The digital transformation has brought many cutting-edge services and applications into existence. The payment services have also burst into the scene with a plethora of payment partners and integrations. The innovations in payment processing require software vendors and developers to be aware of the next generation of payment processing solutions. Here are a few areas that need the attention of developers and vendors to offer efficient payment processing solutions:
Unattended Retail: Retailers are pursuing the idea of including cashierless checkout experience that includes vending machines, kiosks, and many others to provide a hassle-free shopping experience to their customers. The solution can reduce the overhead costs, provide fully customizable displays, and streamline the data collection process. Software vendors and developers will see an upsurge in demand for cashierless checkout solutions for its futuristic and cost-effective solutions.
Contactless Card Payments: Contactless card payments are poised to gain steam in the U.S. although mobile wallets failed to meet the desired expectations. A survey by Juniper Research says that the use of a contactless card is increasing, while the mobile wallet payment is waning in number.
Data Security: Data security is the topmost priority for organizations, and they are striving for effective measures to ensure optimum data and payment security. The compliance regulations like GDPR, HIPAA, and others require companies to be transparent in the process of data collection. In addition to that, the increase in payment methods poses unique challenges when it comes to fraud prevention. Here are two solutions to ensure data security:
• Biometrics: Biometrics authentication is one of the best measures to ensure data security as physical traits are very difficult to copy. A number of card brands, developers, and hardware and software providers are implementing Biometric authentication methods like fingerprinting and voice recognition technology to provide optimum data security.
• 3D secure 2.0: 3D Secure 2.0 offers an added layer of protection as it uses data exchange between multiple merchants to assess the risk and identify the customer without any action needed on the customer’s part.