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2020-10-22

The New Normal: Transformation of E-Payment

Information SecurityInnovationNew NormalTransformation

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The COVID-19 pandemic is the global health crisis of our time.The world may not return to how it was before the crisis, thereby we shall adapt to the new normal brought by it. Businesses should have been aware of the urge to accelerate digital transformation to survive in the new era.

Rapid Adoption of E-Payment

A leading payment gateway provider has recently revealed that contactless transactions worldwide increased by 40% in the first quarter of 2020. It shows that cashless-payments (such as QR code, mobile peer-to-peer (P2P) and contactless payments) are the preferred payment methods to avoid spreading the virus through coins or banknotes during the pandemic outbreak.

Mobile payments gradually replaced in-person cash transactions at the point of purchase. Consumers simply install a payment app on their mobile device with NFC technology and transfer money from the mobile wallet to the merchant digitally.This efficient and convenient transaction is utterly contactless and comparatively safe for both merchants and consumers.

As the pandemic continues, e-Commerce & Online-to-Offline (O2O) commerce have seen an incredible growth, which is also a catalyst for the adoption of e-payments. To cater for new customer buying behavior, retailers reinvented their business operations via various technology-enabled strategies (such as Smart Retail and Omnichannel services) to shape new customer experiences. Undoubtedly, the new normal sets a step change for businesses to adopt digital transformation and thrive in the crisis.

Potential Challenges of E-Payment

Unfortunately, e-payments may give birth to a rising number of online frauds. E-commerce platforms might be vulnerable to fraudulent activities from hackers or cybercriminals, making the payment process insecure. Since the launch of e-commerce platforms, hackers have attempted to steal sensitive data from different online businesses, including credit card details and customer personal information. As new breeds of payment fraud and cyber crime emerge, online businesses should invest in cybersecurity to defend against cyber attacks, mitigate security breaches and eliminate potential cyber threats.

The Swift Approaching Future?

Overall, it can be foreseen that the future market size of E-payment will grow remarkably. Emerging technologies including Blockchain, 5G, Advanced Encryption, Artificial Intelligence (AI), Machine Learning, Big Data and Chatbots will definitely bolster the sustainability of E-payment development.

The old normal is not likely to return. Businesses should prepare themselves for the new normal, which will probably become a norm. Being adoptive to the disruptive technologies is indispensable for businesses to embrace the future.

As your trusted managed security service partner, CITIC Telecom CPC’s TrustCSI™ Information Security solutions are here to protect your business and provide you with a secure journey for digital transformation amid the pandemic. Please contact our professional team in local offices all over the world for cybersecurity advice: https://bit.ly/3jhbyM5

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