We hear from Lee Atkinson , Chief Operating Officer at Modern World Business Solutions on the current innovation landscape within the payments sector .

The COVID-19 pandemic set off a revolution in digital payment . As demand for contactless , online , digital , frictionless and speedier payments grew , traditional financial services took the digital route to make their services accessible .

The need for seamless digital transactions remains in hyper-drive and with new payment capabilities now at the fore , cuttingedge technology is continuing to transform how transactions are initiated and processed and creating more transparency . However , despite these advances in technology , not all merchants have kept pace .

For businesses to survive in this globalised , technology-driven world , recognising and adapting to the changing marketplace and understanding the importance of payments innovation is critical .

A source of data

Innovation in payments has allowed businesses to effectively analyse and interpret vast , complex sets of data , uncovering untapped patterns and trends from which new client insights can be gleaned .

One-dimensional payments are a thing of the past , and every transaction now should be seen as an opportunity for merchants to gain insights that enable them to better target customers with their product and service offerings .

Data yielded can be hugely beneficial for the retention and acquisition of customers . Not only does it allow businesses to provide far better customer service through improved efficiency , but it also creates an opportunity to build more effective solutions that are closely aligned with current client behaviour and needs .

It can also be used as a predictor of future purchasing behaviour and foundational in building marketing strategies and devising new products and services .

A smoother customer experience

When it comes to a customer ’ s journey with a product , one of the most pivotal touchpoints that can impact conversion and purchase decisions is the payments experience . Payments are more than just an isolated back-office function and should be recognised by businesses as an integral part of the buying experience .

In a survey by J . P . Morgan and Forbes , 85 % of global executives said payments www . intelligentfin . tech

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