Added 3 years ago By Kirby Dela Cruz
Digital payments in all parts of the world have been surging in the past years. Helping this rise is how fast technology has improved in this modern age. And there are still many factors affecting this surge in digital payments.
Summing up the last two years of digital payments. We could safely assume that 2015 was a year of awareness and possibilities of payment methods other than cash. This was the year that the idea of digital payments became a dream because of the already available technology that we have. Improved connectivity gave the possibility of transacting anywhere in the world. Mobility and smartphone advancement gave the idea of having a computer on the palm of your hand where you could transact anywhere in the globe. Smartphones are quickly being adopted by the world.
2016 was a year of innovation where digital payment companies were starting to innovate and beginning their trials and adoptions. Since there is still no fixed standard on how to do digital payments, digital payment companies were trying different methods on how to make the digital payment into reality.
Looking back from the last two years, we can safely assume that 2017 will be the year where consumers will move towards technology and adopt these great innovations that companies have already been innovating for the past few years.
This process could go faster or slower depending on a few factors that will be key to the continued surge of digital payments in the world.
Reaching More Consumers Through Technology
In the past few years, smartphones have begun catering all markets from discriminating smartphone flagships to welcoming affordable smartphones. Having all market segments covered will aid in the adoption of digital payments.
There is no definite process and technology for digital payments. Some companies use a different technology or method for digital payments and all have advantages and disadvantages in usage.
Digital payments’ greatest market is the unbanked segment. These consumers face challenges in having the necessary technology for digital payments. Once this segment is reached, the digital payments will definitely surge.
Establishing the Need for Digital Payments
Another hurdle that needs to be addressed for a massive growth of digital payments is the establishment of the need for this technology. It is true that greatest advantage of this technology is its convenience of not going through the trouble of traditionally paying and holding your money. A great number of the consumers have already understood the conveniences of digital payment but still, some of the market aren’t fully convinced.
There is a great need to educate consumers and merchants on the benefits of the mobile payment adoption. How companies will address this could very much dictate the growth of digital payments. Consumers, merchants, and banks should all be educated on the benefits of the technology. Changing the culture of payment is no easy task but a single step will definitely make a difference.
Security Should Be Addressed
This is the most vital aspect of digital payments. Payments, in general, should be secured and safe as money is vital to all consumers. Having a secured technology will definitely take down one big obstacle in the adoption of digital payments.
Through the years, there have been major developments in cybersecurity. Consumers need to be assured that their money is safe for any transaction done digitally.
2017, in general, will be a pivotal year for digital payments as the previous year has streamlined the technology to its consumers. This year should be the year that hurdles are already addressed. 2017 will be a year for a company to establish itself as a key player for digital payments. Should it be a blooming start-up or a technology giant?
The rest of the world has started to take notice: Asia is poised to…
Continuous innovation of mobile wallets has been disrupting the financial markets. People are slowly…
The landscape of today’s digital marketplace is evolving to meet the growing demands of…
Financial Technology and its related software require a far bigger commitment to cybersecurity than…
Financial Technology continues to make its mark in the lives of consumers. FinTech is defined by…