A financial revolution: invisible payments is revolutionizing the financial services industry. While visible payments are finding immediate success in a mobile-first society.
The mobile-first market is flood with a multitude of new technology and innovations. Whether it is a new phone, new gadget, or a new application for mobiles. Consumers are bombarded with a host of goods vying for the attention of customers. From apps that make text messaging more attractive to those that allow users to access multiple banking accounts at the same time. The market is ripe with new applications that will soon change how financial service providers operate. This means that there is a vast market for new applications that can increase the efficiency of financial services. Whilst also helping to streamline the whole process of paying for things.
This is where invisible payments will have an important part to play.
As a service provide by financial services companies to their clients, invisible payments will allow consumers to pay for things in a simple, non-intrusive manner. This could potentially be use to help with issues relating to speed of service, such as payments for loans and credit card purchases. The process could also be used for processing payments for products. Such as grocery vouchers, petrol vouchers, and petrol cards.
In its most basic form this type of service would allow users to simply tap their phone against a reader provide by the company which offers the service. The money is then sent to the customer’s bank account. This eliminates the need for a credit card or debit card in the process. This means that consumers can use the system on any handset, regardless of whether they own a smartphone or not. This is especially helpful for those who do not currently use credit cards. As it ensures that money can be sent and received without the need for a credit card. Making payments much easier and quicker.
This technology is also particularly useful for the growing number of consumers who are looking for ways to save money. Invisible or contactless payments are now being used by millions of consumers. Helping to reduce the amount of time spent waiting for cash withdrawals from their bank account
This technology is an exciting way to look into the future.
Allowing Small Businesses to focus their efforts on providing their customers with the best possible experience when using their current service. By creating invisible payments banks are also able to create opportunities for more efficient interactions between their customers and their banks. This includes a greater ability for users to access the services offered by their bank without having to actually use the card.
Due to the high volume of money spent in the mobile-first market. A service like invisible payments could prove incredibly beneficial to the financial industry in the near future. As more people find their lives more mobile. The industry needs to think about new ways to keep up with consumers and meet the demands of a highly competitive marketplace. Visible payments will provide them with a valuable service. This allows them to work towards providing consumers with a better experience and better value for money. This will help to reduce costs, whilst also providing an efficient means of interacting with financial services providers.
As more companies seek to change the way they do business, More consumers will find it necessary to switch their current financial service providers and move to these more innovative forms of payment. As the market develops in this way. The existing financial service providers are going to face tough competition in order to retain their customers. Visible payments will give financial service providers with an advantage in this battle.