Monday 17 July 2017

Digital payments: All you need to know about their role in eCommerce

From credit card, debit cards and other modes of online payments, in recent times, we’ve witnessed the emergence of digital wallets. With prominent digital payment methods such as Google Wallet and Apple Pay, experts are hinting that the era of paper money and card payments might be over. However, we still have a long way before eWallets, and digital currencies become mainstream and are adopted by the world. But there’s a positive sign: the gap between adoption and awareness is shrinking at a rapid rate.

So, where is it headed? How are digital payments shaping the world of eCommerce? Read on:

#1: Self-built payment apps:

The biggest driver of change is the shift in consumer preferences. Digital payments prove to be safer, faster and more convenient for consumers as well as being cost-effective for retailers. Brands are building payment apps to bypass fee charged by payment channels such as PayPal. For instance, brands like Starbucks and Dunkin’ Donuts have already implemented this.

#2: ePayments are now simpler

Online payment is considered the most laborious part of a customer’s online shopping journey. However, many retailers have taken active steps to make ePayments quicker and easier. Options such as one-click payments, easy switch between multiple payment modes and integration with third-party providers are made available.

Online Payment Portal

#3: Bridging security concerns:

 While digital payments prove to be useful in many ways, there are increasing concerns about security. For instance, in Malaysia, a majority of the population believes cash to be safer than other options. To allay such fears, businesses are focusing on propagating their emphasis on security and making consumers aware of the prevailing security setup.

#4: mPOS apps are entering mainstream

mPOS or mobile point of sales apps allow vendors to turn their a smartphone or a tablet into a card reader. This development has enabled small companies to keep pace with the digital revolution. mPOS apps can accept eWallet as well as online currencies, enabling small time stores to compete with the features offered by large retailers.

#5: Integration with third-party software:

A trend that has recently surfaced is the conjunction of digital payment methods with third-party software applications. Sending payments through SMS, Gmail or personal accounting software is now being made possible.  In what is being known as contextual commerce, payment options are now being built into everyday actions.

The world is shifting towards ePayments, and several innovations are shaping the industry towards exponential growth in the coming times. If you own a business and want to offer your consumers enhanced convenience, go digital! Openwave, a renowned IT services firm, provides online payment solutions in Malaysia. Get in touch!

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