One of the key points from the PYMNTS report “How The World Do Digital” can be found in the differences between the countries we researched. For example, Brazil deals with a higher level than any other country. France has embarked on an aggressive government program to become more digital, just like the UK All add to what Tine Fincien, EVP digital transformation at Mastercard, called “different types of digital cooperation across countries, in sectors , across the population.”
The rate of digital acceleration varies across regions and countries based on technology – in short, how accessible laptops and mobile devices are. For example, anonymous payments have been an option for several years in Europe, with widespread acceptance. But it took the 2014 announcement of digital wallets in place to help accelerate that worldwide. In some countries, like India, tokenization is ubiquitous.
As part of its latest “What’s Next in Payments” segment focusing on digital engagement, Fincioen said Mastercard finds the time right to launch its Mastercard Payment Passkey service in India as the market is now close to 100%. In time, Passkeys can also help emerging markets by integrating payment and frictionless payments.
Mastercard is working with consumer firms, including FinTechs, to enable end users to fully engage with various digital use cases – and the data provided by the payment network can help those businesses to assess how well their customer engagement is progressing, and how their engagement is progressing. develop new products and services. He also said that Mastercard has visibility of 143 billion transactions annually.
That visibility is being combined with Mastercard’s analytics capabilities, machine learning and a variety of artificial intelligence (AI) techniques to improve its customer experience. The data is also useful in helping marketers improve approval rates and fees.
“We use data to show them how they are performing compared to their peers, best in class, similar customers in different demographics, in different countries around the world…” Digital solutions they provide answers to improve performance.”
Mobile Devices Bring Speed to Payments
Across those areas, said Fincioen, the movement is to use mobile phones and mobile applications for payments. Small consumers, in particular, take a significant leap when it comes to paying. But even adults, he said, feel comfortable using digital wallets and solutions for payments.
Regardless of the payment method or the technology used, security is very important, and Fincioen noted that fraudsters are becoming more sophisticated and their plans are changing rapidly.
After all, he said, “trust is at the heart” of all business and any sales force, especially in the digital age.
Along the way, hopefully, improved performance and better security in the mix, businesses that use Mastercard’s offerings can raise approval fees or expand the range of options for customers. The nature of the collaboration between Mastercard, FinTechs and end users helps to find new digital solutions through Mastercard’s large network of FinTech partners.
Regarding the different parts within the organization that must keep their attention in the first place and focus on digital, Fincioen said, “Everyone has a responsibility … like biometrics. ” Service and development teams also guide customers in using the right digital tools. He said, merchants are very interested in sending tokens and card-on-file solutions to ensure the best payment experience while generating sales for those merchants.
As he told PYMNTS, “The whole world is going through a digital transformation, and payments – which enable business relationships behind what’s happening in the world – also need to go through that digital transformation.”
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