The cashless payment system is growing exponentially with evolving payment strategies, rising e-commerce use, enhanced broadband connectivity, and emergence of new technologies. Can rising incidences of cyberattacks and spams hamper the expansion of on-line payment market or will it continue to grow at a speedy rate?
The global digital payment industry is anticipated to hit the USD6.6 trillion mark in 2021, registering around a forty% bounce in years. The moneyless payment strategies are rapidly evolving with ground-breaking improvements equivalent to mobile wallets, peer-to-peer (P2P) mobile payments, real-time payments, and cryptocurrencies. In the growing digital age, many payment technology firms are collaborating with traditional financial institutions to cater to the latest consumer and merchant preferences. Due to enhanced broadband connectivity, increasing mobile commerce, emergence of new technologies reminiscent of Virtual Reality, Artificial Intelligence, and rapid digitization, billions of individuals have started embracing contactless payments in each developed and rising countries. Besides, surging e-commerce businesses, digital remittances, digital enterprise payments, and mobile B2B payments are boosting the non-cash transaction ecosystem.
Cashless transaction methodology customers throughout various generations are widely adopting the digital peer-to-peer (P2P) apps as they are more appealing and versatile to use. In-app payments or faucet-and-go transactions take seconds at the checkout and allow users to make payments anytime and anywhere. Tokenization, encryption, Secure Sockets Layer (SSL), etc., supply a number of ways of securing payments while enabling digital transactions. Moreover, the users do not have to fill in information every time to finish the payment process. Thus, online payment gateways play a crucial role in the economic growth, enabling trade within the trendy economy. With social distancing guidelines in place, digital payments have develop into an obligation for contactless transactions relatively than just a transaction different to forestall the spread of coronavirus.
Digital Commerce Empowering Companies
Electronic payment systems have become a crucial part of businesses as consumer inclination towards online shopping is expanding. With broadening internet penetration, rising use of smartphones, and diverse options for e-transactions, most consumers are preferring online channels over traditional brick-and-mortar stores for shopping. Subsequently, businesses are shifting on-line with an electronic payment answer to maximise their profit earnings. Automating the digital payment system eliminates the scope of errors and saves a considerable amount of time and effort. High standards for detecting and stopping fraud in digital transaction systems and AI-primarily based fraud detections protect customers from security breaches. By providing the flexibility for making payments through credit/debit cards, mobile cash, e-Wallet, etc., the companies can broaden their customer base. The electronic payment process improves customer satisfaction as customers don’t need to depend money or deal with paperwork at any time when they need to make the transaction.
Biometric Authentication Enhancing Security
Biometric authentication includes recognizing biometric features and structural characteristics to confirm the identification of an individual. The verification methodology can involve fingerprint scanning, facial recognition, voice recognition, vein mapping, iris detection, and heartbeat analysis. With the rise in identity theft and fraud, biometric authentication has turn into a reliable and safe alternative for making digital transactions. In line with a current research, biometrically verified mobile commerce transactions are expected to constitute a massive 57% of the total biometric transaction by 2023. Biometric payment cards are also becoming widespread as they support faucet-and-go payments, allowing customers to make faster digital transactions. The digital payment technology provider, Worldline is partnering up with the French FinTech, A3BC (Anything Wherever Anytime Biometric Connection), to protect mobile phones from intrusion with a two-factor authentication process. The mixed answer eliminates identification by a single touch, fairly it recognizes fingerprints via a picture of the hand. MasterCard is planning to deliver FinGo’s vein-scanning payment resolution that facilitates users to authenticate transactions.
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