Emerging trends in digital payments – ETBrandEquity


 Representative image (iStock)
Representative image (iStock)

Piyali Chatterjee

Innovation in financial technology is on a roll. Traditional banking faces competition from online start-ups and other digital platforms that offer payment plus credit services. The shift to digitisation with greater access to devices in addition to internet, demonetisation, the government’s push and even support for digitisation of services, monetary inclusion, together with the Covid-19 pandemic, all have seen online commerce rise exponentially.

With commerce going digital, both sellers and additionally consumers started looking for seamless online payment options that did not require one to jump through hoops to make on the internet payments. Ergo the entry of electronic payment gateways that bridge the gap between consumers, sellers not to mention bankers.

Moreover, the pandemic and also health and safety concerns worked as catalysts with regard to the adoption of electronic digital transactions across businesses. According to the RBI , the a digital payment ecosystem increased by 216 per cent for March 2022 compared to March 2019. The increasing use associated with digital technology in everyday transactions indicates to all the particular players that the future lies in this direction. The online payments market in India is expected to grow in order to USD one trillion simply by 2023, according to NITI Ayog. This growth, driven by simply greater access to mobile technologies and typically the adoption regarding mobile obligations, is slated to rise from USD 10 billion in 2017-18 to be able to USD 190 billion by means of 2023.

The increasing use of digital camera technology within everyday transactions indicates for you to all the players that this future lies in this direction. Marketers need to help ensure a strong customer strategy to build a

powerful electric presence. Customer experience will be a big driver in this sector, with organisations required to focus on creating smooth payment processes for their customers.

According to Hansa Research, over one-third involving all buyers worldwide use at least two or more services based on online digital payment technological innovation. Fintech has the potential to simplify processes. Here is a look at how it will evolve further:

The five key trends to follow if internet payment businesses want to grow and build their consumer base:

Building Client Loyalty

Loyalty is no longer ‘Solus’. Consumers are willing to experiment, and often the exit barriers are low. There are a number connected with payment gateways available in the market, as well as consumers are spoiled for choice. The handheld payment companies need to be hyper-focused on building and retaining their customer base regarding growth.

In a survey done by way of Hansa Research, 85 % of your consumers were found to have used more than one brand in the exact last three months. Younger shoppers, the researchers discovered, had been more experimental (higher number of brands used in the previous three months).

Customer preferences amongst multi-brand users are seen to be impacted by just the ease of use, security or protection features, trustworthiness and offers or discounts or even cashbacks.

Customisation and Value Addition

Brands that are leading in the CX curve are driving personalisation plus flexibility. Consumers are flooded with options; if the transaction is usually filled with glitches and takes more time in order to go through, that can be added up as a new loss. It is crucial to provide higher ease in addition to value to be able to customers regarding time savings, effort, relevant coupons and even a better product-service fit. Incorporating cutting-edge technology for you to strengthen infrastructure and reassuring consumers with the same is paramount inside customer conversions.

Cash rewards, loyalty points and programs are par for the particular course. The extra together with unique will see customers choosing one service over others.

Gamification with usage legacy, omni-channel view of their experiences along with the app on different devices, transaction patterns and additionally analysis together with warning notices of overspending, all this particular and more go a long way inside building loyalties, customer experience, and retention.

Security and Trust

Protection and safety in transactions are the bellwethers of today’s digital repayment experience. Consumers across multiple studies have cited a loss of trust as some sort of critical reason to have switched providers. Cyber fraud not to mention data theft are causes for concern, and safe dealings remain a good paramount expectation for customers. To combat these fears, brands need to emphasize on data governance, information architecture and also data culture.

Every digital marketing requires sharing of some personal information, as well as customers need to be reassured that will their info will not be breached. Digital settlement gateways and fintechs need to build messages around their governance policies close to data collection.

Data architecture means creating secure technologies around typically the payment process. In the world of virtual payments, each tokenisation plus encryption play a crucial role in securing data. KYC authentications in addition to constant protection updates reassure consumers for your commitment to their own safety.

Data culture is definitely training in-house personnel about secure engineering, investing in this latest tech and being transparent found in sharing information, and educating customers using awareness campaigns. Incorporating cutting-edge technology to help strengthen facilities and reassuring consumers using the same is paramount throughout customer conversion rates.

Customer Support

Customer support plays a critical part in delivering customer encounter. Customer support is not just regarding interacting having the consumer and even solving their particular complaints; rather, it is concerning supporting often the customer through the entirety of their experience by using your product or service.

Greater access and availability of more choices together with social media have built expectations about customer experiences. It is said of which customers being dissatisfied through customer support interactions are seven times a lot more likely to drive disloyalty than other people. Customers expect instant access and additionally hygienic solutions to their very own needs and are impatient about password resetting or registering a complaint.

Brands have to build an entrenched customer service culture within the organisation. Clear policies upon customer solutions, returns, not to mention access make the process more seamless.

Automation Vs Human Touch

Digitization in processes is essential in this world, but brands should not lose sight of your “human touch”. Organizations are geared up intended for digital transformation across journey points and also expect customers to embrace self-service channels and chatbots that are not really geared to answer complex issues. This is where your fine balance between digitization and the exact human touch needs to be addressed.

Information shows that client care or perhaps call centres remain the primary channel from contact amongst customers with this sector for now. Thus, heading overboard utilizing customer support automation can be not the answer. Customer care or call centres drive away the impersonal nature of grievance redressal the fact that digitisation fosters.

(The author is senior vice president of CX at Hansa Research. Views expressed are usually personal. )

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Consumers usually are increasing electronic payments use in a variety of ways. User expectations all-around payment features and integration reveal evolving opportunities to get providers.