Top 5 Features To Look For In A Digital Payment Platform

Moreover, carrying bundles of cash with oneself while traveling is never recommended and neither is easy. Such incentives and measures by the government help people be more digital-friendly, and thus, helps the government keep tabs on tax evasion. This also helps save the immense time of the user so that the user is able to utilize time for other important tasks/aspects. Take note that you do not want to utilize a complicated service, making it prone to errors. Instead, the goal is to use a platform that is simple and has an intuitive design.

Features of digital payments

Product manager of, one of the leading digital wallet solution. He is a visionary leader whose flamboyant management style has given profitable results for the company. In order to acquire more regional customers, your e-wallet should support a multilingual interface. This helps you to focus more on consumers, payments, and commerce widespread. Your digital wallet can act as a financial planner for your end-user as they can set the budgets for each category of expenses.

Ease of carrying out transactions

With all these features combined, you are guaranteed that you have a decent and reliable digital payment platform you will need for your business or your personal needs. Compliance with the security standards ensures that payments through the server are processed through a secure channel, making your customers’ financial data safe from people with evil motives. As such, an integrated digital payment platform will save you time when reconciling invoices and keeping data entry and records of payments.

Moreover, online payments can be carried out without any hassle during the times of emergency as it does not require one to be physically present anywhere for the money to be paid. There features like tip acceptance, auto-syncing, and many others that can help you save daily, weekly or monthly costs. Mobile wallets allow customers to track their spending with inbuilt expense logging, budgeting, and other advanced features that allow customers to make better financial decisions.

It goes into the features of the different modes of digital payments and the benefits of digital payments along with the risks involved. Digital payments make it easier for AP departments to process payments, enable real-time visibility into company financials, and more. If you decide to move forward with accepting digital payments from customers, start by investing in digital payment technologies.

Invoicing options

While digital wallets are ideal for smaller transactions, it is better to use bank cards, and internet and mobile banking for high-value transactions. The good news is that Digital payment services are available 24×7, 365 days. All these features make digital payments the most viable payment service in India.

3-D Secure 2.0 is a user-friendly solution that enables seamless purchase experience. The frictionless authentication without any additional input from the customer. It also helps improve internal risk procedures to assess and score each transaction in real-time. PCI compliance indicates that the systems handling the payment are secure and customers can trust the system with sensitive information such as credit/debit card details.

Features of digital payments

SSL/TLS Certification ensures protection of sensitive information such as usernames, passwords, or payment processing information. The main intent of the certification is to ensure only one person or organization- can access the data that is transferred, thereby preserving authenticity of the information. Features of Digital Payments Learn about the rising forms of digital payment and its features. There is no need to wait in the long lines to make payments, with digital payments, payments can be done much faster and from anywhere you want.

What is Whatsapp Payments & its top 9 features

It is an electronic payment system wherein you, as the customer of the bank, can use its website to initiate digital payments. You can also use internet banking services like IMPS, NEFT and RTGS to transfer funds securely. You can also send funds via these methods through the Mobile Banking App of your bank.

  • All the above features encourage your customers towards digital wallet solutions and consequently increase your business opportunities.
  • Let’s discuss why do your customers want to adopt digital wallets over traditional banking in our next section.
  • Modes of Digital Payments Test your knowledge about the various modes of digital payments through real-life scenarios.
  • It should also not be costly and should always be a cost-effective system for your business.
  • This, in turn, helps increase savings, which can lead to an increase in investments.

Among the roughly two-thirds of survey respondents expressing no interest in crypto ownership, their stated objections differ from responses in our previous surveys. Trust factors—in terms of both technology fintech trends for digital payments and counterparties—also are mentioned more frequently. In addition, more respondents than last year cite concerns with crypto’s long-term viability and the lack of a support channel should things go wrong.

Ways to Use Google for Local Businesses

Consumers will soon be able to send money directly to small companies through mobile payment apps… As a result, for many consumers and organisations, digital money transfers may be the way of the future. If you’re thinking about integrating electronic payment systems into your existing business ecosystem, it can be a great idea to consult with a professional company to help you with the deployment. Working with a professional can help you skip the hassle and get started with cost-efficiency payment processing through electronic payment solutions.

As well as this, NFC and QR codes will see an uptake as a safe and fast payment solution. Despite the popularity of QR codes in China, other countries have been slower to adopt the payment method, especially the U.S. However, this is projected to change due to its cost effectiveness for merchants who will now require less infrastructure to process payments, whilst delivering more convenience for customers. Payment platforms are susceptible to data hacking and scams due to their nature. Consequently, a digital payment platform must have features that safeguard the customers’ data by complying with the Payment Card Industry Data Security Standard.

Whether customers will pay digitally

In the era of mobile payment services, your consumers are expecting the smarter and quicker way to pay and hence giving you an opportunity to capitalize on creating a memorable customer experience. The first thing to check in your new payment solution provider is its ability to integrate with other important business tools. It will not only make your payments faster and more efficient but will also bring several other advantages to the table.

Mobile wallets store your customer’s physical cards such as credit and debit card details which can be used to make any transactions at any point in time. We can say, the e-wallets system aggregate all the information required for money transfer in a centralized space. Your merchant partners should be enabled to transfer the payment received from their customers to their bank account using the Auto Settlement feature from your digital wallet app.

This mobile banking application enables you to enjoy banking features and conduct merchant payments simultaneously. You can download your bank’s mobile UPI app on your Android or IOS enabled smartphone and conduct the transaction. For some businesses, the cost of offering digital payment systems outweighs the advantages. And, compare digital payment companies to determine the best one for your business. Consider whether your customers would want to use digital payments to make purchases at your business. And, think about how often you lose out on sales because you don’t accept digital payments.

Some digital payment methods, such as virtual cards, are even safer due to their use of one-time-use numbers that do not reveal sensitive credit card or bank information. Digital payments are also traceable as well as easier to reconcile due to there being less room for manual input errors. You should ensure that your payment solution provider works in complete compliance with the Payment Card Industry Data Security Standard . It is crucial for all providers, including both conventional and integrated payment platforms. Ensuring compliance will keep your transactions protected and these exclusive, secure channels will keep customers’ financial data secure at all times. If you’re on the fence about whether accepting digital payments is worth it, consider digital payment alternatives, like cash, credit and debit cards, and extending credit to customers.

degree Payments Solutions

Hence, with online payments, there are better chances of people being able to save more for investments. For the first time in India Lyra has introduced an extremely convenient and on-the-spot online payment collection solution – Lyra WhatsApp Payment… With this feature, you have more flexibility in accepting payments and sending them from anywhere without having to use a physical card. Credit cards offer lightning-fast transaction processing thanks to the integrated nature of the processing network.

Digital wallets are not just meant for a money transfer but can perform more than that. Your customers can pay their bills and recharge, utilities, loans, rent, mortgages, etc with their mobile wallet solution. P2P payments solution (peer-to-peer) is a simple but effective solution in your digital wallet that allows your customers to non-instantaneous money transfer between two devices with just a few taps. Your customers can pay and send money to their family and friends from their phones and computer instantly. Digital wallets are making new waves now as they are becoming an inseparable part of our life very soon. The mobile wallet software is taking a primary role in revolutionizing the way your customers want to make payments.

A number of innovative fintech companies have emerged to provide innovative solutions to customers. We’re transforming accounting by automating Accounts Payable and B2B Payments for mid-sized companies. It’s not just a small group of people who rely on digital payments to exchange funds.

Types of digital payment

Digital wallet solutions are revolutionizing the digital payment system in the most effective way. The demand for faster and hassle-free transaction services and the rise of the COVID19 pandemic have boosted the use of digital wallets in the past two years. The world is going digital with more consumers opting for online purchases every day. It is estimated that they spent $861.12 billion online with U.S. merchants in 2020, an exponential increase of 44% over last year. This remarkable growth has increased the demand for digital payment platforms. They are constantly improving their services to meet consumer expectations.