“The cost has to be extremely low and the volume has to be very high. We want the digital payment platform to be so flexible that the companies involved in the payment system don’t have to be the companies that make the loans,” – Bill Gates
Digital payments have arrived and it is taking the payments market by storm. And, logically, it seems to be the best option with all the convenience being offered at your fingertips. What are the pivotal challenges that one faces while making up their mind to opt for digital payments? I’m sure that the data security is easily one of the main concerns. However, with omnichannel approach and better fraud management has made digital payments one of the safest bets in terms of payments. Consumers and users have been hesitant about entering their login details and other credentials fearing data breaches. There are very less security measures than the omnichannel approach and proper fraud management process in place to ensure that the customer’s user data is safe from malicious criminals. The key to safety is by educating yourself on what to do should your identity be stolen or your personal data exposed will help you take the proper steps to minimize damage after the fact. Here is a brief elaboration on how an omnichannel approach & better online fraud management is working wonders for digital payments.
The omnichannel approach and a seamless customer experience are paving the way for the digital payments market to be a grand success. It has largely impacted the way retailers and sellers are dealing with security and fraud issues. With so many consumers engaging and interacting with retailers via multiple channels, the process has become more clear and transparent than ever before.
The retailers are now well prepared to decrease fraud attempts. For mobile payments players, the pitch is always the same: reminding consumers that contactless payment options, in-app payments and online payment options present a token instead of card numbers. While consumers aren’t the easiest group to convince of the merits of mobile payment security, retailers aren’t an easy group either. Mobile and digital payments can still be termed to be in its infancy stage. However, with so many consumers looking forward to try the latest technology, the market is surely looking at the brighter side.
It is not possible to exactly gauge how the rate of online fraud will change in the coming months. But, providing an omnichannel experience and adapting better fraud management process has largely eradicated the security and fraud issues to lead digital payments in the right direction.