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InRhythm

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Sep 08 2020


DIGITAL ACCELERATION AND A CASHLESS SOCIETY – AN OPPORTUNITY FOR DIGITAL DESIGN
TEAMS…

The only thing that’s constant in this world is change. Our world has been
moving towards an increasingly digital future but the coronavirus pandemic has
proved to be a catalyst when it comes to our behavior surrounding payments. A
survey conducted by the Electronic Payments Association and the Strawhecker
Group reported that 27% of business owners reported a marked increase in
contactless payments in late March1.

This shift to digital payment methods has left a few consumers wary about the
dependence on banking institutions. With the rise of contactless payments,
merchants have been forced to account for increased costs. With fees as high as
three percent, this puts a significant dent in profits.

It isn’t just merchants who are wary. Consumers often complain about the hassle
of reversing charges and of the fear of hacks or unauthorized charges depleting
their accounts. These fears are very real and in my opinion they present a huge
opportunity for digital design teams. I’ve spent 20 years working with financial
services firms developing digital products and the advances being made over the
previous quarter have outstripped everything over the past decade.

Clearly, design teams have been jumping on this opportunity but there still
remains a lot to be done. Consumers these days are increasingly familiar with
digital payment options such as PayPal and Venmo but face challenges when paying
for services such as hotel bookings, shopping purchases and so on2.

Digital wallets are gaining ground but even their usage is challenged due to the
dependence on the physical smartphone. There is a massive opportunity for a
design solution that allows customers to seamlessly integrate all of their
payments across devices, be it a smartphone, a smartwatch or even a digital
banking application.

The underlying technology that makes such integrations possible are Application
Programming Interfaces or APIs. These are the digital world’s connective tissue.
Older digital solutions used to rely on companies owning the entire value chain
associated with payments.

APIs make this a feature of the past. By plugging into a single link in the
payments chain and by attaching their own solution to the larger chain using
APIs, companies can provide their customers with better and more secure
solutions. This ability to plug into an existing system allows companies to
develop truly creative solutions since multiple combinations of blocks connected
through APIs can deliver different solutions.

A common knock against digital payments is that people in less developed
countries are unlikely to use them. Cash is still preferred in many parts of the
world. However, the prevalence of digital solutions such as mVisa in Nigeria and
PayTm in the Indian subcontinent indicate that digital solutions provide greater
financial security and reduce the number of fraudulent transactions in the
system.

The secret behind these solutions once again lies in the APIs they use. The cost
effectiveness of such digital solutions helps merchants avoid spending large
sums of money on Point of Sale systems. Compared to these costs, the fees paid
for digital transactions are small.

Close on the heels of the usage of APIs is the move to the cloud in terms of
infrastructure. Financial institutions currently rely on expensive I.T setups
that draw focus away from service delivery. Leveraging the cloud expertise of
SaaS providers is a key step to take in providing a better payment solution and
is a huge area of opportunity.

Increasing the seamlessness in payments is where huge opportunities lie.
Investing in great UX design will bring the largest returns on investment. While
cash might not be entirely eliminated, this doesn’t mean it will occupy the
lion’s share of payments. Companies that push digital transformation now stand
to gain significantly. It’s time to adapt and grow stronger.

1: Coronavirus surge cashless mobile payments, The Inquirer

2: Consumer Desire and the future of Payments, Visa Blog


Written by Gunjan Doshi · Categorized: Uncategorized


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