Progressive Growth and Regulation of Online Payments
Who knew that the COVID-19 pandemic would create ripples in the digital tech world? With so much progressive power that it would break the out-of-date shackles of trade and marketing. But let’s be honest. It was apparent that the never-to-be-seen pandemic for at least a century would be the biggest ‘Mother Nature’ reform to determine our future.
The future technologies in tech hub’s attics and storerooms were brought to light way before than expected. The consumer technologies ready for the year 2025 and ahead become the head-start for us all. It happened after the deadly virus sprawled across the globe, taking down human routines in a flurry of growing coronavirus cases. It was easy 5-year progress that turned into consumers’ daily driver habits.
Shop-goers that once wandered across the labyrinth of shelves for buying products are now using the internet. They are buying essentials and other commodities through eCommerce websites. It is the main reason web and mobile app development in Dubai have seen the green light. Many UAE-based startups and multinationals are stepping up their game by going all-out digital. It is the primary reason why online payment methods are thriving.
People are getting more familiar with digital means to send and receive their cash. Consequently, consumer behavior is shifting towards modern standards. Without question, these transitional behaviors will become permanent in the future.
The rapid expansion of digital payment methods has put traditional merchants on a bandwagon of trade turbulence. The retailers and wholesalers now realize how significant online transaction systems have become. Online payment methods will indeed open new doors of opportunities for people in business all around the world.
According to a 2020 survey, SMB technologies in the UAE have reached a staggering 97% compared to the global growth of 83%. The Emirates and other commercial sectors have incorporated up-to-date digital means to keep the cash flowing. According to the worldwide research survey done by VISA, companies are reforming their payment methods to better their consumer market.
1. Online Payment systems are here to stay
Since 2020, contactless payment methods have become the primary means in business meetings and contract signs for deals. Correspondingly, the pandemic prompted the customers to let go of the ‘unsafe’ orthodox payment methods. Exchanging hand-to-hand cash has its hazards in times of a virus crisis, detrimental to the health of the two receiving parties.
UAE saw an increase in SMBs by June 2020. It was around 44%, and there was also evidence that more than 40% of the local population was already using the latest technologies for their purchases. The next four to five months saw it surging up to a 75% to 80% scale. According to a survey, the UAE citizens were more than the whole combined international population. Beating the odds with a 86% growth against a 74% global SMB score.
2. SMBs going life-size with exponential growth:
SMBs technology is thriving against the pandemic and en route obstacles to meet the demands of customers. 97% of SMB owners have consistently reformed and reinstated their inventory in three months in the UAE alone. They indeed have to work diligently to meet the digital recompense criteria of 94%, according to Visa’s ‘Back to Business survey’ report released in mid-year 2020.
3. Increased demand for secured payment systems:
The unsurpassed high score of 94% has raised eyebrows and concerns of customers. It’s a considerable number against the global 70% score, which increases the chances of fraud and other cybersecurity breaches. It means that both local and international banking systems have to development a universal solution to resolve this irredeemable issue. The year 2020 was just the beginning, as 2021 is witnessing a rapid growth of payment systems.
E-commerce is escalating in popularity and becoming a pop “compensation” culture for specific suburban communities. As a result, consumers are now more interested in buying their stuff online. Many e-business portals have been established, which has directly affected the payment system. It has also stirred a lock-horn competition between several eCommerce websites.
Customers are interested in digital portals that provide them with the best services through secured online payment methods. For instance, express delivery and same-day delivery services are becoming more popular than mainstream shipping.
Today, no customer wants to wait for a week or go through rainy days waiting for their items to arrive soon in the box. Everyone today requires up-to-the-minute delivery of their commodities at their doorsteps. It is why every eCommerce company is trying its best to improve its services to attract potential clients.
The main obstacle to improve online payment systems is the preference for non-cash transaction methods. We all know that customers are becoming familiar with digital repayment systems. According to a survey conducted in the UAE marketplace, only 1.8% falls into retail shopping operations. Thus, several eCommerce websites and fresh online startups are Top Mobile App developing unique Dubai and resourceful ways to offer sundry online payment solutions to their customers.
Now, nationwide and global companies can expect their loyal customers to use different means of paying cash. So, the sellers should ensure effective and safe means to provide them with multiple payment services.
Living in the e-commerce environment of evolving payment methods should provide supportable security for financial organizations. But it has become is a daunting process. Henceforth, marketing ways such as KYC (know-your-customer) are vital for payment systems to identify different clients. Also, check their profiles for sustainability to ward off any changes in online criminal activities and deceitful transactions.
Different on-hold payment gateways aren’t of no use today for financial sectors. They are not workable anymore. They cannot effectively incorporate the latest payment methods, neither yielding nor accelerate enough to enter the online marketplace. It is why Silicon Graphics is considering coming up with mainstream means to help customers with their online payments.