5 – Conclusion
The digital evolution has triggered the way people are communicating, purchasing products, paying their utility bills online, exchange of information or performing business. The technology has altogether changed the consumer behavior pattern towards purchasing and utilizing the products or services. They try to take advantage of the various digital platforms to expand their business and for sustainable development growth. The organizations through digital are able to share the experience by giving the consumers various options like variety, discounts, product/service comparison, payment preferences, etc. This has in fact exposed consumers towards the habitual use of browsing products, using different online payments that in turn develop trust and usually loyalty towards the products and/or payment platforms.
At the same time companies get the necessary development in their businesses, as the advancement of technology has given them liberty for tracking the consumer’s preferences, feedbacks, attitude towards the product, their search patterns, etc. The organizations are trying their level best to attract the consumers towards using their ecommerce and payment platforms to increase their business, but there have been always a hitch in consumers mind regarding the security and privacy. For sustainable growth it is important for the organizations to consider various technologies to overcome the consumer’s concerns. Technologies like blockchains are replacing the expensive, unproductive accounting and payment systems of the financial industry; it can also be used to improve efficiency of regulatory compliance procedures and save on the back-office costs, etc. Biometric it is an advancement of payment technologies, many consumers usually forget the password or get scared to share the pin number, so biometric along with Internet of Things (IoT) and Artificial Intelligence (AI) will help consumer authenticate the purchase or bill payments through the finger print or a retina scan and also detect online fraud. This will help the consumers to build up the confidence and also improve user interface experience. These are few technologies that can be used to enhance the consumer’s online payment experience. WhatsApp using Unified Payments Interface (UPI) implementation where the user just select the WhatsApp contact, enter the amount followed by the four-digit UPI pin and the funds will be transferred. Many organizations tie-up with already existing payment gateways that have already built trust for example in merchants like Book-My Show, redBus, Yatra, etc.; their customers can use Amazon Pay as well.
Paying with faces, fingerprints, and vein patterns is the future of smart payments and Payween aims to be a leading payment system globally. The rise of a cashless society seems imminent. Paper money is giving way to credit cards, digital wallets, and mobile apps as millions of customers opt for electronic alternatives. The global mobile payments market, for instance, is set to reach nearly $3.7 trillion by 2024, while almost 80 per cent of retail sales in the UK in 2018 were made via credit and debit cards.
While paying with cards and phones is convenient, it can also be risky. Criminals and hackers are constantly looking for ways to steal identities and money, with passwords and PIN codes being the weakest link in digital security.
Payween aims to bring a solution to these problems with its high-level security precautions and system. Biometric security is superior to traditional passwords. Millions of people still use ‘12345678’, ‘password’, ‘qwerty’, and other simple password choices to protect their online accounts. At the same time, “no two fingerprints have ever been found alike in many billions of human and automated computer comparisons”. This and other examples illustrate the advantages of biometrics over passwords. That’s why it comes as no surprise that the global biometrics market is forecasted to reach $42.9 billion by 2025, up from $14.9 billion in 2018. Additionally, Goode Intelligence, a London-based consulting company, predicts that there will be more than 2.6 billion biometric payment users by 2023.