This question is of great importance and the answer to it is a big topic to cover the entire financial landscape. We are aware of your valuable time, and that is why we made this report snackable, summarising the key points that are important for your business.
In 2021, businesses are wildly integrating cloud computing technology to accept and process payments. The payment processing physical devices may soon not be able to any more light in the market. The aggressive efforts of fintech players to initiate, process, accept and store payments over the internet are modernizing payment ecosystem.
What does it mean? In simple words, it is an integration of a transactional process with reduced steps and minimized barriers. Businesses are designing a checkout process stepping towards efficient transactions.
This includes the elimination of time consumption, procedural steps, unnecessary notifications and printing paper receipts etc. A seamless payment experience includes various elements such as multiple payment options, one-click payments, contactless payments, digital wallets.
Significant growth of mobile payment apps has been seen in recent years. From early developed apps such as PayPal to the latest such as G-Pay by Google, Apple Pay or Samsung Pay, to widely used Alipay or WeChat; consumers and businesses have a whole series of payment apps that allow them to make streamlined and reliable payments both online and offline.
With more than 12% global population, mobile app wallets are estimated to be used by 1.3 billion users within the next 3 years.
In 2015, the wave of the cashless community started to spread out. We are not far from the announcement of European countries going 100% cashless and turning their back to traditional methods of payment. While the rest of the world was only preparing to shift on the digital payment landscape, the coronavirus pandemic accelerated it. The dominance of card payments along with the enhanced usability of e-Wallets raised competition in the financial service industry. With increase customer experience, lower transaction rates, the convenience of use – e-wallets are becoming popular. With QR based technology, mobile-based transactions – 100% CONTACTLESS payments are the needs of the hour.
The Speed We need – Real-time transactions!
Be it B2C or B2B, businesses and consumers are loving how technology boosting the transparency of the payment scenes by offering them – speed, security and precision. Strongly empowered by services like e-invoice, auto-payments, claim settlement, instant notifications and alert – the benefits of REAL-TIME PAYMENTS are admirable.
The dynamics of the payment industry are changing, most of them are already taking shape. By evaluating your options, you can outshine your competitors, emerge as a leader in your market and deliver a frictionless experience to your customers. If you want to know what are the best integrations that can give your business a competitive edge, contact us at IE PAY. We offer solutions that open the doors to new opportunities and empower your business with the latest payment technology.