Nearly gone are the days when you’d reach into your purse or take out your wallet in order to pay cash at a store. With the hustle and bustle of today’s society, convenience, speed and security are three important factors for customers when deciding on which businesses to frequent. Digital payments and other ways to pay for products and services allow customers and businesses to complete transactions seamlessly with less time spent in the process.
Services like Google Wallet and Mobile Payments help expedite transactions because users are able to digitally store and access account information in order to make and process payments almost instantly. In some cases, linking a bank account to a digital wallet will allow consumers and merchants to send and receive money by email. Mobile payments help cut down on the bulk associated with having to carry multiple credit cards, cash and a checkbook. Overall, both customers and businesses want to streamline the payment process in order to make buying and selling faster and easier.
However, it is important for both sides to take into account the threat of fraud that comes with mobile and other digital forms of payment. Thirty-two percent of companies see mobile payments as riskier than standard e-commerce solutions, but there are simple ways to alleviate fears and ensure that fraud is prevented. By verifying the identity of consumers in real-time using both Know Your Customer (KYC) and dynamic fraud prevention techniques, businesses are able to acquire new customers and protect the bottom line. Global solutions also assist in attracting new business around the world while minimizing the risk of fraud and maintaining compliance with industry regulations.
Click on the image below to view the full infographic covering a few new and interesting ways to pay!