A Detailed Analysis of the Digital Payment Industry report by 2028

Indeflex, a cutting-edge financial technology firm with offices nationwide, is adapting to the new needs of businesses amidst the Coronavirus Pandemic by partnering with smart sales teams like KORE Payments to deliver mobile and web payment solutions.

“The partnership is allowing us to get creative to help merchants impacted by COVID-19.” said Nick Korthals, CEO of KORE Payments.

Backed by Indeflex’s unique set of business management and marketing tools, partners like KORE Payments can thrive while others regroup.

“Indeflex provides concierge-level service and cutting-edge technology to our sales partners nationwide, which allows them to innovate during times like this to maximize their success,” said Phil Krivacek, Managing Partner at Indeflex.As businesses worldwide face increasingly stringent social distancing policies due to the spread of COVID-19, local companies are having to adapt and move their traditional pickup and delivery options online.

So, for all businesses, it’s more important than ever to save money,” Nick Korthals said.As part of their new strategy, KORE Payments is offering free mobile terminals and online ordering portals for their customers.

“This is a huge advantage for merchants who do not want to lose a big portion of their profits from customers paying through Uber Eats or a similar service, which charges a substantial percentage of each sale.

Digital payments along with convenience for users also brought forth a wave of new types of fraud.

So how can businesses prevent digital payments fraud?Source URL: https://diro.io/digital-payments-fraud/

Digital has been a buzzword in the ever-evolving banking industry across the globe.

This evolution focuses on designing a seamless, versatile and collaborative experience for the end consumers.

Technological advancement anchored this transformation by upgrading retail and mobile banking to neobank startups, propelling banking into a digitalized future.The rapid advancement in technology has created many challenges for the traditional brick and mortar branches.

Though they are well equipped with financial resources and consumer relationships with a decent reach, they need to adopt digital ways for banking to stay relevant in the future.Here are some ways how digital can shape the banking landscape:Frictionless banking through utilization of B-a-a-S or API Banking: Legacy institutions are best positioned to succeed if they commit to full-fledged digital transformation by introducing extremely adaptable solutions and can utilize Open APIs to integrate new financial systems and open banking software, allowing faster expansion.

The most common of these solutions is Banking-as-a-Service (B-a-a-S), where digital banks and other third parties can connect with the bank’s system directly via APIs.Emergence of Personalized banking tools — The emerging digital banking solutions focus on providing self-learning digital banking software tools sensitive and intuitive to customer needs by utilizing a range of cutting-edge technologies to increase consumer engagement, including AI-powered chatbots, wearable assistance, personal finance Management, P2P Payments through voice bots, and QR code scanning.Data Analytics for Customized Solutions: — Financial service providers will get a deep insight into customers’ lives owing to Big Data, IoT, Blockchain and Open Banking.

They can better the lives of their customer by employing the following techniques: -The technologies such as IoT tend to track the real lives of customers rather than relying on manual submissions, the customer data will be safe and secure through blockchain technology which would be further authenticated via AI.

Digital Payments Market:WiseGuyReports.com adds “Digital Payments Global Market Report 2020-30” reports to its database.Executive SummaryThe global digital payments market is expected to grow from $3,885.6 billion in 2019 to about $5,439.8 billion in 2020.

Digital payments is a payment mode that uses digital medium such as the internet, cell phones and automated devices to send and receive money.

North America was the largest region in the digital payments market in 2019.In July 2019 Fidelity National Information Services, Inc an American based international company that provides financial services technology and outsourcing services have acquired world pay for an amount $43 Billon.

World pay is a UK based technology provider and payment processing company.The digital payments market covered in this report is segmetned by mode of payment into point of sale; online sale.

The threat of security thereby hinders the digital payments market.Contactless payments technology is soaring up in the digital payments market.

Many users are increasingly opting contactless payments technology such as mobile wallets, contactless cards and others as there more secure and convenient to use.

Reviewed as one of the best peer to peer payment app, Cash App has eased out the way people used to make payments.

It is easy to make payments nowadays as compared to early ’90s.

The reason these digital payments are recommended and legalized is that these have inspired paperless transactions and are thus bio-friendly.

The money that is sent or received via these payment applications, can be sent directly to customer’s bank account or can be left in P2P payment app wallet, which can be used in future for more transactions.

App development firms consider three categories of P2P Money Transfer apps, before sketching out their own version:

Digital payments are booming in the market due to accessibility, cashless and rapid processing!

In this blog, you will discover the benefits of accepting crypto payments & reasons to accept them!

Britcoin London studies launching its cryptocurrency(British Bitcoin Profit)British Chancellor of the Exchequer Rishi Sunak told the Bank of England on Monday to analyze the arguments in favor of a new Britcoin , or a central bank-supported digital currency, with the aim of addressing some of the challenges that cryptocurrencies pose.

like bitcoin.A digital version of the British pound supported by the Bank of England (BoE) would potentially allow businesses and consumers to have accounts directly with the bank and avoid third parties when making payments, which would change the role of banks.

lenders in the financial system.

"We are launching a new working group between the Treasury and the Bank of England to coordinate exploratory work on a possible central bank digital currency," Sunak told a financial industry conference.Shortly thereafter, Sunak tweeted the word "Britcoin" in response to the announcement by the Ministry of Finance task force.Other central banks are also considering setting up digital versions of their own currencies, essentially expanding access to central bank funds that only commercial banks can currently use.

This could speed up internal and external payments and reduce risks to financial stability.China is pioneering the launch of a central bank digital currency (CBDC).

Last week, the European Central Bank said it was studying an electronic form of cash to supplement banknotes and coins, but its launch is still several years away.The BoE said that a digital version of the British pound would not replace either physical cash or existing bank accounts.

The Business Research Company published its Digital Payments Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global Digital Payments market.

The report provides in-depth analysis of the impact of COVID-19 on the market, along with revised market numbers due to the effects of the coronavirus.The report covers the digital payments market’s segments- 1) By Mode of Payment: Point of Sale, Online Sale2) By End-user Industry: Retail, Banking and Financial Service, Telecommunication, Government, Transportation, Others.View Complete Report: https://www.thebusinessresearchcompany.com/report/digital-payments-global-market-report-2020-30-covid-19-implications-and-growthDigital Payments Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.

The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.

People are using digital payment options to avoid contact and spread of infection through direct cash handling, and also to adhere to social distancing to curb the spread of COVID-19.

Many users are increasingly opting for contactless payment technology such as mobile wallets, contactless cards and others as there more secure and convenient to use.

Such technology uses Radio frequency identification (RFID) or Near Field communication (NFC) for transmission of the chosen amount among users.Few Points From Table Of Content1.

The Business Research Company published its Digital Payments Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global digital payments market.

The report covers the digital payments market’s segments- by mode of payment: point of sale; online sale and by end-user industry: retail; banking and financial service; telecommunication; government; transportation; others.View Complete Report: https://www.thebusinessresearchcompany.com/report/digital-payments-global-market-report-2020-30-covid-19-implications-and-growthDigital Payments Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.

The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country.

It also compares the market’s historic and forecast growth.

It covers all the regions, key developed countries and major emerging markets.

It draws comparisons with country populations and economies in order to understand the importance of the market by country and how this is changing.

According to PayNXT360’s Q4 2020 Global Gift Card Survey, integrating gift card into mobile apps is expected to record increased investment over the next 4-8 quarters.

Leading retailers are focusing on creating a digital gift card program that can help them to increase traffic, boost sales and cultivate brand loyalty.

Given the increasing self-use, retailers need to start viewing gift card as payment tool and enhance the value proposition with loyalty programs and option to reload.In addition, mobile wallet providers are also offering various cashback offers on purchase of gift cards on their mobile application.

All these factors along with convenience are driving the growth of mobile gift cards.Globally, the adoption of gift cards has seen a steady increase over the years.

The growth in adoption of gift cards is due to increase in use of gift cards for self-gifting, supported by discounts offered by retailer; as well as growth in online shopping.

Moreover, customers are becoming more cautious about their spending due to the economic slowdown - as an effect of the COVID-19.

When you are creating or developing a web or mobile application that will be accepting monetary transactions, one of the choices you will need to consider is which payment platform you want to incorporate into your software.

One of the first aspects you should be looking at with payment platforms is their policies and which businesses use these online platforms to drive their own sales.

While Braintree is a division of PayPal, PayPal itself specializes in offering an alternative and electronic method for those wishing to get away from using paper methods like checks.

To put this plainly, PayPal is an online payment processor for online vendors dealing in online money transfers, while Braintree, is an online payment processor for mobile and web payments.

This difference is enough that both can be considered as standalone platform options.What Type of Payment Method Do Each of These Platforms Accept?For those looking to open up or run an ecommerce website, the most common payment methods you are going to want to accept are Visa, Mastercard, and American Express credit cards.

While this is great, not everyone uses credit cards worldwide and this is where the breakdown between the three platforms happens.Stripe: One of the major advantages with Stripe is that it allows you reach into the Chinese market with AliPay, a third-party online payment platform.