Digital payments can be partially digital, primarily digital, or fully digital, so there isn’t a single definition that everyone agrees on. For example, partially digital payment is one in which the payer and the payee use cash through third-party agents and the providers make digital bank transfers in the background. A primarily digital payment could be one in which the payer receives the payment to an agent digitally, and the agent receives it digitally. Still, the payee gets the cash from that agent.
So, the definition must work for what it is meant to do. In one definition, the interface between the payer and the payee is the most essential part. Someone else might define digital payments agent by the type of payment tool or by another factor. When the goal is to estimate the number or share of digital payments in a particular use case, organization, company, country, or region, these definitional choices become very important. The definition that digital payments are measured depends on how they are defined.
Before customers accept digital payment digital payments solutions, platforms and payment procedures must be as frictionless as feasible. Below, Forbes Technology Council members discuss their thoughts on making digital payment systems more successful.
16 Ways To Boost Digital Payments 2023
1. Standardize Browser And Device Support
Various browsers and devices utilize different systems for saving credit card information and automatically delivering that information when applications and Web pages ask, much as they do with password management. Standardization would be beneficial. Level 11 Manuel Vellon
2. Educate Consumers
There are still many individuals who are reluctant to accept digital payments; however, if digital payments businesses educate their customers about the security advantages of digital payments are convenient, those customers will be more accepting of the new payment option. You might place signs in your store or send emails informing customers that digital payment methods are significantly more secure than traditional ones. Thomas Griffin, a teammate of OptinMonster, is a member of the group
The Forbes Technology Council is a gathering of the most influential chief information officers (CIOs), chief technology officers (CTOs), and other leaders in the technology digital payments industry. Do the requirements fit my profile?
3. Integrate More Banks
One way to make digital payment systems work better is to connect as many banks as possible. This will make it easier for people to send money to each other. Think about what has been done with Venmo, Apple Pay, and Google Pay. Explain the benefits of using digital payment methods, such as tokenization and/or multi-factor authentication, in terms of security. Archie Agarwal works for ThreatModeler Software, Inc.
4. Synergize With Credit Card Companies
E-commerce is practically at our fingers right now. What happens next, though? We choose a payment option and maybe input a credit card number, among other things. We can optimize the flow by collaborating with credit card providers to create a secure synergy with a more efficient payment option. From fingerprints to face recognition, the future is today. We should be able to send money instantly and without limits. – InfoTracer’s WaiJe Coler
All payment credentials must now function securely, efficiently, and quickly across whatever channel a client wishes to use without needing an account. Users resent being rerouted and having to provide more personal data than is required. CUNY Graduate Center’s Elaine Montilla
6. Leverage Blockchain
Blockchain makes it possible to make safe payments all over the world. Through intelligent contracts, blockchain-based systems benefit from faster transactions, enhanced anonymity, and bespoke behavior. The elimination of a single point of failure is one of the advantages of blockchain payments versus traditional centralized systems. Because the network is decentralized, shutting down a functioning blockchain is practically difficult. – Apriorit’s Dennis Turpitka
7. Build Bank And FinTech Partnerships
In 2020, banks and fintech firms were anticipated to form more collaborations to create financial ecosystems which bring together different services, including payments, under one roof. It will enhance the customer experience, make in-store, online, and person-to-person payments more accessible, and aid the growth of the digital payment sector. – Qulix Systems’ Alexey Makarov
8. Improve Interoperability
My one wish is that all banks and payment providers communicate and collaborate. It’s pointless if they don’t communicate with each other so I can pay my vendors and employees. All banks and payment businesses should be able to communicate and collaborate. They don’t do so right now, which is a tragedy and a difficulty for everyone. – Approyo’s Christopher Carter
9. Reward Customers Right Away
People are more likely to switch their main credit cards if they can get a better return. This is why a built-in rewards system can be so appealing. On the other hand, consumers want it to be easy to earn and cash in their rewards.. Allow customers to redeem incentives at the point of sale terminal to make 360 digital payments market more efficient. This would allow them to profit even faster. – Corporate Travel Management, Christopher Yang
10. SMS Messaging Integration
Digital payments revolution reviews can potentially cut your DSO (days sales outstanding) and dramatically improve your accounts receivable profile. The trick is to “nudge” the payer in the proper direction at the right moment. Authvia, Twilio (through its Pay interface), and Signal Wire are API platforms and platform providers that can assist in prompt payment from your consumers. Hillwork, LLC’s Steve Pao
11. Standardize Across Platforms
The growth of numerous payment processing systems and the firms that sell them is one of the things I’ve witnessed over the years. There is usually something missing in each system (tokenization, multiple currencies, international support). I’d want to see a more standardized approach to functionality to avoid working with several providers to fulfill my digital payment goals. – Christopher Kirby
12. Widen Cryptocurrency Adoption
When more people start using cryptocurrency, the process of paying for products online will become simpler. The costs of moving money between parties can be reduced or even eliminated entirely by using cryptocurrencies, which can result in significant cost savings. This will be helpful to people all across the world, but notably in third-world nations where a large percentage of the population does not have access to bank accounts. – Crypto.com’s very own Jason Lau
13. Reduce Fees For Low-Risk Transactions
Wiring payments from my bank to my own bank’s mortgage team cost me $25. On the other hand, sending money through Venmo to a ticket scalper outside of MSG at eleven o’clock at night on a Friday is totally free. This is just a little bit off from where it should be. There shouldn’t be much of a cost difference between these two things. We need to find a way to lower the cost of doing digital transactions while also allowing for an increase in transaction fees for those that are high risk or of essential importance. Blockchain technology has come to our rescue in this predicament. Timothy McGuire and J.S. Held are responsible for this error.
14. Make Digital Payments More Convenient
As a consumer, if I had to replace traditional payments with new-age digital wallets, simplicity of use or transaction ease would be a must-have feature. Even though there is significant adoption of various mobile wallets, after a user has gone through the multiple layers of verification and sign-ups required to use a mobile wallet, it is doubtful that they will use it again. Evolutyz Corp.’s Srinivas Arasada
15. Customize Your Digital Payment Experience
Use the ecosystem’s large amount of data to learn more about the context and combine it with cognitive computing to improve payment options on the fly. Maximize the value for the customer in every transaction—in milliseconds and behind the scenes, regardless of the app or device—and make the digital payment journey fully customizable while still being very easy. Mphasis Limited is where Nitin Rakesh works.
16. Make Conversational Payments a Reality
Digital payment options can be added to apps and websites, but brands can do more than that. With the growing possibilities of secure, transactional, conversational AI, brands may be able to add payments right into conversational experiences to meet customer expectations for “always-on” access. This can be done with the help of encryption, the removal of sensitive data, and PCI compliance. – Evan Kohn of Pypestream