As the world moves towards a paperless environment, all organizations are undergoing a digital transformation embracing the latest technologies and conveniences. Conversion of paper-based data into machine readable digital format is one aspect of digitization that involves integration of new and innovative technology. There are reliable data conversion services that organizations typically rely on for digitizing, streamlining and storing their valuable data. Digitization across the entire workflow helps businesses to be agile, customer oriented, well connected, innovative, efficient and stay aligned with present and future customer needs. It helps businesses to improve their operational efficiency, provide a strong and flexible model of customer service; and ensures the security of all confidential and intellectual data. Digitization of data also enables easy storage on cloud-based service. Many companies are using cloud-based services in the field of HR, sales force automation, warehousing etc.
The Significance of Digital Payment
While digitization is taking over the world gradually, digital payment system is also becoming very popular. Technology is driving consumers to make purchases using e-payment. A cashless system in an economy is much more convenient. It is also a safer and easier spending option when you are travelling. Another major highlight of digital payment is that it is much safer and has a lower risk of theft. It also helps to track your spending and maintain a budget discipline.
Digital platforms enhance access to financial services using mobile phones, retail point of sales and other widely available access points, provided that they are supported by an appropriate financial consumer protection framework. It also promotes women’s economic empowerment by allowing greater account ownership and asset accumulation. When digital payments are popularized by employers and governments, women are ensured the convenience and confidentiality they require in financial services.
Digital Payment with Fintech
Nowadays, businesses are eager to offer customers value-added services that are secure and convenient and for this they partner with fintech firms to offer fintech payment services. Fintech offers a distinct payment method different from traditional payment. It helps to lower cost payments in addition to easy integration with value-added applications.
- Fintech payment is instant payment or immediate payments that are cleared almost immediately regardless of the settlement or clearing arrangement. According to the recommendations of Euro Retail Payments Board, the European Payment Council is expected to develop and implement an instant payment scheme in Eurozone by November this year. This technology will ultimately spread to other parts of the world.
- They allow payment by subscription and this model is known as pay as you go which ensures excellent customer experience.
- Fintech payment is invisible as a result of financial technology and the consumer pays in digital form for goods or services. It does not involve swiping of cards and there is no time at which money changes hands. An example of invisible payment is Uber tax payment.
- Fintech payments can be done anywhere anytime via mobile and internet platforms. It requires only access to web using smartphone or PC. Companies that allow internet payments will usually have a website that only requires you to login and make the payment you need.
- This system of payment assures maximum security and has blockchain technology that tracks transactions. It helps to record data and share it with all parties in all transactions. This helps prevents fraud activities.
Digitization across an organization enables it to be more alert to changing business values, customize products in keeping with customer requirements, streamline and automate all processes so that workers can focus on things that really matter more to the business, and ensure a unique customer experience. An efficient and affordable way to be well ahead on the path of digital transformation is by partnering with competent digitization services that can add value to the organization.