Quadrant Knowledge Solutions’ Market Insights research provides detailed insights to users about the significance of providing multiple user-preferred payment options.
Traditional merchant payment platforms can be limiting and expensive for businesses, as they often only support a limited range of payment methods, require specialized hardware, and are tied to a single bank. This can result in higher transaction costs, poor customer service, and difficulty in processing transactions if the bank’s payment service is down. Additionally, traditional platforms don’t provide advanced reporting and insights, making it difficult for businesses to gain a detailed understanding of their customers’ purchasing patterns and habits.
Modern merchant payment solutions offer a variety of payment methods through a single platform, including newer options such as digital wallets. They also provide multi-bank connectivity and independence, giving companies more control over their payment strategy and access to a wider range of benefits for improved flexibility and control. Modern payment gateways eliminate the need for front-end re-engineering when switching to alternative banking gateways, providing companies with greater control over their payment process. Overall, modern merchant payment solutions offer businesses greater flexibility, control, and ease of use when it comes to processing payments.
According to Pradnya Gugale, Senior Analyst at Quadrant Knowledge Solutions “The payments industry is taking a new shape, owing to the demand for cryptocurrencies, digital wallets, and cross-border expansion and payments. Vendors in the markets are continuously enhancing their solution offerings to tap new markets, stay competitive, and retain the existing customers. As per Quadrant Knowledge Solutions, vendors should consistently upgrade their AI and ML capabilities so as to provide a seamless check-out experience to the customers and retain them while also protecting them from the emerging frauds to provide an end-to-end hassle-free customer experience.”
Table of Contents:
- Payment options
- Near future of payments
- The Final Word
In the near future, we can expect the following developments:
- Buy Now Pay Later (BNPL) and subscription services are poised for increased demand in the near future.
- Cryptocurrency is set to become the next big thing in digital currencies.
- There will be a rising demand for digital wallets.
This Market Insights is a part of Quadrant’s BFSI practice.
Author: Pradnya Gugale, Senior Analyst, Divya Baranawal, Vice President, Quadrant Knowledge Solutions.