3 technology solutions that will be used to shop online in 2021

3 technology solutions that will be used to shop online in 2021

72% of shoppers will return to physical stores and 75% are afraid of being a victim of fraud, reasons to implement these methods.

The year 2021 arrives with various challenges for businesses. Among them is to implement innovative payment solutions that help them generate a better customer experience, which in turn leads to loyalty, recurring purchases, and a reduction in the rate of abandonment of the shopping cart during the payment process, reducing the risk of fraud to a minimum.

Next, we tell you what are those three solutions that, although they are not new, are in the process of being adopted and will have their peak next year:

  • Network Tokens

The network tokens or tokens network is a digital representation of a bank card that allows users to make recurring payments safely and without compromising information from your physical plastic.

This method, instead of using the information stored on the customer's physical card, generates a token that refers to said data, which is shared between the issuing bank and the payment network.

The tokens are specific for each business and recurring collection contract. In this way, when making payments such as those of a subscription, to mention an example, reference is made to the buyer's data to conclude the transaction, without involving sensitive plastic information, achieving a higher authorization rate and reducing the risk of fraud.

The network tokens are securely generated by the issuer to be shared by the operator of a payment network, such as Visa or Mastercard, to exchange card information between the merchant and the bank, which helps to mitigate the risk of being a victim of fraud.

  • E-wallet

It's a tool that replaces the use of physical cards in online purchases. The first benefit of using it is that the customer can have their banking information on different devices connected to the internet, make payments for goods and services without having to carry the physical card.

This method offers to consumers a total availability of their money at any time easily and safely, since it allows the transaction to be carried out without the need to compromise their physical card or the data on the plastic.

Data from The Competitive Intelligence Unit indicate that for 2019 the level of adoption of this method was only 6.6% among Internet users, a figure that is expected to increase for next year. The same organization indicates that 90% of customers plan to use e-wallets to make purchases, while 41% would choose to use them when making transfers, and 38% to pay for services, while 28% will use them to make deposits.

There are also other similar mobile payment applications that allow the user to link their digital wallet (eWallet) with the system to make contactless payments in physical establishments, only by bringing the cell phone closer to the terminal. This type of method is in a process of implementation and compatibility with the different existing devices, in addition to the fact that not all banking institutions still allow the registration of their cards on these platforms.

  • QR Code Payment

The QR Code Payment is a method that only requires a mobile device connected to the internet and a QR code reader to make the payment. 

QR code payment, which went through a process of adoption by merchants and consumers during 2020, could have their peak during the next year, once consumers begin to return to physical stores. It should be noted that despite the 'boom' of e-commerce in recent months, 72% of buyers admit that they will buy again in physical branches despite having the possibility of buying online.

To use a QR code, the user must first link their bank account to the cell phone through the app of their banking institution. The store must have the QR code to be scanned printed to make the payment. Once scanned, the customer receives a collection message in which the amount to be paid is told, for subsequent authorization.

As you can see, the different payment options that exist today represent a challenge and, at the same time, an opportunity for businesses.

In 2021, people will want companies to offer them methods that allow them to combine physical channels with digital ones, in addition to avoiding lines and contacts when they go to branches, which is why implementing innovative payment methods that simplify transactions will be essential if it is sought to win the preference of customers, both new and frequent.

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