How Will Online Payment Methods Help Retailers Increase Profits?
retailciooutlook

How Will Online Payment Methods Help Retailers Increase Profits?

By: Retail CIO Outlook | Thursday, November 05, 2020

In the last few years, retailers observed a hike in online retail. Focusing on increasing revenue, retailers started embracing robust online payment. Financial technology in retail brought changes in the way retailers work out their business.

FREMONT, CA: Retail relies on fast-developing technologies like artificial intelligence, machine learning, and natural language processing using voice assistants. With the introduction of biometric voice recognition and authentication, voice is set to become increasingly important in e-commerce. At present, the payment procedures include the connected devices allowing the retailers to access the consumer's bank account details. Getting details from the bank requires the consumers' permission, but eventually, the transaction takes place without human intervention.

At present, digital banking assistants are gaining importance. Digital banking helps the users to access the bank details from any location as fast as it can. This particular technology helps the customers to their respective banks with the help of an integrated chat system or chatbot using mobile apps. This technology helps make an appointment with the bank manager to undertake the bank transfers or any inquiries related to bank operations.  Leveraging this technology will help the customers' big time. Customers only need a smartphone with them to carry out any bank related processes or issues.

A new technology named invisible light communication helps to send payment digitally via light waves to a smartphone. Customers can no longer have to stand in the long tiresome queue at the check-out, rather they can scan their chosen items using their smartphone without the need to download an app. After the customers are done with shopping, they are left with two options. One, they can pay using their mobile using their registered wallet or at a payment terminal. Once the payment is made, customers obtain a receipt for the shopping on their mobile.

In order to remain relevant and competitive in the new digital world, all players comprising the banks, payments companies, and retailers should make sure that they focus on adapting and enhancing the propositions, both individually as collectively as an industry.

Also see: Top Retail Solution Companies

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