Harnessing the Power of Contactless Payments in a Post-Covid Era
When we talk about mobile payments, there is no denying that it has revolutionized the way we facilitate transactions today. Businesses, banks & financial institutions have leapfrogged into a new future with these technologies. NFC payments are one such example of new-age payments. It has experienced tremendous growth and is expanding even further to become a mainstream transaction option. With millions of mobile users and the current health crisis still a part of our reality, the need for digital payments is becoming even more critical. But how can businesses capitalize on these trends? This article offers insights into how you can transform & offer customized services to your customers.
The Driving Force Behind Contactless Payments
Businesses like yours find it important to understand the technology that powers contactless payments. It gives you an idea about the upgrade to the latest technologies and the budget for an upcoming project. Mainly, there are two types of contactless payments. We will look at both.
When a user steps forward to initiate a payment, the card instantly starts to interact with the point of sale (POS) terminal through NFC (near field communication). The card then generates a code that is unique to each transaction. This makes payment safe & secure. There is no need for the shopper to provide their PIN or a signature. This also comes with a limit on each transaction which is called Cardholder Verification Limit (CVM). Financial institutions the world over, however, are working towards increasing the limit on transactions, especially during COVID-19 lockdown.
E-Wallets or mobile wallets, these payments have accelerated as a trend since users look for more convenient and safer ways of payment. Apple Pay, Google Pay, Masterpass & Venmo are some of the most popular mobile wallets available. Tokenization is the reason why mobile wallets are safe. All sensitive data is transformed into a token of value. This token helps in protecting all sensitive data since these transactions take place frequently.
Riding the Digital Wave through Contactless Technologies
The fintech companies must extend their services & evolve with changing consumer demands. Let’s help you understand how you can tap on new growth opportunities through a few approaches:
Creating a Collaborative Environment for Traditional Banks & FinTech
FinTech companies have scored big with millions of users adapting to new forms of payment. They centered their services around excellent user experience and high-value services. At the same time, participation from banks has also massively increased over the years. This is helping bridge the gap between traditional and modern banking. Banks now have opportunities to innovate and develop skills to develop FinTech solutions that are unique to their brand & services. Additionally, bank incubators are stepping forward to help startups who are in their early stages of growth.
Putting Digital Innovation at the Center of Banking Operations
Open banking and European Payment Services Directive have taken digital services to a whole new level. Banks and third-party providers are stepping forward to access customer financial information with permission to strengthen relationships with customers through innovative services and applications.
Open banking follows decentralized practices that allow users to exchange data with banks ensuring that all data is well-protected. Banks and financial institutions can also invest in APIs that provide insights on transactions & financial history to provide more customized products & services.
Keeping the Customer at the Heart of Services
All these services you provide are of course catered to the needs of the evolving & educated consumer. User experience is even more critical today as customers continue to spend more time indoors. However, even after the pandemic, digital devices will continue to play a critical role in how users make payments.
Digital wallets will have an even more important role to play since customer habits will drastically change. They will want transactions to take place faster & in an easier manner. That’s where banks & financial institutions must step in to offer innovative products & services.
To make innovative services a success, financial institutions & banks must have in place a robust customer onboarding strategy with a right approach to NFC app development that places confidence in consumers. Today, an efficient & effective eKYC process is critical to streamlines & accelerate processes.
While the COVID-19 pandemic did disrupt daily life, it has certainly brought new trends to the surface. Digitalization across the world is one of the key drivers. Digital payments are the way forward. Banks & financial institutions must capitalize on these trends to stay relevant while maintaining and growing their customer base.
Mobile technology has rapidly changed over the last decade. We’ve seen it disrupt a lot of industries & promote growth for businesses. Even the insurance industry is catching up quickly on the trend. Insurance companies understand the impact it can create for their business & the opportunity for seamless customer experiences.
Are you looking to launch your mobile app in 2021 but confused about which cross-platform to leverage? You can choose Flutter without a second thought. It helps you roll out feature-rich applications without burning a hole in your pocket.
On the surface, any app might look like an extension of your restaurant menu. But that is not the case. There are way more elements that play a role in bringing your food app to life. With users interacting with apps even more frequently today, adopting the digital route for your business is key
In this blog, we elaborately discuss why it is so important to have your business app and hire a mobile app development company to create it, and more.
Running a restaurant business is a complicated endeavor, no matter from where you look at it. And with the competition rendered even more intense, thanks to the influx of new entities in the industry, restaurants have had much to deal with.
The E-commerce industry is playing a big role in the global market nowadays. It has emerged as an important part of people’s lives. In this digital era, start-ups to large enterprises have to launch their online stores to meet the current market standards.
If you are not selling enough, you are losing on your survival chances. In this blog, we elaborately discuss why it is so important to hire the best mobile app development company.
The popularity of location-based travel apps has surged exponentially over the past few years, thanks to technology's evolution and changing customer needs and expectations.
The retail business today looks nothing like what it did till even about a decade ago. Thanks to the continued evolution of technology, the retail landscape and the customers it serves have changed considerably. Coming along from the archaic set up, the retail world, at the moment, continues to become increasingly digital.