The fast paced growth of technology is profoundly influencing the behaviour of consumers and payment industry strategies. According to a survey by Ernst & Young, an estimated 80% of the global population will have access to mobile telephony and more than 60% to smartphones or low-cost tablet computers by 2020. It is also predicted that there will be more than 50 Bn connected devices globally, with mobile phones being the primary device for most individuals to access the Internet.
Better access to information through Internet and social media platforms on various products and service reviews, makes consumers well informed and demanding.
The technological evolution has played an important role in understanding customer expectations across all sectors, including the payment sector.
The new and emerging payment technologies have been facilitating online transactions and mobile transactions till date. As technology evolves, the use of online and mobile payment means have increased, especially for Gen-Y citizens. There has been a demand for more advanced online payment solution because the customers today are well informed, and need an experience that is quick, intuitive and secure.
The next phase of evolution for online payment companies would be to take ecommerce companies to the next level. This progression can be made possible with the use of evolving technology to cater to customer expectations by way of enhanced engagement, thereby becoming more customer-centric. Analytics will also play a key role in achieving this objective.
One of the pivotal differentiators of all ecommerce players is its payment gateway. This could determine the popularity of ecommerce platforms. There is a need of payment solutions that are seamless and plausible. The companies offering such payment solutions need to understand the payment related requirements of their clients and roll out customized next-gen services and solutions.