All posts by mindgate@admin

Changing Landscape of Reconciliation

reconciliation and settlement
reconciliation and settlement

Changing Landscape of Reconciliation

Managing high volumes of transactions and adapting to new payment mechanisms across expanding fields of touchpoints (credit, debit, cash, online, etc) are challenges that most businesses find difficult to cope with.

As the digital and real-time payment ecosystem continues to innovate and grow its relevance, the need for a robust and flexible reconciliation system, supporting a large volume of transactions with speed and accuracy has become imperative for smoother business operations.

Unfortunately, most organizations ranging from medium to large size are dependent on traditional/ semi-automated methods of reconciliation. However, this often exposes them to risks of data manipulation, accounting errors, and huge financial implications.

An automated reconciliation and settlement system is a prerequisite to streamline reconciliation processes and protect organizations from facing the brunt of expensive errors.

Automated recon platform, overcoming traditional reconciliation barriers

  • Facilitates the processing of volumes of transactions on a highly scalable platform.
  • Requires minimal/ no human intervention.
  • Streamlines data collection and validation into a centralized platform.
  • Records data in the form of reconciliation history to ensure smoother audit trails.
  • Proficient at handling multiple transaction use cases.
  • Eliminates operational risks through accurate, near/ real-time reconciliations and statistics.
  • Ensures error-free reconciliation with user-centric design

Integrated Payment Reconciliation across channels

With the trend of ‘Cash-less’ payment gaining momentum the entry of innumerable payment modes like e-wallets, cash cards, etc have become inevitable. While this changing payment ecosystem is enhancing the customer’s journey it is also adding to the reconciliation complexities.

An integrated Payment Reconciliation Suite enables institutions to reconcile large volumes of transactions and exception management in an automated and timely manner.

Be it generating matched and unmatched reports, locating errors codes in different transactions, or reconciling transactions based on multiple parameters, a robust reconciliation tool brings efficiencies in operations.

Business analytics and reconciliation 

Business data is the lifeline of any organization. Right decision-making and solid business strategy are propelled by well-integrated data sources, accurate data processing, and smart analytical tools. The reconciliation platform serves the purpose right. It integrates the different data sources and correlates data efficiently dispersed across multiple systems. This reconciled data holds immense analytical value.

Serving as a centralized platform it enriches the transactional data from various file formats that not only meet the goals of matching and reconciliation but also cater to the control, reporting, and analysis needs.

Automated consolidation of data is an essential element of the reconciliation process which when incorporated in the business analytics, helps companies to navigate uncertainties, spot opportunities, and optimize costs.

Optimizing dispute management

The settlement and reconciliation process can turn out to be an expensive affair when handling already low-margin transactions. A sound reconciliation system supports end-to-end settlement, reconciliation, and dispute management of transactions. Complete visibility to digital payment transaction reports coupled with built-in proactive adjustment features makes the system a right fit for resolving customer disputes.

A powerful rule-based solution, enables institutions to automate dispute processing tasks that save the time of the associated staff and eliminates exposure to losses arising due to write-offs and un-timely dispute handling.

Mindgate 

Mindgate is one of the trusted Payment Gateway Solution Providers offering intelligent and scalable reconciliation solutions. Designed to simplify the reconciliation against collections and receivables, our tool provides an end-to-end solution including loading of source files, matching transactions from multiple sources, managing exceptions, resolving conflicts, generating file reports, etc.

Whether you want to automate the cumbersome data processing, accelerate account close cycles, fix broken processes or identify & address long-standing discrepancies, our dynamic reconciliation solution will help you set things right.

Optimize your business processes with the Mindgate reconciliation tool and take your business to greater heights! Call us today for more details.

The Futuristic Payment Solution – E-RUPI

e-RUPI
e-RUPI

The Futuristic Payment Solution - E-RUPI

Taking a step forward towards digitalized payment system, PM Modi launched the much-awaited e-RUPI payment solution on 2nd Aug. Contactless and cashless, the one-time payment system is designed to send government monetary benefits directly to the beneficiaries. The flexible framework is also good enough to be utilized by corporate and PSU’s for their relevant use cases.

E-RUPI has been developed by the National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare, and National Health Authority. Representing India’s digital progress, e-RUPI is being viewed as a revolution towards making e-payment solutions easier for the common man.

What is e-RUPI?

It’s an electronic voucher that allows beneficiaries to redeem it when availing of specific services. The digital tokens are transferred on the mobile phones of beneficiaries in the form of QR codes or SMS.

Designed on the lines of an innovative digital payments framework, these vouchers are person, purpose, and service-specific. For instance, an e-RUPI voucher issued for a vaccine shot can be redeemed for that purpose only.

Currently, it is an initiative for Government welfare services coming under schemes meant for providing drugs, nutritional support, and more. However, given the potentials of this e-pay framework, it’s most likely to have a significant role in the payment landscape in the future.

How will e-RUPI work?

  • The voucher code is sent to the beneficiary’s phone as SMS or QR codes as per the instructions and funding scheme provided by the government/corporate.
  • The service provider scans the QR code or SMS string on the beneficiary’s phone.
  • The e-RUPI voucher issuer triggers an OTP to the beneficiary for validation.
  • This OTP is used by the service provider to complete the transaction and provide the service.

What are the benefits of e-RUPI?

  • A cashless and contactless mode of payment.
  • Can be redeemed without any card, payment app, or net banking access.
  • e-RUPI’s prepaid feature assures timely payment to the service provider without the involvement of any intermediary.
  • Transaction through e-RUPI is faster and reliable as the required amount is already stored in the voucher.
  • The beneficiary will not require sharing personal details while redeeming the voucher so privacy is maintained.
  • This will simplify the delivery of social welfare schemes and other payouts that are not recurring in nature and are for a specific purpose only.

The most distinguishing feature of e-RUPI that sets it apart from other current payment mechanisms is that it does not require the beneficiary to have a Smartphone with a digital payment app or access to mobile banking solutions. Bringing in the ease and simplicity of UPI, this payment instrument aims to drive down financial exclusions by serving the underprivileged and non-banking demographic sections.

Role of Mindgate with e-RUPI

Mindgate has been at the forefront of delivering E-RUPI solutions to its UPI customer base in India since its time of launch and it’s a pleasure to announce that customers powered by Mindgate solutions are enjoying a major market share of E-RUPI vouchers processed in the country.

Looking at the latest developments and prospects of the e-payment systems, Mindgate is all geared to collaborate and work with various industry stakeholders to leverage the E-RUPI framework and tailor solutions that ease out several real-life business problems.

Discovering Ways to Enhance Customer Experience with Payment Gateway

Payment Gateway
Payment Gateway

A rapid shift in the Digital Adoption by consumers for Merchant Payments augurs well for the Digital Payment ecosystem at large. While the behavioral shift could be attributed to the current situation and to the influence of millennials and Gen-Zs, the success behind every digital adoption lies with the user experience that includes convenience and security.

Evaluating the connection between customer experience, online payment and sales

Customers are always attracted to rich, intuitive and easy to navigate shopping experience. While merchants and e-commerce sites/apps have been constantly innovating and working towards improving the customer shopping experience, the key to maintaining customer stickiness and ensuring repeat sales is a factor of the Payment experience offered.

Payment Gateways are an integral part of the overall shopping experience. Hence, choice of payment gateway solutions is of paramount importance. If your payment structure is cumbersome, lacks familiar payment methods, or involves multiple redirects, it can result in transaction declines leading to bad customer experience and potential loss of sales, not to mention risk of losing a valuable customer.

Some of the key considerations for an effective Payment experience are:

Offering popular online payment methods: Lack of preferred payment methods could become one of the reasons for cart abandonment. Rule this out by expanding the range of online payment methods -debit cards, credit cards, e-wallets, UPI and more and ensure an integrated checkout experience.
High success ratio: Besides offering multiple payment options, the payment gateway should provide a high success ratio. In case of transaction time outs and or declines, it should offer the customer with an alternate payment method, without abandoning the transaction.
Marketplace for SME merchants: With the increased need among Small and Medium merchants in taking their business online, Banks and Merchant Aggregators need to support these small time merchants with a Marketplace where they can publish their goods and services.
Flexible Payment options and promotions: The customers and merchants prefer to have flexibility in payment options like EMI schemes, BNPL (Buy Now Pay Later) besides supporting features such as loyalty rewards, redemptions and promotions.
Unified and secure checkout: Customers prefer a simple yet secure checkout experience irrespective of the payment methods opted for. Options like saved cards for faster checkout, single checkout page with option to enter the OTP/ PIN, smooth transition to payment approval and order confirmation are key to ensure a seamless payment experience.
Branding @ checkout: Customers should be able to connect the merchant and bank brand at checkout. A truly white-labeled payment gateway platform, offered by top online payment gateway providers allows the Banks and its merchants to manage branding thereby enhancing the visibility to the customer.

Bottom line: Online payment process is critical to the overall shopping experience; it influences customers in evaluating the value proposition and making the buying experience smooth. The payment gateway needs to focus on both Merchant and Customer centricity and enhance the payment experience for both Merchants and Customers. The relationship between buyers and merchants would enhance manifold based on the experience offered at the Checkout stage.

Mindgate understands how small things can affect your business in multiple ways. Hence, we bring to you feature-rich, secure and integrated payment solutions that will not only optimize your back-end business operations but also facilitate online transactions, ensuring maximum customer satisfaction.

Connect with Mindgate - a global leader and innovator in payment solutions, to reap benefits of advanced payment gateway system tailored to meet the needs and budget of your business.

To know more about our payment solutions and how to make the most of them to gain competitive edge contact our payment experts today!

E-wallets – A Consistently Popular Choice for Payment Solution for Businesses

E-wallets
E-wallets

The surge in mobile app technologies and easy availability of smart devices have disrupted the way people conduct payment transactions. The development of payment gateway solutions and exponential growth of the cashless industry in the past few years are the key derivatives of this technology penetration. Offering benefits of convenience and speedy transactions, the digitalized payment options are a growing trend, affecting every business and consumer.

E-Wallet has emerged as a convenient digital alternative to other payment methods such as credit/debit cards and virtual currencies. Simulating the regular wallet, replacing cash with digital money and physical cards with the card details, eWallet development is a significant breakthrough in the digital payment landscape. Billed as the future of the real-time payment industry, an e-wallet app makes money transfer and utility bill payments a lot easier.

Countering security concerns

Although e-wallets are gaining traction, some misconceptions regarding their security and practicality as a service have made retailers and consumers wary of using e-wallet payment solutions. However, all fears and doubts can be dispelled with correct information.

Encryption technology: E-wallet payment providers employ sophisticated encryption technology to fortify the mobile wallet security. The amount of time, computation cost, and patience to violate the advanced encryption algorithms make breaking the encryption without a key almost an impossible task.
This combined with robust security mechanisms can serve as double layered protection against hackers and other third parties.

Additional benefits of e-wallets

Accountability: It allows customers complete traceability of all of his/her transactions.
Instant payment: E-wallets allow quick and efficient transactions.
Limited risks: In case if the device lands in the wrong hands, the crook will only have access to the funds placed in the e-wallet account instead of to an entire bank account.

Win customers through advanced features of e-wallet mobile app

Based on customer-friendly technologies like UPI solutions, digital wallets too are making strides in the payment industry. For any business, it is a great idea to have their own eWallet app and gain through its advanced features. Be it triggering customer engagement, promoting brand content, or encouraging targeted messaging, e-wallets have tremendous potential.
Let’s take a look at some features of e-wallet that can help you propel your brand marketing:
• Promotion tools: Marketers can use profile data to optimize offer redemptions, and behavioral data to reward loyal customers with higher discounts/promotions for the products they purchase the most.
• Regular notifications: You can notify your customers about cash flows through the accounts and also apprise them of new changes or important announcements.
• Online receipt: You can offer receipts on payment of bills. This will improve your credibility in the eyes of the customer and help users to keep a track of their expenses.
• Customer support: Customer support features like chatbots add up to the convenience factors that play a role in boosting customer engagement.
• Billing options: You can offer different billing options for electricity, movie ticket, gas, etc with a single click and with linked payment options like credit card and debit payment, you are sure to ease out paying process for the consumers.
• Reminders: Sending reminders to the consumers about their due payments or unused reward points can be very convenient.
• Location-based services: You can leverage geo-fencing to trigger push notifications when users are nearby.

The new possibilities offered by e-wallets are appealing for various reasons - they are easy to integrate on multiple devices; can be used across channels; have user-friendly interfaces; pave the way for loyalty and marketing programs and much more. No wonder, with so many opportunities at play e-wallets popularity is growing manifolds. If you want to develop an e-wallet solution of your own, connect with Mindgate Solutions.

Mindgate Solutions has been at the forefront of the payments revolution from its inception, an outlook that has made it a key global player in payments technology and transaction processing. From building new generation payment gateways to mobile-based collections and payments platforms like RTP & UPI, Mindgate has been the true leader in the space. We develop secure wallet solutions that can be optimized for high scale and volume and customized according to the specific company requirement. To know how we can develop a system for your payment needs, contact +91 22 6196 6196 or email us at sales@mindgate.in.

How Mindgate’s QR code payment system is giving more power to the Fintech industry.

Imagine, you went shopping, you bought some great stuff & you are now waiting in a queue for your turn to check out. Your turn comes & you suddenly realize that you forgot your card at home or forgot the PIN! Now what? Does this thought bring nightmares to you? Well, you need not worry because the QR (Quick Response) code payment method has made life quite easier now. You just need to scan a code in your smartphone and the payment is done, bingo!

The pandemic has brought us into a situation where social distancing is the key to stay healthy. In times like these, it is very important to avoid contact and thus has accelerated the rise of digital payments everywhere. With the penetration of smartphones and super-speed internet connectivity, the Reserve Bank of India has started promoting the QR code payment method as they are increasingly being used to ease up mobile banking solutions at the point-of-sale, according to Financial Express.

By far, most of the Fortune 500 including Nike, Puma, Nestle, Emirates, and many more companies have already added QR codes to their marketing stack according to Beaconstac, 2019. The world has gotten habituated to many modes of contactless payments among which the QR code payments method has brought to you the most comforting experience.

Mindgate is one of the leading financial solution providers striving to make the user experience across consumers, corporates, and merchants easy and convenient.

How does Mindgate ease users’ experience with its offerings?

Mindgate QR Payments Overlay offers banks, corporates, and merchants an end-to-end payment solution using QR code that includes-

  • 1) Scan and Pay using multiple payment options
  • 2) Merchant initiated payment using Dynamic QR.
  • 3) Contactless, safe and secure payment method for the end-user.
  • 4) Real-time Payment processing.

Other benefits of our solution include:

  • 1) Real-time payments:
    Seamless integration for processing real-time payments through integration with real-time payment rails
  • 2) Eliminates overhead expense:
    Eliminates the overhead cost involved in implementing and managing a POS or mPOS terminal for payment acceptance.
  • 3) Secured and safe payment method:
    The QR codes encrypt the data and transfer it to the desired location securely. It also minimizes data loss and security breaches.
  • 4) Easy to set up:
    An extremely easy setup is required for the QR code payment. No overhead cost of infrastructure is required. It can also be printed on paper and can be used for scan and pay.
  • 5) Multiple QR standards support:
    Mindgate’s QR platform has been integrated to support multiple QR standards across geographies. The standards include Bharat QR/ UPI QR, PayNow QR (Singapore), SG QR, Ali Pay (Singapore and Hong Kong), WeChat Pay (Singapore and Hong Kong), Fast Payment System (Hong Kong)

The platform is built on an open-source technology framework with Micro Services and Cloud readiness and is optimized for high scale and volume.

Merchant initiated QR payment

As there is rapid innovation in digital payments space for retail-corporate/merchant (across various segments like e-commerce, bill payments, insurance payments) to ease their customer’s payment & bill collection experience. Merchant-initiated QR payments are prominently becoming part of the digital payment by providing contact-less & safe payment experiences and supporting various real-time payment rails in different geographies.

All in all, QR payments are here to stay and each geography is seen innovating use case scenarios with its widespread adoption.

Changing Landscape of Merchant Services

Retail Merchants are one of the critical customer segments for banks and financial institutions. From traditional corporate banking engagement with the bank, they expect to be enabled with multiple payment acceptance capabilities. Today’s merchants have banking relationships with multiple banks as they accept offline payment through multiple banking/ acquiring engagements, requiring the merchant to access & track their banking transactions and end-customer payments through multiple systems across different banks.

Banks and PSPs who act as merchant acquirers have been using legacy systems/processes for merchant onboarding and providing various merchant services. The traditional model of on-boarding a merchant/corporate takes several weeks and involves offline KYC management and physical verification before they become eligible to avail banking/merchant services.

Additionally, the merchants also have a large ecosystem of suppliers, partners, OEMs, with whom they need to ensure timely payment of the invoices and are able to track & control their cash-flows & profitability. These retail merchants would also require other banking services including loans, bill payment and fund transfer facilities as a corporate customer of the bank.

Merchants and banks have been facing stiff competition from their peers on account of rapid digitization and the way they are expected to service their customers. While merchants are expected to offer multiple and flexible payment methods to their customers, merchants demand a unified view and a single window system from the banks for all their banking services, including payments.

Across geographies, the retail sector is still largely dominated by neighborhood traditional retail stores, which represent dependability and trust. Today, a majority of the customer segment is smartphone enabled and opt for secure and flexible digital payment facilities over making a physical cash payment due to the recent shift to digital banking, lured by added benefits like cashback, rewards for using these payments methods. Customers now have open access to a diverse range of brands, competitive prices and access to customer reviews. This requires traditional retail merchants to leverage digital technologies to better engage with existing customers, expand their base, reduce operating costs and increase profitability.

A majority of retail merchant business has redefined the payment experience with supporting multifarious payment strategies making it fast and more convenient for their customers. The recent COVID pandemic has further impacted the retail market landscape by shifting the customer focus towards e-commerce stores which leads the traditional retail (brick-and-mortar) stores to move into online space i.e., electronic storefront to host website and advertise their products/goods for their customers.

All the above market requirements put the onus on the merchant acquiring entity (banks/ financial institution/ PSP) to consolidate all their banking services and also offer various value-added services for the merchants/corporates through a unified app/portal.

Globally, large banks are innovating in multiple ways to address the increased needs of their merchant/corporate customers. Some of the key focus areas that are being addressed through a unified app/system to acquire, manage and grow merchant portfolios are listed below:

Self On-boarding

Provisioning web-portal or mobile app to the merchants to on board themselves and their merchant services (supporting both physical retail store as well as e-commerce) with managing multiple hierarchies and on-boarding of multiple outlets.

Online KYC Verification Workflow

Supporting standard API interfaces for integrating with e-KYC systems; Government repository and Centralized Databases to perform online KYC verification process. Merchants would have the flexibility to upload the KYC documents and perform digital verification online allowing instant on-boarding.

Unified Dashboard

Empowering merchants with a unified dashboard providing insights of the daily payment collected by the merchant and summarizing the transaction details with an overview of payment transactions collected through multiple payment methods.

Unified Settlement view

Merchants can have a unified and transparent view of all settlements including charges paid to the bank/ acquiring institution.

Merchant E-Storefront to sell goods online

A flexible-storefront facility enabling traditional retail merchants to host their products/goods in the webstore. Store front can also offer merchant-specific settings, product inventory, discounts and promotional offers.

Invoice Presentment

Enabling merchants to create online invoices for their corporate customers and facilitate Request to Pay through SMS/ email links or QR Codes.

Corporate Bill Payment

Enabling utility and other bill payments to be made to various service providers and supporting multiple payment types including standing instructions/ recurring payments, provision to make payment through NEFT/RTGS, Credit Cards, UPI, Net Banking.

Merchant Transaction Banking

The web-portal/ mobile app offering transaction banking facility to help the merchant/ corporates manage their day-to-day banking activities including account enrolment; linking & managing of accounts with virtual accounts; enabling Payment On Behalf Of (POBO) facility to make merchant payments and Collection On Behalf Of (COBO) facility for receiving payment from their suppliers/vendors/partners/OEMs; payment transaction tracking; option to request overdraft.

Unified Merchant and Transaction Banking services

The ever-changing landscape in financial services has forced banks/financial institutions to look at how they service their Corporate/ Merchant customers. The demarcation between Merchant and Corporate/Transaction Banking services have been fast diminishing and Banks have been innovating and will continue to innovate to acquire, retain and grow their business to meet customer changing expectations.

Re-thinking Payments in the wake of the pandemic

payment
payment

Human lives everywhere have surely experienced a jolt with the recent pandemic outbreak. Lives, as well as livelihoods, are at stake. But amidst all negative growth in businesses everywhere, there is some exhilarating news hovering. As firms worldwide get together in their endeavor to business continuity, payments companies must show urgency in lending their skills and capabilities to their partners so that they can reinforce their place in the economy.

Data reveals that although the credit cards market leads the show, the growing demand for mobile banking solutions is likely to enter the fray. Surprisingly, the user base isn’t only the millennials or Gen Y. With the pandemic spreading its wings, contactless payments have become the new normal. As first-time users for contactless payments keep on piling, Banks, and institutions cannot lag. Now when we think of gearing up to take on the storm, we need to know the top things that are going to impact the growth of the payments industry in the forthcoming days.

1. All the top global markets for the payments industry have been badly affected by the disease. As a result, interest rates have plummeted; job markets have contracted to leave a staggering consumer spending. This is sure to affect the normal growth expected for the payments industry too.

2. The recent restrictions and a lot of trepidation have also led to a slump in all sectors, starting from manufacturing to entertainment and e-commerce. Tourism being vastly hit will surely have a negative effect on both the cards and forex markets. However, e-commerce is the one area that has added some fuel for all modes of digital payments.

3. As business houses struggle with reduced sales and inadequate revenues, payment companies could jump into partner with their clients to bring them back to the road to recovery. There can be various measures to retain liquidity, as waived digital payment fees and providing assistance in distributing government financial aids.

4. It is true that this pandemic has brought in changes at a much-accelerated pace especially for online payments. Data shows a steep decline in cash withdrawals as well as check deposits. With cash traditionalists shifting to alternative payment modes, it’s time that Banks, as well as Payment companies, equip their customers with an array of digital payments option.

5. There will be a surge in tokenized payments such as mobile wallets in an environment that is moving towards remote working. With an easy onboarding process, user-friendly UI, and most importantly two-way authentication, this is surely the go-to thing for most customers.

6. Going forward, payment companies should focus more on interoperability between smartphones and payment systems.

7. Lastly, payment companies should prepare themselves for increased fraudulent activities. With increasing disparities and economic uncertainties coupled with first-time users, there is always going to be a risk for losses owing to cyber fraud.

Rebooting Helps

Digital journeys had already opened up horizons that we never experienced before. Now with the recent crisis, there’s a lot of re-evaluation that needs to be done. Mid-term and long-term strategies will help us get back to our feet slowly and steadily.

To Know more: www.mindgate.us | www.mindgate.in

Social media payments, a friend or foe?

Social media payments
Social media payments

Social media, like any other innovation, is likely to go through a refinement period, which seems like a never-ending process of updates and improvements. Despite its substantial list of pros and cons, social media sites and apps have been here for more than a decade and their footprints are both profound and undeniable in today’s digital payments space.

The social media pioneers that evolved our social behavior, have moved the bar again by implementing a payment gateway within their ecosystem. They have changed the way we approach payments towards our friends, family, and associates. Just when we thought that social media was a big disrupter to our social interactions, they are now working on disrupting the payments industry.

We could wonder whether social media payments could be the catalyst for a cashless society in the near future.

Today, social media platforms have all the right ingredients needed for developing a strong payment platform. They can reach across distant and remote locations, hold a mammoth customer base that increases exponentially, are easy to use with a far better-customized user interface than other mobile or web applications, and most importantly social cohesion across the consumers that easily initiates a channel of communication.

Despite all these benefits, the adoption of social media payments is considerably lower than expected, especially in comparison to the adoption of other recent payment trends like Real Time Payments(RTP) and Mobile Payments.

PayPal first popularized the trend while other companies have ever since hatched their own versions of it. Some popular names like Apple Pay, Twitter Buy, Google Wallet, WhatsApp Pay, Venom, and Snapcash.

Facebook-owned WhatsApp holds an extensive user base of 200 million and growing, easily could prove to be a full-fledged social media payment platform, especially given WhatsApp’s platform strengths like a broad set of payment streams, reinforcement of business opportunities via virtual offices & direct sales, ability to personalize selling opportunities based on consumer data and quicker payments via consumer footprints.

Considering the massive database of users that social media possess backed with the payment capabilities readily available, it makes perfect sense to bring the two together.

However, there are some challenges as well in the social media payments space.

In cases where systems are compromised, hackers can potentially access the bank information of every user on that particular platform. It is also quite easy to manipulate the payments on the app, one needs only minimum access to a mobile device with the social media application logged in. The case is similar for mobile banking solutions as well, but in mobile banking, the app session logs out after non-usage (for a defined time interval). Thus soon the phone’s security features will be more important than ever, as social media payment apps will require not only PIN and Biometrics for authorization but further authentication purposes to access its payments functions.

So after much debate, should we view social media payments as a friend or a foe?  If social media payments, like any other innovation, goes through its refinement period related to cybersecurity, then one day we can surely expect social media payments to be considered a friend to drive the growth of social payments.

To Know more: www.mindgate.us | www.mindgate.in

The global acquiring landscape redefined

Fintech start-ups are known for being agile and efficient and they now have their eyes on the banks’ revenue sweet spot. These new entrants, have a well-established online presence, they are targeting merchant services and managing to hold on to them through mobile access.

To stave off this threat, banks need to work with merchants to strengthen their offerings via new and dynamic merchant solutions. Merchants are striving to keep pace of the payments revolution by developing a comprehensive payment strategy offering, some of these include:

Attaining regional/global reach and acceptance

Regional and global giants like Google, Facebook, Amazon, Apple are dominating the industry, putting pressure on subscale players. The primary objective for banks is to meet the increasingly critical demand of merchants for global reach and acceptance, across all geographies and payments types. Merchant solutions are offering cost effective and low maintenance payment forms that include smartphone payments via merchant apps. One example of merchant app use is the ability to allow customers to place their order via the merchant apps for in-store pick-up, these apps can also collect customer data, which can then be used for driving customer loyalty programs.

Become a digital / Omni channel champion

With increasing consumer expectations, and their demand of products and services that can be integrated into their daily lives, the leading merchants (and service providers) understand that payments (the last step in their purchase cycle) can no longer be controlled by the banks. Today more than ever, an integrated and seamless payments experience is a critical part of a customer’s shopping journey. Amazon is a perfect example of this, they have payment related initiatives like amazon cash, prime rewards, amazon pay UPI (real time payment), and amazon lending. These initiatives have not only enhanced the customer experience but increased their market share and profitability.

Lowering fraud rates and knowing which frauds are prevalent in the industry

Partnerships with digital upstarts and innovators can help merchants get access to better and faster technology (such as real-time fraud detection and monitoring) which allows them to improve their back-office processes without building the capabilities in-house.

Turning acquisition into a competitive advantage

Recently a large global acquirer digitized the on boarding journey, reducing time to market from two and a half weeks to less than four hours. While this is impressive, it is still well short of the capabilities of leading tech-savvy acquirers—PayPal, Stripe, and Square. These companies can accomplish the same feat in as little as five minutes.
Banks need to work with payment Start-ups and Fintech companies who have already invested in merchant acquisition technology, and have an established market-share. There is some healthy scepticism between merchants, retailers and payment fintech firms when it comes to payment transactions. However, through strategic partnerships between larger corporates and banks, these merchant acquisitions can become more seamless and help them keep ahead of the payments revolution and in-line with customer expectations

To know more: www.mindgate.us

The global acquiring landscape redefined

Fintech start-ups are known for being agile and efficient and they now have their eyes on the banks’ revenue sweet spot. These new entrants, have a well-established online presence, they are targeting merchant services and managing to hold on to them through mobile access.To stave off this threat, banks need to work with merchants to strengthen their offerings via new and dynamic merchant solutions. Merchants are striving to keep pace of the payments revolution by developing a comprehensive payment strategy offering, some of these include:

Attaining regional/global reach and acceptance

Regional and global giants like Google, Facebook, Amazon, Apple are dominating the industry, putting pressure on subscale players. The primary objective for banks is to meet the increasingly critical demand of merchants for global reach and acceptance, across all geographies and payments types. Merchant solutions are offering cost effective and low maintenance payment forms that include smartphone payments via merchant apps. One example of merchant app use is the ability to allow customers to place their order via the merchant apps for in-store pick-up, these apps can also collect customer data, which can then be used for driving customer loyalty programs.

Become a digital / Omni channel champion

With increasing consumer expectations, and their demand of products and services that can be integrated into their daily lives, the leading merchants (and service providers) understand that payments (the last step in their purchase cycle) can no longer be controlled by the banks. Today more than ever, an integrated and seamless payments experience is a critical part of a customer’s shopping journey. Amazon is a perfect example of this, they have payment related initiatives like amazon cash, prime rewards, amazon pay UPI (real time payment), and amazon lending. These initiatives have not only enhanced the customer experience but increased their market share and profitability.

Lowering fraud rates and knowing which frauds are prevalent in the industry

Partnerships with digital upstarts and innovators can help merchants get access to better and faster technology (such as real-time fraud detection and monitoring) which allows them to improve their back-office processes without building the capabilities in-house.

Turning acquisition into a competitive advantage

Recently a large global acquirer digitized the on boarding journey, reducing time to market from two and a half weeks to less than four hours. While this is impressive, it is still well short of the capabilities of leading tech-savvy acquirers—PayPal, Stripe, and Square. These companies can accomplish the same feat in as little as five minutes.
Banks need to work with payment Start-ups and Fintech companies who have already invested in merchant acquisition technology, and have an established market-share. There is some healthy scepticism between merchants, retailers and payment fintech firms when it comes to payment transactions. However, through strategic partnerships between larger corporates and banks, these merchant acquisitions can become more seamless and help them keep ahead of the payments revolution and in-line with customer expectations

To know more: www.mindgate.us