Online payment industry set change the system

The advent of fast-paced and innovative startups have reached the payment industry as it is the epicenter of an enterprise, business or idea and this too is slated to evolve in the coming years.

Although major economies across the globe are currently leading the way, India and other developing economies are steadily gaining pace. By adopting the newly created innovations and regulations, the payment industries are poised for transition and revolutionize the entire system.

Since internet is a little over 25 years, anyone below the age of 40 have had internet as an intrinsic part of their lives. Naturally, they are digitally more aware and come with different set of expectations from the service providers.

Hence, we have users easily doing digital transactions and are more open to smartphone payments. With Apple and Samsung releasing Apple Pay and Samsung Pay respectively, one can deduce that as an economy, we are headed towards faster payment options. Fundamentally, payment solution providers would concentrate on acquiring more business from merchants and customers.

Creating accounts instantly, advent of self-serve portals, rich reporting and transaction reconciliation, and automated charge-back management all have proven valuable to merchants, yet they continue to be the exception rather than the rule in most countries.

In the near future, wallet service payment solutions providers will escalate processes and come up with newer and much advanced systems, making room for faster, perhaps same day or real-time payments. Focus will also be laid on discovering newer channels of acquiring customers.

Traditionally, API (application programming interface) has been actively utilized by software developers to arrange different components of a program within the application.

In the next innovation, the APIs will be used to creatively assemble various components of business over the internet, just like Google maps can now be integrated to various applications, portals and websites. This development alone has the potential to increase new opportunities from the pool of existing users and attract new customers to the platform