Advancements in payments technologies have disrupted the finance industry in a very huge way. Payments transactions have completely evolved from simple cash payments to banks cards/atm cards and are now transforming to offer consumers an, even more, user-friendly and convenient payment method.
With the advancement of these technologies, businesses are now adapting to ensure they remain relevant in the digital age.
This adoption of new payments technologies has majorly been led by the demand for faster and convenient payment services from consumers. The increasing convergence and integration between e-commerce and mobile technology is also changing the shape of the payments marketplace according to a report by PWC.
The reports notes that while most transactions in emerging markets are still being made with cash, the shift to electronic and digital payments methods is happening rapidly with some countries moving away from cash faster than others. It adds that the millennials’ comfort with technology is driving businesses to provide new and more innovative ways of enabling transactions, reflecting the demands of this tech-savvy generation.
Why are these technologies so important now for both the consumer and businesses?
This is the biggest motivator for easy money transaction. Payments are done online meaning there is no need for your customers to carry cash or queue at ATMs to withdraw cash. Payments can also be made anytime from anywhere.
- Payment/Expense Tracking
Integrating a digital payment technology will allow your customers to easily track their expenses. This is because all records about customer’s purchases are recorded. This also helps the customer in budgeting.
- Increased sales
The number of people using cash as a payment method is decreasing. More people now prefer paying for goods and services online. Integrating a digital payment solution, businesses are able to make more sales to the customers who choose to pay electronically. By doing so, they gain a competitive advantage over those that still use traditional payment methods.
Financial technology service providers like SwitchLink Africa are offering business value in the areas of electronic payment, financial transaction processing solution and services. The solutions range from wallets, technology integration among others.
If you looking for a digital payment solution for your business you can check them out here.