Intelligent Issue 31 | Page 32


// FEATURE // technical expertise , making it more difficult to detect and respond to security threats .

“ Payment data security is a major concern for consumers in the digital landscape . The FinTech industry is implementing industry standards , such as PCI DSS 4.0 and 3DS 2.0 , and integrating biometrics in payment processing to enhance user experience . This all adds an extra layer of security , however , it ’ s crucial to remain vigilant and keep the security standards up-to-date , considering how fast new methods of fraud pop up ,” said Simanauskas .
Contactless payments and digital wallets
Post-pandemic e-commerce continues to witness a rapid increase in contactless payments and digital wallets . Seventy-three percent of merchants prefer customers to use a contactless payment method as customers demand more convenience . Universally , contactless payments are faster than traditional card payments , while digital wallets allow customers to store multiple payment methods , thus causing less friction in the payment journey .
Employing these payment methods helps small businesses increase sales , reduce costs , increase customer reach and give them a chance to compete with bigger companies in the market .
According to Simanauskas , the crux of payments that businesses may offer their clients comes down to simply three factors : speed , convenience and security .
As such , SMEs might use the implementation of contactless payments and the most prevalent digital wallet providers to increase client conversion in a specific market . �
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