Change In Customer Behavior Driving Innovations In Payment Acceptance Ecosystem
Worldline Rise 2021 India chapter is a global initiative powered by Worldline. The recently concluded event on 8th October 2021 was based on the theme ‘Driving Growth Through Innovation In Payments’ where industry leaders from across the spectrum of the payment value chain came together to discuss key developments in the ecosystem. Payment is one of the fastest-growing industries that thrive on innovation. We explore diverse aspects of this theme through insightful sessions and panel discussions.
The event kickstarted with a panel discussion on the Change In Customer Behavior Driving Innovations In The Payment Acceptance Ecosystem. Vishal Maru (Senior Vice President - Merchant Services, Financial Institutions, Worldline) moderated the discussion.
The eminent speakers on the panel included:
- Vikas Saraogi (Vice President - Head of Acceptance, South Asia, Mastercard)
- Navin Das (Chief Manager - Punjab National Bank)
- Vinay Choletti (Head - Digital Payments, SME Payments, Amazon Pay)
India's digital payment market has grown at an exceptionally fast pace. With efforts from regulators, industry stakeholders, and customer adoption, cashless transactions are on a rise.
Changes in the payment industry since the last year
There has been a shift in online transactions across the industry, where new customer segments have evolved that are actively adapting to digital payments. The digital payment sphere ensures that experiences are customised for each generation, empowering customers through voice-based and touch-based technological advancements.
Factors that accelerated the growth of digital payments
Multiple factors have provided an impetus to the growth of digital payments. The penetration of smartphones has significantly increased, accompanied by affordable internet connectivity. Innovation is brewing in the selection of products available to the customer and merchants. Besides wallets, UPI has gained momentum and ‘Buy Now Pay Later’ has become the buzzword. The RBI’s adoption of digital KYC (know your customer) and the ability to use this to authorise customers and merchants has led to wider adoption of digital payments.
Importance of contactless payments
Contactless is the fastest, safest, and most convenient way of making payments. Enabling contactless functionality while issuing a credit card and mobile tap-and-go payments are contactless payment methods that are gaining momentum over scanning.
Omnichannel experience and how it benefits the customers as well as the merchants
Customers are always on the lookout for more choices. Businesses, out of the necessity to contain and grow, move to omnichannel experiences. Improving digital literacy among merchants and making them tech-savvy can go a long way in the adoption of digital payments on their end.
Stepping up the war against cash
More than 40% of e-commerce orders depend on cash on delivery services because of a lack of customer trust in digital payments. Creating a seamless transaction experience can be the first win towards digital transactions. Safety, security, convenience, consistency, and availability to both the consumers and merchants are some of the top-most priorities in digital payments.