As a result of the outbreak. The town was placed under lockdown for a prolonged period of time. And, this led to more and more people relying on contactless methods to pay for essential products and services. And this ease of transaction has helped, the digital payment ecosystem of Bangladesh to reach new heights. The digital payment methods have evolved incredibly over the past few years. And will continue to do so as the pandemic transforms how people do business
The digital payment methods have made lives much easier for many people worldwide. This trend of digital payment methods users is multiplying every day. Since digital payment methods have been very much useful for casino players. It is been very popular among them. And it is widely in use. As they now can make a fast and secured withdrawal. And make deposits from the e-wallets apps like bkash, nagad, rocket, skrill, Neteller, etc. And this online payments app has been very useful for casino players. As they don’t have to go bank for the transaction.
The processing of digital payment methods still has scope for improvement. Digital payment methods should be consistent and easy to use for the users. And a recent survey reports that. 60% of the consumer are using online payment methods. Or cashless payouts. Due to the growing health concerns.
10 workable ways to make digital payment methods more effective
Standardization of browser and device support.
All the web browsers. And devices do not use the same method to store credit/debit card details. This may lead to supplying those details to web pages and apps. Or to the third party people. And the third party will be able to sell the important data to the other party. That will make it vulnerable to being accessed by any hacker. Hence, standardization of browsers. And the devices will help in better security of your card details.
Spreading awareness among the consumers
The majority of consumers still do not trust online payment methods. Companies should spread awareness to the consumers about security. And rewards involved in digital payments. So that they can trust. And they will know the benefit of digital payment.
It will be easier to reach out to new people. If you run ads and campaigns. This can result to develop a positive response. And lead to an increase in active consumers.
Integration of many banks and linking with credit card companies
Digital payments can be improved by integrating many banks. The more is the better. It will make the digital payment method very convenient for transferring money for consumers. Making it easy to use. And transfer money within the same or different banks.
Currently, we have everything at our fingertips. E-commerce has made that possible for us. But when it comes to paying online. One has to enter the card details.
We have already evolved. And using the technology of fingerprint recognition and face recognition. That can be used to make payments without any bonds or hassle.
Keep redirections at an arm’s length.
Users usually prefer to stay on the same page. Rather than redirect to some other page. That asks for more information. Payment methods should work secured. And trouble-free. And a fast environment throughout any channel. The user wants to use without any need for an account.
Use of blockchain
Blockchain allows for secured. And worldwide payments. The use of blockchain-based systems is more advanced. They provide more features such as quick transactions and improved anonymity. And custom behavior via smart contracts.
Due to the lack of a single point of failure. Blockchain payments have an advantage over traditional centralized systems. A distributed network makes it impossible to shut down an active blockchain.
Building bank and fintech partnerships
To improve customer experience. Banks and fintech companies are more likely to start partnerships. In other to build a financial ecosystem. This will help upgrade the in-store, and online. And person-to-person payments. Hence it will help the digital payment industry grow in Bangladesh.
Little to no transaction fee and instant rewards for consumers.
People are more likely to switch to a new payment option. If it provides high rewards. Redeeming these rewards should be simple. As every consumer prefers a simplistic interface.
Allowing consumers to redeem their rewards at the sale terminal helps them to benefit.
All the transactions should have minimal transaction fees. And at least the transactions with low risk should have low translation fees. If there are no transaction fees involved. Then the consumer is more likely to save money by using it.
Improved ability to interoperate and make Digital payment easier.
Banks and payment companies are working together to provide a seamless consumer experience.
To gain better context-awareness. Take advantage of the richness of the data within the ecosystem. This can be combined with the power of cognitive computing to upgrade payment methods.
Consumer satisfaction should be the first priority in every transaction. A personalized, fast and secure payment method is all. That a consumer wants.
Incorporate SMS Messaging
One great thing about online payments is that. They can reduce your DSO – “Days Sales Outstanding”. And can convert it to your accounts-receivable profile.
The trick is to “nudge” the payer at the correct time. It is better to consider. The use of SMS text messaging through the platform. And via the API providers. This will entice prompt payments from your customers.
Personalize the digital payment journey
The digital customer journey refers to the journey. That a customer follows from browsing to purchase to post-purchase with your brand. Personalization is the end goal (which most brands achieve to an extent, some fully). But automation is the engine on which. That goal can be achieved.
As mentioned earlier. All that a consumer wants from digital payment methods is to be quick, and reliable. And easy to use. No one would like to have time-consuming. And many layers of signups. And authorizations for a single payment. This is the reason. New-age digital wallets with the most workable interface are popular.
The digital payment methods eliminates the risk of theft. And it also reduces losses. And there is always. The room for improvement. And it also ensures the best experience.