Posted inPCI DSS Compliance
Alternative Payments mean you can offer every possible payment channel to your customers
Apparently, we spend more than one day per week online - largely due to the 78% of us doing so on our smartphones. In fact, we’re’ so tied to them that we check them every 12 minutes. What’s more, it's estimated that consumers will spend some $25bn on goods ordered via their smartphones or tablets in 2019, a 66% rise from 2018.
That raises the issue of payment. While the majority of payments are still made using debit or credit cards there is a growing interest in adopting Alternative Payments methods such as Apple Pay, Google Pay and Paypal, among others, are all showing greater uptake.
According to Capgemini’s World Payments Report from 2018, non-cash transactions conducted via e-wallets were estimated to a total of 41.8 billion globally. Of this, about 71% (or 29.7 billion) were conducted via payment apps and e-wallets, proving that this is already a popular way for your customers to pay.
Alternative Payments are appealing if:
- You’re not inclined to carry a lot of cards around
- You don’t want to tap in card numbers and wait for it to process
- You’re wary of sharing card details with merchants you don’t ‘know
- You’ve long ago given up using cash.
They’re also useful for merchants too, who can offer them on different devices, across channels and open up gateways for promotions and loyalty schemes. They are also convenient and user-friendly for the consumer.
The majority of these apps however, still require you to assign a credit or debit card to them from which the payment is actually processed. It just doesn’t involve entering card data for each payment nor does it involve sharing your sensitive data with a merchant, possibly one you don’t know well. It’s this ease and convenience that is leading Alternative Payments to quickly grow a devoted following.
But, what happens if you lose your phone? Strong two-factor authentication, which is required, will help as it makes it more difficult for a thief to crack your entry code and access your payment apps. It also meets the requirements of PDS2.
It remains however, that criminals continue to get smarter and any form of card or digital payment requires vigilance on the part of the consumer and the merchant.
Eckoh’s expertise in Secure Payments is well-known. Its track record of innovation led to the world’s first Apple Pay payment over the phone. Today Eckoh’s Alternative Payment solutions include Apple Pay, Google Pay, and Paypal which complement other payment solutions for phone, web, mobile and chat.