Digital Payments Fraud: Best Prevention Strategies

As COVID-19 vaccinations help protect our health this year, they’re also expected to inoculate businesses from random shutdowns and layoffs.

Consumers and shop owners are already getting down to business.

Since Americans saved record amounts last year, more than one-third of their disposable income, experts predict they are about to start living, and spending, again.

Economists forecast that travel, dining, and entertainment will come back by midyear.

You can ensure that your business is ready and set to go with these four global Payment Processing Trends.

According to PayNXT360’s Q4 2020 Global Gift Card Survey, integrating gift card into mobile apps is expected to record increased investment over the next 4-8 quarters.

Leading retailers are focusing on creating a digital gift card program that can help them to increase traffic, boost sales and cultivate brand loyalty.

Given the increasing self-use, retailers need to start viewing gift card as payment tool and enhance the value proposition with loyalty programs and option to reload.In addition, mobile wallet providers are also offering various cashback offers on purchase of gift cards on their mobile application.

All these factors along with convenience are driving the growth of mobile gift cards.Globally, the adoption of gift cards has seen a steady increase over the years.

The growth in adoption of gift cards is due to increase in use of gift cards for self-gifting, supported by discounts offered by retailer; as well as growth in online shopping.

Moreover, customers are becoming more cautious about their spending due to the economic slowdown - as an effect of the COVID-19.

The present-day world is a huge digital family.

With the internet being an important necessity of human life, you cannot think of anything that doesn’t involve using the internet.

From entertainment to business, everything flows in the ocean of the internet.

There is a cut-throat competition between e-commerce sites, all because people want to make payments with just a simple click.

They check prices, compare the products, and purchase them in only a few minutes, all with the internet.

Yet, it is sad to see the poor performance of many e-commerce sites.

The Business Research Company published its Digital Payments Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global Digital Payments market.

The report provides in-depth analysis of the impact of COVID-19 on the market, along with revised market numbers due to the effects of the coronavirus.The report covers the digital payments market’s segments- 1) By Mode of Payment: Point of Sale, Online Sale2) By End-user Industry: Retail, Banking and Financial Service, Telecommunication, Government, Transportation, Others.View Complete Report: https://www.thebusinessresearchcompany.com/report/digital-payments-global-market-report-2020-30-covid-19-implications-and-growthDigital Payments Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.

The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.

People are using digital payment options to avoid contact and spread of infection through direct cash handling, and also to adhere to social distancing to curb the spread of COVID-19.

Many users are increasingly opting for contactless payment technology such as mobile wallets, contactless cards and others as there more secure and convenient to use.

Such technology uses Radio frequency identification (RFID) or Near Field communication (NFC) for transmission of the chosen amount among users.Few Points From Table Of Content1.

• Number of mobile proximity payment users is expected to cross 1 billion in 2020

• About $60 billion worth of mobile payments is expected by the year 2020

• Average transaction per user on the mobile devices will reach $1303 in 2021

• Around 90% of smartphone users will use their devices to make payments by 2020

Personal finance app development is about money management.

Apps like MoneyLion, GoodBudget, Mint, and Wally are examples of top personal finance apps.

Summary Global Payments is a global merchant acquiring and payment processing company that connects merchants directly to all major and local card schemes and alternative payment methods through its end-to-end solutions.

The company enables merchants to accept payments through both online and offline channels.

Global Payments offers payment services to 3.5 million merchant locations globally, enabling them to accept payments via 140 payment methods (including digital wallets, card payments, and local and alternative payment methods).

In addition to e-commerce payment acceptance for individual merchants, Global Payments offers the likes of one-click checkout and recurring billing services.

The company supports domestic and cross-border transactions, enabling merchants to reach, convert, and retain more customers.

For offline payments, Global Payments offers an array of traditional point-of-sale (POS) and mobile point-of-sale (mPOS) terminals to merchants in collaboration with Verifone and Ingenico.