2020 saw a global boom in contactless transactions. Fueled by an ever-increasing demand for consumers to have access to digital payments, companies globally are moving vast to adopt digital payments as part of their customer service offerings. From e-wallets to digital cards, providing these digital services to their customers has been the main thrust of banks for their digitalization program.
The globe is set to witness a further boom in digital payments, according to financial experts. In, Europe this boom is expected to surge to US$ 1.1 trillion by the end of 2021 while globally the figure staggering US$ 4+ trillion according to experts. Digital payments are not just a trend but a fast-growing, fast-moving movement that is expected to further surge in the years to come.
Before 2020, contactless payments were treated by some as just a good-to-have service while a very minuscule section of customers saw it as a novelty. Post-2020, these same customers are experiencing the significant impact of contactless payments in their everyday lives. For banks, they have started to realize the contactless payments are not only a new way to serve customers but a new income stream. As contactless payments continue to move like lightning through the sky, banks and financial institutions that would like their customers to experience next-generation contactless payments need a solution that producers lightning-fast results at less cost – and this is what Geniusto’s PSI solution brings.
PSI is our next generation, omnichannel payment solution. It has a highly scalable and powerful payments & settlements engine that has multilingual and multicurrency foreign capabilities. PSI works for almost any business type – from e-commerce companies to telecom companies to microinsurance companies. With PSI, companies can automate and process a large volume of payments and collection of commissions securely. The platform has advanced orchestration engine allows business to set their own business rules within the platform. This results in fewer mistakes that are mostly caused by human error. PSI extensive features for payment process lets business accept and process payments both locally and globally, extending the client network of the business. What is more, PSI isn’t complex to integrate with any of your existing API-capable systems.
Contactless payments will continue to boom in the years to come and we can show you how your business can partake in that boom. To find out how email us at email@example.com and let’s start to get your digital payments game on.