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How can you use technology to improve your payment channels?

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Payment channels are the methods and platforms that enable you to send and receive money, whether for personal or business purposes. Technology has transformed the way payment channels work, making them faster, cheaper, and more secure. In this article, you will learn how you can use technology to improve your payment channels and enjoy the benefits of convenience, efficiency, and innovation.

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Tam Luong ????

Director @ JCB Vietnam | Payments | Fintech | Banking ?? Bring over 150 millions JCB card members to your merchants.

1 Mobile payments

Mobile payments are transactions that use your smartphone or other mobile devices as a payment tool. You can use mobile payments to pay for goods and services online or in physical stores, or to transfer money to other people. Some of the advantages of mobile payments are that they are easy to use, offer instant confirmation, and reduce the need for cash or cards. You can use mobile payments by downloading apps that link your bank account, credit card, or digital wallet to your device, such as PayPal, Venmo, or Apple Pay. You can also use mobile payments by scanning QR codes or using NFC technology, which allows you to tap your device on a terminal.

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Tam Luong ????

Director @ JCB Vietnam | Payments | Fintech | Banking ?? Bring over 150 millions JCB card members to your merchants.
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Besides many advantages, here are some potential disadvantages or risks of mobile payments: 1. Security risks: Mobile payments may be vulnerable to hacking, malware and other cybersecurity threats. There is a risk of payment fraud or theft of personal/financial data. 2. Technology reliance: Mobile payment apps rely on access to smartphone, network connectivity and power. Technical problems or lack of access can prevent transactions. 3. Costs: Some mobile payment services charge transaction fees that could be higher than physical card payments. There may also be costs to acquire and maintain smartphones.

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RAMPRASAD SRINIVASAN

SENIOR VICE PRESIDENT at YES BANK LTD
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No doubt mobile / digital payments are convenient , safer etc. But the important question before banks is how profitable these are in the long term. Banks in India are already losing out on MDR. At one point, banks have to decide on charging customers or merchants for digital payments. And this will cause considerable outrage among public as most bank customers in India are not used to paying for enhanced value added services! The real test of digital payments success will be known then .

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2 Online banking

Online banking is the service that allows you to access and manage your bank accounts through the internet. You can use online banking to check your balance, view your transactions, pay your bills, transfer money, and more. Online banking is convenient, as you can do it anytime and anywhere, as long as you have an internet connection. Online banking is also secure, as you can use passwords, PINs, or biometric authentication to protect your account. You can use online banking by logging into your bank's website or app, or by using third-party platforms that aggregate your financial information, such as Mint or Personal Capital.

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Tam Luong ????

Director @ JCB Vietnam | Payments | Fintech | Banking ?? Bring over 150 millions JCB card members to your merchants.
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Online banking is becoming more and more popular, with around 2.5 billion digital banking users worldwide in 2021, represents about 63% of the global population aged 14 and above. It is expected to reach 2.8 billion online banking users by 2025. The highest adoption rate is 96% in the Netherlands, Denmark and South Korea, while the lowest is 13% in Nicaragua and Tanzania. In Southest Asia, online banking users can access to lending service as well as other daily banking services.

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3 Blockchain and cryptocurrencies

Blockchain is the technology that underpins cryptocurrencies, which are digital assets that can be used as a medium of exchange. Blockchain is a system of distributed ledgers that record and verify transactions without the need for a central authority. Cryptocurrencies are powered by cryptography, which ensures their security and validity. Some of the benefits of blockchain and cryptocurrencies are that they are decentralized, transparent, and fast. You can use blockchain and cryptocurrencies to make cross-border payments, reduce transaction costs, and access new markets. You can use blockchain and cryptocurrencies by creating a digital wallet, buying and selling coins on an exchange, or using platforms that accept them as payment, such as BitPay or Coinbase.

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Tam Luong ????

Director @ JCB Vietnam | Payments | Fintech | Banking ?? Bring over 150 millions JCB card members to your merchants.
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Let's compare traditional money transfer via a bank and modern way via stable coins like USDT: 1. Banks: - Speed: Days to a week for international transfers. - Cost: High fees, especially internationally. - Access: Requires a bank account. - Security: Strong fraud prevention; recourse options. - Regulation: Heavily regulated. - Reach: Limited by sanctions/policies. 2. Stable coins: - Speed: Minutes to hours. - Cost: Low, but fees for converting back to fiat. - Access: Only needs internet & smartphone. - Security: User-dependent; no recovery if lost (if choosing wrong blockchain platform) - Regulation: Varies; evolving. - Reach: Global, bypassing traditional barriers.

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4 Artificial intelligence and machine learning

Artificial intelligence (AI) and machine learning (ML) are technologies that enable machines to perform tasks that require human intelligence, such as learning, reasoning, and decision making. AI and ML can enhance your payment channels by providing personalized recommendations, fraud detection, risk management, and customer service. Some of the examples of AI and ML in payment channels are chatbots that answer your queries, algorithms that analyze your spending patterns, and systems that monitor your transactions for anomalies. You can use AI and ML by interacting with smart devices, such as voice assistants or wearable gadgets, or by opting for services that use them, such as robo-advisors or biometric payments.

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Tam Luong ????

Director @ JCB Vietnam | Payments | Fintech | Banking ?? Bring over 150 millions JCB card members to your merchants.
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Online payments will be more comfortable and frictionless than ever with power of AI, when it can evaluate your behavior and predict your payment action.

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5 Cloud computing and APIs

Cloud computing is the technology that allows you to store and access data and applications over the internet, rather than on your own device or server. APIs are the interfaces that enable different software components to communicate and exchange data. Cloud computing and APIs can improve your payment channels by offering scalability, flexibility, and integration. Some of the advantages of cloud computing and APIs are that they can handle large volumes of transactions, adapt to changing demands, and connect with various platforms and systems. You can use cloud computing and APIs by choosing providers that offer cloud-based solutions, such as Stripe or Square, or by using tools that leverage APIs, such as Zapier or Plaid.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use technology to improve your payment channels?

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1 Mobile payments

2 Online banking

3 Blockchain and cryptocurrencies

4 Artificial intelligence and machine learning

5 Cloud computing and APIs

6 Here’s what else to consider

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