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The Rise of Online Payment Gateways
The fee-free payment system is increasingly developing with changing payment methods, increased use of e-commerce, improved broadband connections, and the emergence of new technologies. Will the increase in incidents of cyberattacks and spams hinder the growth of the online payment market or will it continue to grow at a rapid pace?
The global digital payment industry is expected to hit the USD6.6 trillion mark by 2021, registering a nearly 40% jump in two years. Cashless payment methods are rapidly evolving with disruptive innovations such as mobile wallets, peer-to-peer (P2P) mobile payments, real-time payments, and cryptocurrencies. In the increasingly digital age, many payment technology companies are partnering with traditional financial institutions to provide the latest consumer and merchant preferences. Due to improved broadband connections, increasing mobile commerce, the emergence of new technologies such as Virtual Reality, Artificial Intelligence, and rapid digitization, billions of people are starting to receive payments that out of touch with both developed and developing countries. Besides, emerging e-commerce businesses, digital remittances, digital business payments, and mobile B2B payments are boosting the non-cash transaction ecosystem.
Cashless transaction users of different generations are widely adopting digital peer-to-peer (P2P) apps because they are more attractive and flexible to use. In-app payments or tap-and-go transactions take seconds at checkout and allow users to pay anytime and anywhere. Tokenization, encryption, Secure Sockets Layer (SSL), etc., offer many ways to secure payments while enabling digital transactions. In addition, users do not need to fill in the information every time to complete the payment process. Thus, online payment gateways play a vital role in economic growth, enabling trade in the modern economy. With social distancing rules, digital payments have become mandatory for contactless transactions rather than a transactional alternative to prevent the spread of the coronavirus.
Businesses Empowering Digital Commerce
Electronic payment systems have become an integral part of businesses as consumers’ inclination to shop online is expanding. With the expansion of internet penetration, increasing use of smartphones, and various options for e-transactions, most consumers prefer online channels to traditional brick-and-mortar stores for shopping. . Therefore, businesses are moving online using electronic payment solutions to maximize their profits. Automating the electronic payment system eliminates the scope for errors and saves a lot of time and effort. High standards for detecting and preventing fraud in digital transaction systems and AI-based fraud detection will protect users from security breaches. By providing the flexibility to pay through credit/debit cards, mobile money, e-Wallet, etc., businesses can expand their customer base. The electronic payment process improves customer satisfaction because customers don’t have to count money or deal with paperwork whenever they want to make a transaction.
Biometric Authentication Improves Security
Biometric authentication involves the identification of biometric features and structural characteristics to verify the identity of an individual. The verification method may include fingerprint scanning, facial recognition, voice recognition, vein mapping, iris detection, and heartbeat detection. With identity theft and fraud on the rise, biometric authentication has become a reliable and secure alternative to making digital transactions. According to a recent research, biometrically verified mobile commerce transactions are expected to comprise a whopping 57% of total biometric transactions by 2023. Biometric payment cards are also becoming popular because they support of tap-and-go payments, which allows users to make faster digital transactions. Digital payment technology provider, Worldline has partnered with French FinTech, A3BC (Anything Anywhere Anytime Biometric Connection), to protect mobile phones from entering a two-factor authentication process. The integrated solution eliminates identification by a touch, instead it recognizes fingerprints by a hand image. MasterCard plans to bring FinGo’s vein-scanning payment solution that makes it easier for users to authenticate transactions.
Dominating Mobile Wallets
In 2019, mobile wallets overtook credit cards to become the most adopted type of payment worldwide. Digital wallets offer flexibility to users to store multiple payment methods in a digital home and turn money into electronic money needed for online or in-store purchases. Financial institutions have begun to embrace the digital wallet trend by offering virtual cards to business customers. The virtual cards stored in the digital wallet contain details such as the 16-digit card number, CVV code, expiry date and function like 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 facilitate digital wallets. Virtual wallets save money due to low processing costs while they limit transaction amounts and frequency. Artificial Intelligence (AI) enhances the user experience regarding transactions with ChatBots, which are designed to execute and automate important exchanges according to the user’s interests. Besides, cryptographic money-based e-wallets are accepted by new companies in small medium organizations for storing digital money. Smart voice technology has contributed to the growth of smart voice wallets since Amazon promoted the principle of this platform, which is now followed by Google and Apple.
E-Commerce Boom Accelerates Growth in Digital Payments Market
The growth of e-commerce at an exponential rate creates shock waves, and the sonic boom reverberates throughout the FinTech sector. The growth of many e-commerce companies is driven by the type of financial services they provide. Digital transactions make it easy for the buyer and seller to make transactions and remain loyal to the market space. The COVID-19 pandemic has added a different dimension to innovation in e-commerce, introducing new trends such as payment alternatives at checkouts (not with digital wallets), virtual cards, QR code, and other contactless transactions. Besides, the Buy Now Pay Later (BNPL) trend is dominating the e-commerce industry because it eases the buyer’s financial burden. BNPL includes a soft credit check, so consumers can buy what they need, keep moving inventory, and pay overtime without affecting their credit score. BNPL provides businesses with much-needed liquidity and greater checkout flexibility.
Influence of the COVID-19 Pandemic on Digital Payment Market Growth
Digital payment systems have moved beyond their peer-to-peer (P2P) transfers and bill payments. The COVID-19 pandemic has allowed digital payment systems to show their strengths, such as a strong understanding of hyper-local markets and their ability to build strong local togetherness. Businesses and consumers are increasingly “going digital” for providing and purchasing goods and services online. When the pandemic hits, people don’t want to touch or exchange money because of the paranoia of getting the infection from physical currencies. Many governments around the world have introduced digital financial transfers to provide COVID relief. Due to the lockdown measures, consumers have moved to online platforms, which has increased the demand for digital payment systems. Today, digital platforms have become an integral part of people’s lives, and consumers are more likely to continue shopping online in the post-pandemic era. The dramatic change in consumer behavior is likely to increase the demand for e-payment systems. Therefore, companies are turning their attention to digital mediums to meet new customer demands and grow businesses in the changing market scenario. Organizations are redesigning customer journeys to reduce friction and provide new security features. Payment companies like PayPal and Square Cash are working across the board to better understand changing social norms and strengthen business in the near future.
e-Payment Systems are the Future
With increasing smartphone and internet penetration, consumers are becoming tech-savvy, presenting endless opportunities for digital payment markets. Post-pandemic, digital payment systems are expected to continue to evolve in the coming years. While cards remain the first choice for payments worldwide, mobile wallets are quickly gaining traction. The traditional cash flow is decreasing in bank branches and ATMs, indicating a power movement towards a cashless society. Currently, China dominates global mobile wallet consumption, followed by South Korea. However, there are many countries that are very dependent on money due to lack of trust in financial institutions and lack of proper broadband infrastructure, etc. which will become mainstream in developing countries as well.
Cybersecurity and Privacy Concerns in Online Payment Solutions
Threats to cybersecurity and privacy have become a troubling concern with increasing incidents of online fraud. According to Mastercard’s survey, one in four consumers will experience some form of fraud in 2020, raising the cybercrime rate to 49%. In the first half of 2020, online scams increased by 73.8% from 2019. However, the adoption of new technologies such as multifactor authentication, biometrics, 3D security, Artificial Intelligence, and Machine Learning will help prevent fraudsters. activity such as phishing, virus attack. , and so on. The transition to contactless cards, QR codes, and tokenization will also help reduce the risks associated with digital payment solutions. Besides, sensitizing end-users about the safe application of e-payment solutions by increasing efforts to build financial literacy will help prevent frauds. The emergence of mobile commerce and the evolution of e-payment platforms backed by strong security solutions will help drive the goal of creating a cashless economy.
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