The Age of Digital Payments

Digital payments technology is advancing at a rapid pace, allowing us to connect with each other all over the world. As a result, the world is becoming more interconnected than it has ever been.

This creates a great amount of opportunity for businesses to expand their revenue streams into new markets (like China) by accepting digital wallets like Alipay.

However, with pros there also come cons. The technology that enables simpler and faster forms of payment also makes consumers’ payment data more easily accessible to tech-savvy criminals to commit different types of fraud and scams. All of which can hurt your company’s bottom line, as well as your reputation with consumers.

Fraud negatively affects everyone involved, especially businesses. Not only will businesses lose out on a sale, they could owe fees to their bank, and they could lose the trust of the affected customer. And that lost trust doesn’t stop with that customer. News travels fast, and with social media, hundreds or thousands can see a customer’s negative outlook within a few seconds of their posting about their discontent.

It’s easier to lose the public’s trust than it is to gain it back.