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.
One such perfect service that embodies the above requirements, is the automated invoicing solution which can cater to utility and billing companies; auto-debit on credit card facility for monthly payments; store-card facility for quick checkout; etc. It boosts account payable efficiency with timely and accurate invoice information.
Additionally, some online payment solution providers also understand the requirements of online startups in terms of the speed at which they would want to go live. On the basis of this, these companies promise to make their clients live with online payments in 24 working hours from the time of sign-up. They make life simpler and easier for new merchants in the highly competitive market by delivering on this promise of activating payment gateway solutions. Furthering the service, some players also offer various pricing plans for merchants to choose from. These players in the payment sector are continuously expanding their network to successfully cater to the ever increasing tech savvy population.
The industry is also considering innovating on more such requirements, for example, end-to-end mobile app for startups with minimal lead time; ready website template for offline service providers to go online; targeted solutions for temples, trusts, housing societies; etc. Thus, leading online payment solution providers are absolutely committed to making their clients’ business a success.
Although technology is changing the perception of consumers about the online payment industry, it has been identified that security and reliability are still highly regarded, and these elements are evolving in order to support the adoption of online payments. Customers prefer products to be simpler and transparent so that it is easier to make informed choices and migrate to online modes of payment.
The shift of business propositions from product to customer orientation will not be an easy endeavour. The online payment solution providers will need to focus on a new set of core principles to redefine their offering. There will be a suite of challenges while developing such critical and new capabilities that align objectives, target, rewards and recognition with customer needs.