In this, the first in a series of three articles on top trends in e-commerce during the first half of 2013, I'll be discussing the advent of safer payment methods.
Survey results by Marketlive, a leading provider of e-commerce technology and services that help fast-growing companies sell goods and services online, indicate that in 2013 the competitive challenge for online merchants is steeper than ever. This rings true for local markets as well. Locally, e-commerce is growing at a rate of 30% per annum, while independent studies further indicate consumers’ increase support for online retail sites. The latter development can be greatly attributed to the strides being made in the safety and security of online trade.
(Even) safer payment methods
Modernisation is an insatiable reality and nowhere is this reality felt more readily than in the digital realm where security systems are constantly updated to ensure the safety of consumers’ online transactions. Modernisation of the call centre industry – which in many cases still relies on call centre agent and call recording to process payments – is a top priority in 2013. Secure voice transactions is the way of the future, as recently indicated by a partnership move by PayU. We partnered with UK based company Semafone, a system which allows a customer to enter their credit card information using the telephone keypad while still on the phone to the call centre agent. The card data is sent directly to the bank, completely bypassing the call centre agent and call recording– eliminating agent fraud and its associated reputational risks to the parent company. This move also lowers the barrier of entry for new businesses looking to enter this marketplace.
Read part 2 in this series: Trends in E-commerce (Part 2): (Even) Safer Payment Methods