Digitization has significantly changed people’s day-to-day interactions, including consumer behavior.
Over the years, consumers shop for products and services through social media platforms from their mobile devices.
The digital era also transformed the way consumers make payments. The traditional cash and check payments are now replaced with cashless payment transactions.
With the rising consumer demands for fast and convenient payment solutions, payment service providers and high-risk merchant account processors must come up with more advanced and user-friendly solutions.
Messaging apps integration into payment services
From a simple tool solely used to communicate with family and friends, messaging today is utilized for consumers to receive constant brand information and updates.
Messaging has grown so much in value as this has presented brands with an open opportunity to stay connected and engaged.
Through advanced messaging, consumers can now make payments or make reservations in one single app. How convenient is that?
The good news is this is not just imagination, as this has been made possible already through WhatsApp Pay.
According to the Brazilian newspaper globo.com, WhatsApp Pay has already started integrating payment services through its messaging platform.
The payment model has been Central Bank-approved, and Whatsapp Pay has now debuted with 30 institutions.
WhatsApp, an international cross-platform centralized messaging platform, will initially facilitate transactions between client accounts at banking institutions.
Consumers or users will only have to provide their Visa or Mastercard prepaid card or debit card details into the application to start using the service.
Last June, Cyprus payment processing services provider Unlimint announced its integration with Telegram, a social platform.
The cross-platform instant messaging service is the official payment provider of Unlimint.
Clients and Unlimint users can directly utilize the services from Telegram messenger on their mobile devices. Including the independent app or website for a seamless option.
The future of payment processing
According to Statista, there are 6.648 billion smartphone users in the world today, or 83.37% of the world population.
Mobile device connections have surpassed the global population. That said, it is unsurprising that the future of payments is mobile.
Businesses must be attuned to customers’ changing behavior when accepting brands from consumers.
From virtual wallets to P2P payments as well as Buy Now, Pay Later, and more, businesses are now accepting newer payment technology.
With the trend, it is expected that more and more people are to use convenient payment methods in the coming years.
Brands must also pay close attention to consumer shifts to incorporate new payment options like messaging apps with payment services.
Integrating messaging apps with payment services will not only give your brand a competitive edge but also add customer value through smooth check and payment transactions. Furthermore, it encourages repeat engagement.
Talk to merchant services providers about leveraging new payment technologies if you want to add value, convenience, and speed for your new and loyal consumers. For example, offering customers a wider variety of options.
Find established processors to help you have this payment method added to your existing payment systems to improve and enrich your customers’ overall experience.
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