In a rapidly digitalizing world, cashless payments are increasingly becoming the standard, particularly across Asia. However, the lack of regulation surrounding various cashless payment options presents a challenge for consumers and merchants, sometimes leading to a reversion to physical currency.
During a recent panel discussion at the Singapore FinTech Festival 2024, prominent leaders from top financial institutions emphasized the necessity for smarter payment infrastructures.
The session focused not only on optimizing payment streams but also on enhancing overall customer experience in an evolving digital landscape.
Gary Liu, general manager of global merchant services at Antom of Ant International, emphasized that while merchants own customer data, their engagement typically concludes after a transaction.
Liu noted that data collection is primarily intended to enhance customer convenience rather than to compel further spending. He underscored the importance of creating a balanced presentation of payment options, ensuring merchants offer a variety of choices while keeping customer overwhelm at bay.
The panelists agreed on the significance of leveraging customer data to streamline the payment process, suggesting that past transaction histories could be used to personalize checkout experiences.
This approach, they said, aims to filter and highlight preferred payment methods, ultimately fostering greater customer satisfaction and encouraging repeat transactions.
Another critical aspect discussed was the speed and security of transactions. Physical bank transfers often involve lengthy processing times, particularly when international boundaries are crossed, the panelists noted.
Liu highlighted the potential of blockchain technology in revolutionizing this process by enabling rapid transactions where data remains consistent and unalterable across all involved parties.
Sarita Sing, managing director of Southeast Asia, India, and Greater China at Stripe, encapsulated the sentiment of the panel, stating, “Your payment experience is your customer’s experience.”
This assertion underscores the critical link between efficient payment processes and customer satisfaction in today’s digital economy.
As digital payment methods continue to evolve, the insights shared at the Singapore FinTech Festival 2024 indicate a clear path towards enhancing the cashless payment experience, ensuring both speed and security while respecting customer preferences.
