Digital payments are emerging from the land of high-tech convenience and becoming business as usual. According to a new analysis conducted by JP Morgan, 110 million individual Americans used the digital wallet in 2018 alone, and this figure is set to increase – exponentially. With numerous platforms springing up with, it can be difficult for businesses to know where to start in selecting a platform on which to operate this increasingly important bit of technology. As always, the answer is in the tech.
Focusing Priorities – Big Banks
The digital payments ecosystem is gigantic but not necessarily well connected. For instance, TearSheet note that much of the African continent digital wallet system has lacked the technological safeguards needed to connect with big banks, something which Visa are hoping to rectify. Access is, therefore, an important first question to ask – what level of integration with big banks is required? As part of this, businesses should look into the various card types used by consumers and what banks they are operated by. Using a platform that has as wide a spread of supported payment types while retaining security measures will often be important in retail.
Overcoming International Barriers
Many leading trading markets, like the USA, China and the EU, benefit from integrated regulation where payments are easy and fast. Many developing and upcoming regions of the world don’t share the same benefits. This has been a focus of technology developed by Paysend who, according to Insider.co.uk, are looking at ways to make cross-border digital payments easier. This technology is currently being tested on South Korea and Indonesia. For business owners, this is worth considering – does their payments platform have the necessary regulatory and technological nous to help international business?
Accounting for Bandwidth
According to Warc.com, digital payments are no longer exclusively the domain of young, tech-smart consumers. Instead, digital wallet transactions are becoming the necessary reality for older generations with accessibility requirements. As such, any savvy business owner should be looking to a platform that offers high bandwidth for their payments in order to compete with the ever-increasing market.
As the need for digital payments expands, so do the number of platforms through which businesses provide the service. With such a huge number of platforms popping up, finding the right solution for each business can be a big task. The technological framework behind these products is the key, with each developer offering their own, key, benefits.