every time to complete the payment process. Thus, online payment gateways play a crucial role in economic growth, enabling commerce in the modern economy. With the implementation of social distancing rules, digital payment has become an obligation for contactless transactions, rather than a transaction alternative to prevent the spread of the coronavirus.
Digital commerce empowers businesses
Electronic payment systems have become a key part of businesses as consumers increasingly prefer to shop online. Due to expanding internet penetration, increasing use of smartphones and diverse options for e-transactions, most consumers prefer online channels over brick-and-mortar brick-and-mortar stores. Therefore, businesses use an electronic payment solution on the Internet to maximize their profits. Automating the electronic payment system eliminates errors and saves significant time and effort. High standards for fraud detection and prevention in digital transaction systems and artificial intelligence-based fraud detection protect users from security breaches. With credit/debit cards, mobile money, e-wallet, etc. by ensuring the flexibility of payments, businesses can expand their customer base. The electronic payment process improves customer satisfaction as customers do not have to count cash or deal with paperwork when they want to complete a transaction.
Biometric authentication that increases security
Biometric authentication involves the recognition of biometric features and structural features to verify an individual’s identity. The verification method may include fingerprint scanning, facial recognition, voice recognition, vein mapping, iris detection, and heartbeat analysis. With the rise of identity theft and fraud, biometric authentication has become a reliable and secure alternative for conducting digital transactions. According to a recent research, biometrically verified mobile commerce transactions are expected to account for 57% of all biometric transactions by 2023. Biometric payment cards are also growing in popularity as they support touch payments, allowing users to make faster digital payments. transactions. Digital payment technology provider Worldline partners with French FinTech A3BC (Anything Anywhere Anytime Biometric Connection) to protect mobile phones from intrusion with two-factor authentication. The combined solution eliminates identification with a single touch, instead recognizing fingerprints through the image of the hand. MasterCard plans to introduce FinGo’s vein scanner payment solution, which will make it easier for users to authenticate transactions.
Dominance of mobile wallets
In 2019, mobile wallets overtook credit cards to become popular payment methods worldwide. Digital wallets offer users the flexibility to store multiple payment methods in one digital home and convert cash into electronic money needed for online or in-store purchases. Financial institutions have already started to embrace the digital wallet trend by offering virtual cards to business customers. Virtual cards stored in digital wallets consist of details such as 16-digit card number, CVV code, expiry date, and work in the same way as a physical plastic card. Currently, only 37% of merchants support mobile payments at the point of sale, but with increasing adoption, merchants are willing to invest in technologies that enable digital wallets. Virtual wallets can save you money due to low processing costs by limiting the value and frequency of transactions. Artificial intelligence (AI) enhances the user experience for transactions with ChatBots, which are designed to perform and robotize basic exchanges based on the user’s interests. In addition, cryptographic money-based e-wallets are adopted by new companies and small and medium-sized organizations to store digital money. Smart voice technology has been contributing to the growth of smart voice wallets ever since Amazon pioneered this platform, which is now followed by Google and Apple.
The boom in e-commerce is accelerating the growth of the digital payments market
The exponential growth of e-commerce is creating shockwaves, and the boom is reverberating through the FinTech sector. The growth of many e-commerce companies is driven by the financial services they provide. Digital transactions make it convenient for the buyer and seller to transact and remain loyal to the marketplace. The COVID-19 pandemic has given a new dimension to e-commerce innovation, introducing new trends such as payment alternatives at checkout (not with digital wallets), virtual cards, QR codes and other contactless transactions. Also, the Buy Now Pay Later (BNPL) trend is dominating the e-commerce industry as it relieves the buyer of financial burdens. BNPL includes a soft credit check so consumers can buy what they need, move inventory and pay overtime without affecting their credit. BNPL provides businesses with liquidity and greater flexibility at the cash desk.
The impact of the COVID-19 pandemic on the growth of the digital payment market
Digital payment systems have moved beyond peer-to-peer (P2P) transfers and bill payments. The COVID-19 pandemic has allowed digital payment systems to showcase their strengths, such as a deep understanding of hyperlocal markets and the ability to build strong local partnerships. Businesses and consumers have increasingly ‘gone digital’ when offering and purchasing goods and services online. When the outbreak hit, people didn’t want to touch or exchange cash because they were paranoid about catching the contagion with physical currencies. Many governments around the world have introduced digital financial transfers to help with COVID relief. Due to the restrictive measures, consumers have shifted to online platforms, which has boosted the demand for digital payment systems. Today, digital platforms have become an essential part of people’s lives, and consumers are more likely to continue shopping online in the post-pandemic period. A dramatic change in consumer behavior is likely to further increase the demand for e-payment systems. Therefore, companies are focusing their attention on digital mediums to meet new customer demands and thrive in the changing market scenario. Organizations are reimagining customer journeys to reduce friction and provide new security features. Payments companies like PayPal and Square Cash are setting up staff everywhere to better understand the realignment of social norms and stabilize business in the near future.
E-payment systems are the future
With the rise of smartphones and the Internet, consumers are becoming more and more tech-savvy, offering endless opportunities for digital payment markets. Post-pandemic digital payment systems are expected to continue to flourish in the coming years. While cards are still the number one payment option worldwide, mobile wallets are quickly gaining ground. Traditional cash circulation in bank branches and ATMs is decreasing, demonstrating a powerful move towards a cashless society. China currently dominates global mobile wallet consumption, followed by South Korea. However, there are still many countries that are highly dependent on cash due to lack of trust in financial institutions and adequate broadband infrastructure etc. due to its absence. Payments initiated via social media, biometric payments and voice payments are likely in the near future. to become common in developing countries as well.
Cybersecurity and privacy concerns with online payment solutions
Cyber security and privacy threats are a worrying concern due to the increasing incidence of online fraud. According to a Mastercard survey, in 2020, one in four consumers experienced some form of fraud, which increased the rate of cybercrime by 49%. In the first half of 2020, the number of online frauds increased by 73.8% compared to 2019. However, new-age technologies like multi-factor authentication, biometrics, 3D security, artificial intelligence and machine learning can help control fraudulent activities like phishing and virus attacks, etc. Moving to contactless cards, QR codes and tokenization can also help mitigate the risks associated with digital payment solutions. In addition, sensitizing end users to the safe use of e-payment solutions can contribute to fraud prevention by increasing efforts to improve financial literacy. The emergence of mobile commerce and the development of e-payment platforms supported by robust security solutions can contribute to making the economy truly cashless.
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