What are the key considerations for implementing a successful digital payment strategy?

A key aspect of the customer experience is also providing a redressal mechanism to the client in case the transaction fails. If the payment experience is instant , ensuring instant reversal of the transaction and refund completes the loop and makes it a great experience.

Respect the customer’s money like it’s yours. Put the customer’s need ahead of the bank/ payment provider’s need at every step of the journey. And when things fail have the humility to acknowledge and go back to the drawing board to fix the gap. That’s all.

Two key aspects of any new technology acceptance by consumers is based on the Technology Acceptance Model information system theory are: - Perceived usefulness - Perceived ease of use. Specific to instant payments, users perceive it to be useful for many of instant payment features that were lacking in the earlier payment instruments – for example: instant credit, notification of credit, 24*7 availability etc.. Also, given that many of the instant payment schemes are also provided using mobile apps, with the use of QR codes, and much better user interfaces and conveniences, the perceived ease of use is also there. That is why Brazil’s Pix, India’s UPI, and Thailand’s Promptpay are resounding success stories.

I 100% agree on this opinion. Every time, everything cannot be perfect in a Service industry but how you’re dealing with a wrongly charged or overcharged product Sales or a Bad Service experience will speak volumes in the longer term for clients retention.

Implementing a digital payment strategy should also involve setting up a reliable customer support system. Customers may have questions or encounter issues during the payment process, so having a dedicated support team can ensure a positive customer experience.

In case of real time payments platform, the platform's ability to self correct in case of transaction failure becomes very important, facilities like retrying of transactions in certain conditions, or providing an enquiry API, where an initiation can query the transaction status in case the completion message has not come in, these automated systems help elevate the consumer experience

A successful digital payment strategy not only streamlines financial transactions but also enhances customer satisfaction, drives business growth, and positions your company as a modern, forward-thinking organization in the digital age. Prioritize these considerations, and you'll be on the path to achieving a successful digital payment strategy.

Put your customers at the heart of your strategy. Simplify the payment process, offer multiple payment options, maintain uptime and ensure a seamless user experience. Happy customers are repeat customers!

In addition to Rohit Garg's excellent input, embracing technological innovation forms the backbone of a robust digital payment strategy. Implementing emerging technologies like AI and blockchain can streamline transactions, offer enhanced fraud prevention, and provide real-time analytics. This proactive adaptation keeps a system advanced and customer-centric, fostering greater reliability and efficiency in the digital payment landscape.

In today's day and age of the connected world, developing an ecosystem approach is extremely important, as this helps create newer distribution models, and unlock new value propositions for the players in the market.

The digital payments platform should be able to cater to multiple channels and experiences so that the clients can offer a friction free experience to their customers, and the platform is able to tie them up all together providing a comprehensive picture to the client in terms of data, analytics, and reconciliation capabilities