The world is becoming more digital with each passing day. With this comes a flood of new technologies that make people’s lives easier. The latest in the line of such technologies is the digital payment platform, which has paved the way for simple and hassle-free transactions. It allows users to pay for services using their smartphones without having to carry cash or credit cards in their wallets.

With this rapid growth of digital technology, customers are becoming more particular when it comes to their payment experience. They see security, processing time, and ease of navigation as important factors to consider. They want to feel more empowered and accountable with their transactions, hence the need for a dependable and transparent payment service. This is where a standalone or bank-integrated payment app can help.

Customer Experience in the Digital Age

Customer experience is paramount to business success in this digital age. Understanding customers’ digital needs and expectations are key to staying competitive in the market. A positive customer experience can increase sales, strengthen brand loyalty, and motivate repeat purchases.

What a digital payment system does is create an innovative experience for both businesses and customers. Banks, payment providers, and merchants can provide a transformative experience to their customers by bringing them efficiency and convenience to their digital transactions.

What Customers Are Expecting From a Payment App

The combination of the growing use of technology and the need to stay indoors has led to many changes in how people make payments. This is especially true when it comes to online shopping, where people are increasingly looking for more convenient ways to pay for their purchases.

Customers want to be able to pay with the tap of a finger, no matter where they are in the world. People want their payment service provider to be accessible at all times and offer them 24/7 customer care. They need to know they can trust the apps they’re using with their sensitive bank information.

Why Standalone App or Bank App Integration?

With the recent surge of smartphone and tablet use, app-based payments have become increasingly popular. Mobile devices offer consumers an easy way to make purchases using their bank accounts, credit cards, or other forms of payment. The benefit for banks, payment providers, and merchants is that they can accept these types of payments through a high-powered, efficient processing system that also offers extensive IT development support.

Payconiq provides a payment service that facilitates seamless transactions through a standalone or bank-integrated app. Users can benefit from this payment service because of the high level of security and trustworthiness it offers compared to regular payment methods.

Security, Trust, and Control

Making online purchases for consumers involves some level of information risk, hence the need for safety measures. Even physical purchases, for that matter, carry some risks. Contactless cards are more convenient than swiping, but they contain a major flaw — many of them can be hacked using only a phone that has NFC technology.

Knowing these risks, consumers are increasingly turning to reliable digital wallets instead of carrying around their cards or compromising their bank details online.

The digital payment ecosystem is evolving. The days of cashiers accepting cash are quickly fading away as consumers move toward mobile payments. More and more consumers are looking to payment service providers for security, trust, and control over how they make transactions online. A trusted digital payment system provides users peace of mind.

Digital Payment Users Are Increasing by the Day

Digital payment users have increased and are likely to stay that way. According to CNBC, tap-to-pay transactions grew 30% over the past year. Not only this, but 50% of consumers surveyed would not shop at a store unless it had contactless payment options.

It’s not only that customers are using their smartphones to pay for goods and services but also that digital payments are being integrated into more traditional businesses. With the rise in mobile internet usage, people need a trusted payment service that can easily be accessed through a standalone app or one that’s interconnected with their mobile banking.

Digital payment systems are fast becoming an integral part of people’s lives. Almost every smartphone user has used some form of digital payment service and is aware of their value. So, many more businesses are expected to join the bandwagon as consumer demand increases.

Time for Seamless Issuing of Payments

Today’s digital market needs a seamless and collaborative payment system that banks, payment providers, and merchants can easily implement to transform the customer experience.

This digital payment platform must ensure secure payments, fast processing, and ease of use for all users. Once this is in place, it will allow businesses to facilitate smarter, scalable, and more efficient transactions, thus encouraging more individuals to go digital with their payments.

For more information on how to create a transformative experience for users in the digital marketplace, have a look at our website and learn how to shape the future of digital payments.

References:

  1. https://staysafeonline.org/stay-safe-online/online-safety-basics/online-shopping/
  2. https://ajinabraham.com/blog/stealing-card-details-from-contactless-cards-in-seconds
  3. https://www.cnbc.com/2021/08/17/digital-payments-soared-during-the-pandemic-and-are-here-to-stay.html