According to a recent report by the World Bank, over two-thirds of adults worldwide either make or receive some form of digital payment regularly. This global increase can be explained in part by retail commerce making digital payment options mainstream for many. The adoption of digital payments is only going to increase from here, in fact, a recent study predicts that 74% of consumer payments will be handled by non-traditional financial service institutions (FSIs) by 2030.
In the past contact center payments have only been available using a Pay by Card payment method. However, PCI Pal has now opened the door to a range of new online payment methods that are convenient and quick, and driven by consumer demand. The most popular digital payment methods are Pay by Bank, Buy Now Pay Later, and Digital Wallets – where you can make all your payments from your fingertips. Digital wallets have been one of the most adapted types of payment methods, where shoppers have digital versions of their credit and debit cards stored in wallet apps on their mobile devices such as Google Pay, Apple Pay and PayPal. Buy Now Pay Later allows consumers to make purchases and pay for them at a future date, examples being Klarna, Affirm and Afterpay. Pay by Bank – PCI Pal’s latest payment method in partnership with Truelayer – uses open banking technology to allow consumers to connect their mobile banking app through a ‘pay by link’ URL to make a payment directly.
Any new method can be daunting, especially with consumers putting their trust in new technology to handle vulnerable information like payments. The hesitancy makes sense, according to a study by PCI Pal the results found that 74% of consumers are reluctant to do business with companies that have experienced payment security issues. Consumers’ habits have been, and are, shifting due to the advent of technology and the increased threat landscape. Once cybercrime was an afterthought, now it is at the forefront of consumer experience.
Contact centers are at the center of customer and payment experience and are poised to deliver this next phase in digital transformation. Consumers want flexible and multi-payment options. The demand for flexibility in making payments is a prime reason for the rise in methods like Pay by Bank, Buy Now Pay Later and Digital Wallets.
Why are digital payments hitting the mark?
- Convenience: Digital payments are easy to use, not only providing convenience for customers but also for agents on the backend. Customers can make payments fast, from anywhere, at any time and agents can deliver a more efficient customer journey, allowing more time to serve more customers.
- Security: It’s a myth that traditional in-person payments are safer than digital, with the ramp-up in technology digital payments are one of the most secure options given measures such as MFA (Multi-factor authentication), biometric identification, PSD2 and DTMF masking technology, ultimately leading to simpler compliance and enhanced security.
Contact centers are adopting this new era of digital payments, but to ensure success, they need a backbone of trustworthy tech solutions. PCI Pal has been at the forefront of the evolution of payments within the contact center and is dedicated to protecting consumer personal information whilst providing a top-tier CX for both consumers and agents.
