We buy small things using a credit card, and the medical store, small shops, vendors uses a QR code based "Scan & Pay" feature.
POSTED ON MARCH 28, 2020 BY CREDITMONITOR
Today, we're in a digital world, where a newspaper guy accepts a wallet payment without a hassle, we buy small things using a credit card, and the medical store, small shops, vendors uses a QR code based "Scan & Pay" feature.
In short, the digital banking platform helps the traditional way of banking to easily turn itself into a fully digital banking sector.
The digital banking platform allows banks to offer personalized products that customers demand today. Bank allows you to create an account online with few steps and hassle free verification stages. Because the level of automation and digitization of the account opening, and on-process has become very important.
The most important thing is to increase the ability of customers to open every new account using digital platforms and to make the new customer digitally accessible.
Why not digital?
If it is allowing you to do anything when it comes to the payments from any corner of the universe. It gives you the flexibility for doing your payments, paying utility bills then why not digital?
Instead of getting every piece of functionality individually, the bank has imagined and had developed apps which has packed of all things into one app. Banks are Identifying the safety and account security as hacking attacks become more complex and common. Then why can’t we step forward and work digitally.
Users can now order, receive and pay for a good or service with zero friction after providing a one-authorization to the app. As a result, app commerce is rapidly outstripping conventional internet-based payment solutions.
Such simple payment methods are contributing to a steady rise in the volume of mobile commerce. Many large retailers now give consumers the convenience of storing their payment credential in mobile devices, paying for services through various payment-acceptance modes, and finally, the experience of a frictionless self-checkout process.
The greater convenience of shopping and paying through the app enhances the customer's overall buying experience. After all, there is no line for the cash register if anyone pays with their mobile.
Control also serves as a trigger for the growing use of in-app payments. To improve e-commerce protection banking sectors are providing strong (two-factor) customer authentication for their payments.
The increase in app purchases leads to the continued expansion of mobile and digital purchases— and, finally, cashless society.
We're not going to hit a cashless corporation this year or may be years more, of course. But let be digitally aware and digitally secured ones!!