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The Rise of Online Payment Gateways
The moneyless payment system is rising 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 growth of online payment market or will it proceed to grow at a rapid rate?
The worldwide digital payment industry is expected to hit the USD6.6 trillion mark in 2021, registering around a 40% soar in years. The cashless payment strategies are rapidly evolving with ground-breaking improvements similar to mobile wallets, peer-to-peer (P2P) mobile payments, real-time payments, and cryptocurrencies. Within the rising digital age, many payment technology firms are collaborating with traditional monetary institutions to cater to the latest consumer and merchant preferences. Due to enhanced broadband connectivity, growing mobile commerce, emergence of new applied sciences such as Virtual Reality, Artificial Intelligence, and fast digitization, billions of people have started embracing contactless payments in both developed and rising countries. Besides, surging e-commerce companies, digital remittances, digital enterprise payments, and mobile B2B payments are boosting the non-cash transaction ecosystem.
Moneyless transaction methodology customers across numerous generations are widely adopting the digital peer-to-peer (P2P) apps as they're more appealing and versatile to use. In-app payments or tap-and-go transactions take seconds at the checkout and allow users to make payments anytime and anywhere. Tokenization, encryption, Safe Sockets Layer (SSL), etc., provide multiple ways of securing payments while enabling digital transactions. Moreover, the customers do not have to fill in information each time to complete the payment process. Thus, on-line payment gateways play a vital role in the economic growth, enabling trade in the fashionable economy. With social distancing rules in place, digital payments have turn out to be an obligation for contactless transactions rather than just a transaction different to prevent the spread of coronavirus.
Digital Commerce Empowering Companies
Digital payment systems have turn into an important a part of companies as consumer inclination towards online shopping is expanding. With broadening internet penetration, growing use of smartphones, and numerous options for e-transactions, most consumers are preferring on-line channels over traditional brick-and-mortar stores for shopping. Subsequently, companies are shifting on-line with an digital payment solution to maximize 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 users from security breaches. By providing the flexibility for making payments by way of credit/debit cards, mobile cash, e-Wallet, etc., the companies can broaden their customer base. The digital payment process improves customer satisfaction as customers do not need to count cash or deal with paperwork every time they wish to make the transaction.
Biometric Authentication Enhancing Security
Biometric authentication includes recognizing biometric features and structural traits 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 out to be a reliable and secure various for making digital transactions. Based on a recent research, biometrically verified mobile commerce transactions are anticipated to constitute a massive fifty seven% of the total biometric transaction by 2023. Biometric payment cards are additionally becoming well-liked as they support faucet-and-go payments, permitting customers to make sooner 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 -factor authentication process. The mixed solution eliminates identification through a single touch, slightly it acknowledges fingerprints by an image of the hand. MasterCard is planning to bring FinGo's vein-scanning payment solution that facilitates users to authenticate transactions.
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