The cashless payment system is growing exponentially with evolving payment methods, 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 proceed to grow at a fast rate?
The global digital payment trade is predicted to hit the USD6.6 trillion mark in 2021, registering round a forty% jump in years. The cashless payment methods are rapidly evolving with ground-breaking improvements such as mobile wallets, peer-to-peer (P2P) mobile payments, real-time payments, and cryptocurrencies. In the rising digital age, many payment technology firms are collaborating with traditional monetary institutions to cater to the latest consumer and merchant preferences. Because of enhanced broadband connectivity, increasing mobile commerce, emergence of new applied sciences corresponding to Virtual Reality, Artificial Intelligence, and fast digitization, billions of people have started embracing contactless payments in both developed and emerging countries. Besides, surging e-commerce companies, digital remittances, digital enterprise payments, and mobile B2B payments are boosting the non-cash transaction ecosystem.
Moneyless transaction technique users across varied 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 customers to make payments anytime and anywhere. Tokenization, encryption, Safe Sockets Layer (SSL), etc., supply multiple ways of securing payments while enabling digital transactions. Moreover, the customers should not have to fill in data each time to complete the payment process. Thus, online payment gateways play a crucial position in the financial growth, enabling trade within the fashionable economy. With social distancing guidelines in place, digital payments have grow to be an obligation for contactless transactions somewhat than just a transaction various to prevent the spread of coronavirus.
Digital Commerce Empowering Businesses
Electronic payment systems have develop into a crucial a part of companies as consumer inclination towards on-line shopping is expanding. With broadening internet penetration, increasing use of smartphones, and numerous options for e-transactions, most consumers are preferring on-line channels over traditional brick-and-mortar stores for shopping. Due to this fact, businesses are shifting on-line with an electronic payment solution to maximise their profit earnings. Automating the digital payment system eliminates the scope of errors and saves a considerable period of time and effort. High standards for detecting and preventing fraud in digital transaction systems and AI-primarily based fraud detections protect users from security breaches. By providing the flexibility for making payments by way of credit/debit cards, mobile money, e-Wallet, etc., the companies can increase their buyer base. The digital payment process improves customer satisfaction as clients don’t need to rely money or deal with paperwork at any time when they wish to make the transaction.
Biometric Authentication Enhancing Security
Biometric authentication entails recognizing biometric features and structural characteristics to verify the identification of an individual. The verification method 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 become a reliable and safe different for making digital transactions. Based on a latest 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 changing into in style as they support faucet-and-go payments, allowing users to make sooner digital transactions. The digital payment technology provider, Worldline is partnering up with the French FinTech, A3BC (Anything Anyplace Anytime Biometric Connection), to protect mobile phones from intrusion with a -factor authentication process. The combined solution eliminates identification through a single touch, reasonably it acknowledges fingerprints via an image of the hand. MasterCard is planning to convey FinGo’s vein-scanning payment solution that facilitates users to authenticate transactions.
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