Digitalisation is impacting all aspects of our lives, particular the way we work, rest and play. It has also become a major disruptive force especially for the payments industry – the glue that binds eCommerce.
Enterprise Times spent met up with Stephen Ferry, Managing Director of Pay360 to discuss the relationship between payments and digitisation. Pay360 is part of the Capita family. A company that offers a complete payment eco solution covering the breadth of payment options. The company is now a well-established payment company
According to Ferry, “We were a very cash society over the last 20, 30 years. This has obviously changed quite dramatically and there’s a real shift now in the market. Cryptocurrency is becoming more relevant. It’s not suitable for every customer or every merchant, but it’s definitely becoming more relevant.
“Open banking is going to give more choices. That will also be disruptive to the card schemes such as MasterCard, and Visa. It’s a brilliant time to be in payments, because of all the changes going on. But it is going back to the being relevant.”
Understanding the customer challenge
Ferry asserts that businesses must understand their digital customer challenges and pain points. If an enterprise does not understand today’s challenges, or the challenges going forward, this will become problematic for the business. Its ability to remain relevant and focused on its own core strengths will be questioned. In addition to its ability to build the partnerships needed to take it forward, will be diminished.
The way forward for a business is to have enough interactive touch points and engagement points relevant to customers. So, it’s not about telling, it’s probably more about listening and understanding what is causing the pain today. From a payments journey perspective, enterprises must ensure make their business is digitally relevant.
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