PENSER: The challenges with online payments
With the constantly growing customer expectations and ongoing advancements in technology, Payment Service Providers (PSPs) are expected to deliver frictionless and efficient online payments. Penser listed the five key challenges for PSPs:
- Handling fraud: PSPs need to look for modern machine-learning solutions to improve their security and prevent fraudulent transactions from being processed.
- Effective authentication: PSPs need to use smooth multi-factor authentication processes to ensure that transactions are more secure while the customers do not experience friction.
- Mismatched solution set: PSPs need to understand which additional services they need so they can purchase a tailor-made solution that meets customers’ expectations.
- Insufficient support: PSPs should avoid situations in which clients that experience problems are referred to a service center or to solutions on the website. Instead, they should offer a single point of contact to resolve issues that clients experience quickly.
- Poor user experience: PSPs should offer a frictionless and enjoyable user experience since customer expectations are high. Offering the right user experience can drive conversion.