Legacy systems are complex, slow, and can harm the customer experience. It’s time to embrace a new solution — cloud-based payments. Learn more in this article.
Ever since the pandemic hit the world, people have significantly embraced digital payments and services. The whole world started getting online to get their work done. As a result, the digital transaction value in the world reached USD 7.36 trillion in 2021. This sudden increase in value was seen due to the growth of digital payments and transactions between retailers, customers, family, and friends.
While digital payments were notably a thing before the pandemic, they have seen a significant increase during and after the pandemic. The companies are now concerned about how digital payments will cope with the operational tasks and the ability to fight fraud. Furthermore, how can the customers be kept engaged throughout? Let’s find out.
How to Deal with Surges?
Cloud-based digital payments have become the first choice of companies as these can be scaled effectively and quickly. What’s more — since digital payments continue to increase, cloud-based solutions can help complete the payment processes more easily and without any system failures. A lot of organizations moved to the cloud even before the pandemic, and they have been in a superior position since then. These organizations took the help of cloud providers like AWS to streamline their digital payment transactions. AWS is beneficial as it takes care of the security while letting the organizations handle the digital payments five times their usual volume.
Streamlining Payments with Customer Behavior
Customer behavior evolved a lot during the pandemic, and companies took this chance to align their payment processes with these patterns while using customer loyalty, new technology, and reward programs.
The US witnessed a huge increase in contactless card payments as their demand increased significantly. Many FinTech companies took the help of automation tools like Amazon Textract to help a number of small businesses to complete the Paycheck Protection Program loan applications within minutes. Putting it simply, the companies were able to help small businesses by giving them financial relief using advanced technologies.
The pandemic has increased pressure on digital payment transactions. It’s time that the organizations start looking into their payment flows from the beginning to the end, to ensure their patterns are evolved along with customer spending patterns.
How to Balance Fraud Prevention and Friction?
The major challenge that remains with digital payments is to make the customers feel safe from fraud. This can be achieved when undue payment processes are not introduced within the system. Organizations, as a result, are embracing the cloud-based payment system to ensure that customers do not have to worry about their transactions.
Several features like multi-factor authentication and real-time alerts when encountering any suspicious activities make these cloud-based solutions an important part of digital payments. Also, these solutions do not complicate the payments processes and are highly admired by the organizations. The technique is unique and fast; thus, organizations can have better security against fraud.
Furthermore, having AWS implemented into their systems, the payment organizations can easily run fraud-detection checks and provide a seamless customer experience via a secured API gateway. These processes use machine learning to detect any possible threat, and these decisions can also be stored for the future.
Modern payments are much more than just offering digital payment solutions. The cloud-based systems that allow companies to transform traditional legacy systems into more advanced ones — are secure and fast, and can easily meet the customer’s changing needs and expectations. Digital payments have already established a strong presence.
Reach out to us to gain a better understanding of innovative ways in which you can improve your customer experience, achieve scalability, and enable greater security, all while using the cloud to the fullest.
Team Opus
We’re giving you a fresh dose of insights, perspectives and the latest trends from the world of payments.