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COVID-19 has affected a number of people, processes and enterprises worldwide. And this number continues to rise at a high speed because the spread of the fatal virus remains unchecked. In such difficult times, the world relies on the effectiveness of how any fintech infrastructure works. Accessing highly resilient and robust electronic payment ecosystems securely is important for businesses and consumers in these uncertain times.
A payment ecosystem that is evolving with the COVID-19 crisis is actually stepping up to the challenge. While most economic ecosystems may claim to remain resilient throughout many crises, the actual limitations and strengths of any system become visible when it is put under stress.
At Flexsin, we have identified a variety of factors where we build exclusive technology road maps for strengthening the legacy payment ecosystems for many of our clients. We aim to harness the next wave of digital technologies for making contactless payments a widespread reality throughout the world. By leveraging our expertise, we have empowered many clients to build digitally robust economic ecosystems and payment gateways infrastructures.
This way, we are enabling many fintech leaders around the world to serve their consumers better, faster, and more easily during COVID-19 and beyond. Right now, we are creating one of the most comprehensive no-touch payment ecosystems for one of our clients. Once deployed, this ecosystem will help people embrace digital transactions safely and confidently.
Up next, let us go through some of the key highlights of this contactless payment ecosystem that will bring safety, reliability and security to anyone doing digital transactions.
Unlocking The Power Of No-Touch Digital Transactions
COVID-19 is changing the way global payment card markets operate. Now, contactless is considered a safer and more hygienic way of paying for merchandise. The adoption of contactless digital payments is accelerated by key fintech ecosystem players as well. Now, the marketing message behind digital payments is also making a shift from convenience to health and safety.
As per a study, the touchless digital transactions are getting pushed by technology leaders and governments alike. Owning to this specific push, the world can expect the adoption rate of digital transactions to rise by 8 percent worldwide. To make the adoption of no-touch payments even faster, the governments across the world are explaining the benefits of a digital payment ecosystem. The rise in the adoption is expected to soar up dramatically given the fact that how the world is grappling with the COVID-19 outbreak.
That is why we are helping our client to come up with a robust e-payment platform to address the changing needs of consumers – to manage the shift in their spending habits. Once this digital transaction ecosystem rolls out, the client will help consumers avoid crowded marketplaces and limit their social interactions. On the other hand, the ecosystem will also help businesses seamlessly embrace the concept of e-payments and money-less transactions. We are confident about this payment ecosystem’s capabilities in checking the spread of the novel coronavirus disease.
An Intuitive Chat Interface That Does More
We developed a built-in chat interface within the payment ecosystem. We did that because we wanted the client’s audience – consumers and merchants – to communicate with each other. With the help of this platform, the audience may discuss payment-specific conditions or any other important things related to bookings and deliveries.
The idea behind developing an in-app chat interface is straightforward: We and the client want to simplify and speed up the way consumers interact with merchants. On the app’s chat interface, consumers can talk to their friends or even merchants anytime. The chat functionality will help customers pre-book and pay directly from the interface itself without having to navigate through the app. That way, the whole experience of using the app will become more intuitive and less hassle-free.
Even getting to know your way around the chat interface and the app at large will be faster and easier. To drive digital transactions to a whole new level especially in a world ravaged by COVID-19, we are making sure that the entire ecosystem’s UI and UX elements are well-designed and consistent. The payment ecosystem, which is in its final production phase, will be super intuitive so that it will not have a steep learning curve.
Where Payment Safety Is The Topmost Priority
Last but not least, we could not have enhanced the whole web ecosystem’s UI by ignoring its security. While designing the mobile app and web-based application, we made payment security the cornerstone of every digital interaction that will happen in the ecosystem.
If any fintech ecosystem has security loopholes, then it is predisposed to the rising instances of fraudulence and cyber-attacks amid the COVID-19 outbreak. In times of a crisis as big as the COVID-19 pandemic, many bad actors pose as trusted organizations including banks, merchants and the like. For this purpose, we have included full-fledged security protocols for making sure the digital transactions happening in the ecosystem will be secure every time.
We have included a special escrow feature where the booking amount of the consumer or the business will be safely returned to their wallets in case there’s a cancellation. By integrating an escrow feature in the ecosystem’s payment gateway, we have made sure that the funds of the users are secure every time and all the time.
The digital wallets for both consumers and merchants have high-end security features for making sure that the processes of requesting, sending and receiving payments will be safe and fast. By fortifying the security of user funds in the fintech ecosystem’s wallet, we have specially implemented data protection protocols. That way, the users have the peace of mind while doing transactions on this ecosystem.
Other Miscellaneous Features That Drive Digitalization Ahead
Other than facilitating the way contactless digital payments will make the buying process simpler and safer in a COVID-19 world, the fintech ecosystem will come with other goodies too. A case in point: The ecosystem will have a newsfeed just like the one you will find on social media channels. This feature will be used by businesses and users both; businesses will use newsfeed for promoting their offers, product discounts and new arrivals. These posts will be visible by all business followers on the platform.
The user, on the other hand, will also use the newsfeed feature for listing all the details of a transaction that they will make public; these details will include amount, comment and the like. In a way, the use of the newsfeed feature in the ecosystem will successfully revolutionize digital advertising for enterprises both big and small. It will prove to be a game-changing way of promoting products, services and discounts in a world where traditional advertising may not grab so many eyeballs.
Explore New Digital Possibilities With A Strategic Technology Partner
When it comes to implementing the right fintech ecosystem that accelerates digital transactions for reducing social interactions and checking the spread of COVID-19, it comes down to us. At Flexsin, we hold deep expertise and an excellent track record in developing web-based and app-based fintech ecosystems.
If your enterprise has an idea of how contactless payments can curtail the spread of the pandemic, then collaborating with us will make sense. As a leading web Application development company, we have a team of expert web and app developers who have years of experience to seamlessly take any fintech idea from paper to the real world. Get connected with our sales team and discover how digital can equip your business idea for fighting through the difficult times.
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