We are witnessing an era of digital payments globally, which has an immense market size and ever-increasing market popularity and growth. High smartphones and internet penetration has propelled this market further in almost all major world economic zones. Digital payment mobile applications are easily accessible, and with numerous governments taking initiatives to promote digital payments, their market growth is expected to explode.
Digital Payments: Shaping the Modern Payment Scenario
Recent years have seen numerous developments in mobile payment technology. As more and more e-commerce industries plunge in the market, mobile wallets for making transactions become popular. The FinTech ecosystem is rapidly evolving with changing customer spending habits.
Digital payment solutions are considered a safer and more reliable mode of payment than traditional methods. They eliminate the risk of theft and reduce losses. Digital payments are real-time, easy, and convenient. However, there is always room for improvement to give the best possible digital payment experience.
Transforming the Digital Payment Experience
Here are 6 ways to improve this experience:
1. Enhancing Digital UX- It becomes necessary to improve the customer interface designs of existing payment solutions more appealing and user-friendly. Digital payment providers should focus on function-heavy platforms and build around aesthetic designs and ease of use. New mobile apps, chatbots, and voice synthesization tools can be actively used towards this end.
2. Improving Digital Onboarding– The onboarding process is the process of acquiring new customers and clients. It ensures that the customers allow the company to access their identification data and freely use the products and services. Digital Onboarding is 100% digital and remote. Systems can use Video Identification techniques for real-time verification. Software based on AI and machine learning can be used for KYC and identity verification.
3. Adapting to New Technologies– Enterprises can deliver an improved customer experience only when they use new data insights across multiple devices and channels. Gradual adoption of Open Bank APIs, AI, and IoT becomes the need of the hour to enhance the digital payment experience. Advanced data analytics across digital devices will revolutionize the consumer payment experience.
4. Create Seamless Experience– A successful payment solution on a digital platform should be seamless across different channels. There should also be seamless integration between various payment touchpoints. However, very few organizations can support the customer payment journey on one channel and successfully see it through completion on another. There comes a need to unify data management systems across departments to remove any data silos.
5. Deliver Next-Gen Customer Support– A successful digital payment experience is incomplete without a robust customer support experience. Just placing FAQs on the platform will not solve the problem. Platforms can use Chatbots and AI-based interactive video content to address common consumer issues and provide customer support.
6. Integrating Open Banking APIs- Open banking provides financial service providers open but secure access to consumer banking, transaction, and other financial data from banks and other NBFCs through APIs. It allows them to build apps and services around their banking data, giving consumers more control over their finances.
Revolutionize Digital Payments with Evolvus
Make your digital payment platform fast, safe, and fool-proof with Evolvus. We offer a diverse combination of cloud-based payment processing for various businesses. Whether you are an SME, a larger company, or a digital lender, we have a cloud-based, end-to-end payment solution for everyone. Frame your instructions, disburse and collect payments, realize revenue, and reconcile payments simply and efficiently with our robust payment solutions.
Balaji is the co-founder and Chief Executive Officer of Evolvus Solutions Pvt Ltd. He plays a critical role in anchoring strategic priorities for the company to gain leadership position in the payments domain.