About a generation back, a
consumer could think of no way other than making payments in cash for
his/her shopping needs. The arrival of personal computers, launch of
companies and mass digitalization has familiarized customers with the
concept of online shopping. This change has been accelerated with the
wide adoption of the smartphone, which has made commerce available to
consumers, anyplace and anytime.
Technology has a huge role to
play in reinventing commerce. It has changed customer experiences in
physical retail outlets. It has changed the face of online
payment gateway
industry.
Let us take a look at the
trends in technology that have made the biggest impact in shaping
payment gateways online:
-
Emergence of new forms of payment:
Initially ecommerce could be
operated only from computers or smartphones. With the coming of
several new devices, such as connected devices, fashion accessories
and sensors, clothing and appliances there is a created potential for
disruption of existing ecommerce and prospective new payment forms.
Another shift that has been
witnessed is consumers moving from the type interface to voice
interfaces with personal interfaces. This has resulted in payments
becoming more commodities than experiences. There is an expectation
among consumers that checkout experiences be seamless across all
devices, as the number of established payment platforms have
increased. Companies like MasterCard have taken an initiative to
increase security in the digital era, by making a provision where
card issuers can see where all their cards are stored across all
digital devices. This puts customers more in control of how, when and
where their card is being used.
2.Machine learning to take
center stage:
Companies have been able to
source large amounts of data but are now in a fix as to how to make
sense of it. Artificial intelligence (AI), helps companies better
synthesize data and improve the ecommerce experience for their
customers. With the growth in data, sophistication of networks and
smarter algorithms coming together, artificial intelligence is going
to transform several industries including the payment
gateway
industry.
With companies beginning to
invest in machine learning, information is becoming smarter over time
and this is resulting in fraud risk prevention as well as increased
efficiency with respect to online orders, status of balances and
transfers between accounts.
We hope this article helped
you get an insight into what to expect in the near future of payments
online, and that you keep yourself tuned to this upcoming, exciting
digital transformation!
