Out of the blue, the global pandemic has loomed over the world.
Global equity markets tumbled.
Nations spend their days in self-isolation.
The cyclicals have stepped aside. It is the time of remote services – those that bring people together and support their daily work and life routines to become a true part of the lifestyle.
In the payment space, the trend of digital payment and financial services and the rise of cashless transactions, which have been paving its way well before the pandemic, is posed to only accelerate.
The daily life of people has undoubtedly transformed. Payment services and ecosystems will have to adapt accordingly, and those who will be the fastest and smartest to transform will eventually win.
Some of the focal points of a “true lifestyle” digital payment service:
- Accessibility. People staying at their homes shall be given simple and intuitive digital user channels. This means digital onboarding and transparent operations with traceable outcome.
- Manageability and maintainability. Service providers shall be able to steer their service over remote back office interfaces.
- Scalability and performance: given special situations, which are at times hard to predict, service bottlenecks may appear instantly. Consumers may rush into supermarkets putting a strain on a particular payment service.
- Security. Safety of the user journey and personal data protection.
- Core value function. The hard truth of every service and its roadmap that needs to be carefully approached always having in mind the core consumer value.
- Flexibility. Tomorrow may bring more challenges or opportunities, from altered regulations to new payment methods or financial products, such as pardoning repayments for credit to ease the burden on the households. Any viable service will have to make those adaptations quick and in a seamless way.
- Transactions on remote. From cautious over-the-counter QR scan to instant peer-to-peer and peer-to-merchant payments via an identifier or alias.
- Gamification. No matter the circumstances, life is a gift and shall be promoted as such. From a simple loyalty program to a community ecosystem – these elements support individual zest and affinity for the service.
Veengu offers a flexible secure SaaS for e-money services and a system of record for fintech projects. Talk to us about your situation or your project and leverage our 10+ years of payment experience. We may put together a growth strategy for your digital payment project or lead the initiation phase in the interim roles.
We will be happy to share advice.
Get in touch with us via [email protected].
