There are many advantages of digital transformation in the payment landscape that can leverage significant profit to businesses and give an extra edge. The government of India has been running various campaigns to make India a cashless, digital economy. The objective is widespread of the digital economy to the rural demographic of the country. Here are a few advantages of digital transformation in the Payment system.

Building an inclusive digital Ecosystem: Building an inclusive digital ecosystem through digital payments is critical aspect for promoting financial inclusion and economic growth in today’s tech-era. Digital payments are the initial steps of financial ecosystem however, the challenge is to encourage digital transactions in the rural demographics of the country to enhance financial inclusion. Fintech is constantly improving and giving access to the gamut of financial services, and aggregators offer a range of payment choices to consumers. Removing friction leads to a robust ecosystem while rendering the benefits of increased efficiency, security, and convenience.

Better customer experience: Businesses dealing in consumer-facing industries can significantly yield better customer experience using innovations and evolution. Digitisation offers personalised experiences while adding a touch of automation. With digitised payments, customers can make payments from anywhere and access wind range facilities at their preference. By tracking customer data, and previous purchase history, brands create personalised offers for their regular buyers. Apart from that, simple checkout processes can significantly reduce card abandonment rates and churn rates for a business.

Data Driven Decisions: Digitisation has induced the “pragmatic” and “accurate” elements in sectors it has touched. Data-driven decisions are less likely to fall short and fire back for being taken after a thorough study of specific demography. Digitisations has helped the banking and financial sector take the choicest and most appropriate decision based on affected data directly related to consumers. With the increasing volume of data generated by digital payment transactions, businesses can leverage this data to gain valuable insights into customer behaviour, trends, and preferences. Besides, by using data analytics tools to analyse patterns in transaction data, businesses can detect potential fraud and take steps to prevent it.

Enhanced Security: With increased digitisation, the risk of digital frauds has increased too. Digital payments are convenient and efficient but require robust security measures to prevent cybercrime. Over the last decade, the Indian digital ecosystem has become much more dynamic, creating even greater challenges for financial institutions. However, introduction of newer and quirkier payment methods, industry collaborations, tech advancements and regulatory support have made space for a lot of innovation in two important customer agendas - security and convenience. Moreover, with a strong regulatory focus and multiple governmental headways have made Fintech a more secure industry.

Artificial Intelligence Support: Artificial intelligence (AI) is a revolution that aims to transform the business landscape completely. It is a set of technologies that carry out tasks that earlier require human intelligence and will power the future by allowing exceptional interactions with customers, machine operations, product development and planning the future. AI is an integral part of transaction banking for tracking huge volumes of data, interactions, processes, and transactions that is ideally suited for application of the technologies. With AI, Fintech potentially manage volumes of data at a low cost while clients will enjoy improved security and an enhanced customer experience.

The convenience and efficiency of digital commerce have led to the emergence of disruptive payment methods — from mobile wallets to contactless purchasing. Here are factors that are stimulating progress in the digital sphere of payment industry.

With the correct use of technology and infrastructure, businesses can build inclusive financial ecosystem. Pay10 is a multifaceted payment platform with more than 100 payment options, world class security and ready-to-go plugins. Our device agnostic platform offers easy to use API’s, along with automated gateway routing to make it convenient for merchants. We offer customisable and dynamic dashboard, that is secures by cutting edge technology and certified by the best-in-class industry standards of compliance. To start your digital payment journey or to know more about Pay10 connect with us.