What are some ways to provide real-time transaction feedback in payment systems?

In my experience, many non-tech-savvy individuals are confused when their payment fails during a transaction and they don't understand the meaning of the error code on the payment device screen or receipt. Providing the meaning of an error or malfunction code helps customers understand the problem at the first level before it is resolved. This will help customers not to panic.

Send immediate confirmation messages via SMS, email, or push notifications to acknowledge successful transactions and Provide details like transaction amount, date, time, and reference number.

Use visual cues like checkmarks, progress bars, or animated elements to indicate the successful completion or progression of the transaction. Visual feedback can enhance user confidence.

To provide effective real-time transaction feedback in payment systems, it's crucial to employ clear and consistent indicators. Think of this as traffic signals for payments; each color and symbol must be universally understood. Green for successful transactions, red for failures, and yellow for pending statuses are standard. Integrating color-coded icons, labels, or animations makes the process intuitive. Accompanying these visuals with text messages or sound effects that explain the outcome ensures clarity. This approach not only enhances user experience but also instills trust in the system.

Instant notifications via sms and emails will notify cardholders immediately once a transaction is completed. Also confirmation screens on the point of sale will provide immediate feedback. All these are driven by the response code(s) received from the card schemes.

When we talk about real time payments, we need to put together the real time information. In my experience with PIX in Brazil, we see that both the sender and receiver are informed in real time when the transaction is completed. This action aggregates trust in real time payments

Real-time transaction feedback should also prioritize timely and accurate information. This is like giving a play-by-play commentary on a sports game; users need to know what's happening as it happens. Displaying critical details like the transaction amount, date, recipient, and a unique ID helps users track and manage their payments effectively. Additionally, offering insights into expected completion times and troubleshooting tips for delays enhances transparency and user confidence in the system.

To provide accurate and timely information, the efficiency of systems has to be increased and a concise information that shows the transactions details along with the TAT for completion of a pending transaction or reversal if its delayed or failed. The transparency part must always be there in order to have customers manifest their trust and belief in to the Payment System.

Receiving notifications about a regular monthly subscription in the middle of the night might create stress on the customer's side. Providers should use smart systems to notify users about transactions that really pose a risk.

In order to allow customers to fairly verify the contents of the payment transaction both the ODR system and real-time payment status mechanism should be accessible. Customers can raise concerns and issues through Online Dispute Resolution and the status indicates when the payment have been completed at each level.

In the world of digital payments, easy and secure verification is akin to double-checking the lock on your front door – it’s about assurance and safety. Providing email or SMS confirmations with comprehensive payment details, along with options like QR codes or barcodes for physical verification, makes the process both convenient and secure. This step is crucial in reinforcing the trustworthiness of the transaction process, especially in an era where digital security is paramount.

Secure verification with an ease , is a tricky part. The more verification layer you add ,the less easy it becomes for the user. So ,its a trade off in some context. You can not skip verification ,just for ease. A proper balance is needed, and a changing technique. For example, OTP on mobile or mail ,challenge ques ,captcha (for detecting robots) etc.and its a must to follow standard security protocols like encryption ,session timeout etc.

Devido as tentativas de fraudes que existem no Brasil, alguns tipos de mensagens n?o s?o muito confiáveis, principalmente quando existem links no SMS, acredito que para maior seguran?a o usuário deve ter todas essas informa??es em um APP de seu banco.

Supporting multiple channels and devices is becoming necessity in today's world as people are shopping/paying from everywhere. write from the tv/laptop screens to the mobiles. and same goes for notification ,it should be sent to sms and mails as well; to minimize the chances of ignorance from user. In this context ,the more devices and channels are allowed in the payment systems; more security/verification and advanced fraud system is needed to detect if its a genuine user or fraudster.

Supporting multiple channels and devices in payment systems is like having multiple doors to enter the same building – it offers flexibility and accessibility. By enabling users to access transaction feedback through various platforms like web-based dashboards, mobile apps, or even third-party integrations, you cater to diverse user preferences and habits. Ensuring these channels are consistent in performance and user experience is key to maintaining a cohesive and user-friendly payment ecosystem.

All channels must provide same and enough information about payments in case of customer querry. The worst thing in Payments for a customer is, middle state errors. For example payment is done and card is credited bu on online screen customer sees an error page that indicates payment is not done. At that moment customer feels unsafe and Payment systems must show the exact status of the transaction immediately. If customer spend lots of time to fix or understand this then he would probably not choose your service next time.

I agree with provision of real time feedback to customers through multiple channels and devices. Given instant feedback on different channels to customers ensures customer doesn't miss any report and also can always check his transactions

A dashboard containing history of a user's transaction is not an option but a necessity. A user can always revert to their history in case of any questions they may have. Notification alerts via channels like emails and texts are also very important in providing feedback to users.

Soliciting and incorporating user feedback is like having a suggestion box that’s actually read and acted upon. By encouraging users to share their experiences and suggestions, you open a dialogue that can lead to meaningful improvements in the payment system. Offering incentives for feedback can further motivate users to engage. This approach not only helps in refining the system but also demonstrates a commitment to user satisfaction and continuous improvement.

é a melhor forma de evoluir o produto ou a experiência do usuário, as empresas também devem abrir vários canais para seu público interagir, deve ser simples, prático e ofertando algum beneficio para o usuário eleva o engajamento.

International payments should include a UETR (unique end-to-end reference) number to assist in tracking the payment through all correspondents. The UETR should be assigned by the originating bank and should not be changed.

A provider should also consider the performance of outsource services. Many SMS notifications are not delivered on time or at all due to the issues related to telecommunication companies especially when the customer is abroad.

In today's era a hyper personalised omichannel experiance is required for real time payments feedback to customers with the access of the information/ feedback at anytime and anywhere.