Payments And Retail Go Digital

TM Praveen, Chief Executive Officer of Opus Consulting SolutionT M Praveen has been with Opus Consulting for over 18 years and was recently appointed as the CEO of the company. He has completed management programs in general management, business strategy and leadership from INSEAD, IIM (Lucknow) and IIM (Bangalore) respectively, having previously earned a Bachelor of Science degree in Physics.

In this modern era of plastic money and digital payments, it is essential for both individuals and companies to understand and work their way through this virtual payment world. Payment service providers bridge the gap between the known and unknown in the field of digital payments. Payment service providers bring all financial parties together to deliver a simple payment experience for merchants and their customers by processing payments quickly and efficiently. Invisible to most but essential to all, payment service providers make modern commerce possible. The biggest contribution of the emerging payments ecosystem is the confidence it gives consumers to make fast and seamless payments at a tap knowing that their information is secure.

One sector which directly gained a massive boost in the advancement of payment solution providers is the retail sector. Digital Payments are picking up rapidly and there is a significant innovation in the retail space, given the diverse consumer payment preferences. Large retail merchants will continue to look for all-in-one payment solutions to save
them from the hassles of having to deal with multiple acquirers and processors. Consumer-friendly authentications also seem to rise. Retailers will continue to expand their portfolio of seamless payments through devices, mobile applications, touch-and-go cards and eventually, through more sophisticated mediums such as biometrics and others. All these trends are driven by a ton of innovation in the payments space and the modern Fintech ecosystem.

Industry-leading innovations like Mobile ready checkouts, mass personalization of retail services, growth of substitute credit forms, contactless payments, enhances authorization & security based payment options have ruled the roost. Talking about technology, we see more of vertical solutions and platforms. Companies use modern data sources such as mobile banking, IOT for another layer of data gathering. This data combined with sophisticated machine learning algorithms, AI tools and big Data analytics is lever-aged for personalized experiences in payments. Unique physical features are being used sophisticated means of preventing security threats. Automation coupled with scalable technology architecture is enabling companies to stay ahead of the curve with innovation.

The biggest chink in the arm or for digital payments is the security concerns regarding it. Security concerns stem from the hyper availability of data, access to customer information from vulnerable sources and the presence of a large number of stakeholders in the customer's buying journey. To address this issue what we need is re-forms to keep data secure, automated compliance checks, sophisticated authentication and better identity management.

The scope of potential in the field of payment solution providers in the upcoming era of machine learning and artificial intelligence is immense. Machine learning can use historical data to study patterns of customer behavior and predict their preferences or actions helping brands explore newer streams of revenue. Machine Learning is a reliable source of anticipating fraud and security breach, helping brands tackle information safety. Whereas AI enables alignment of repetitive processes and helps brands provide personal experiences to customers using bots, live chats and more.

With the options of digital payments increasing day by day the service of a proper payment solution provider can go a long way in improving your business and helping you to release your tensions regarding your ability to accept payments through various channels.