As consumers replace cash, checks and credit cards with online and mobile banking, financial institutions need to alter services and offerings to keep up with consumer demand for convenience and security. New regulations preventing fee increases require banks to find alternative income sources, and SafetyPay’s white paper illustrates the ability of banks to use innovative technology to generate revenue and deliver considerable benefits to customers.
SafetyPay’s white paper looks at the benefits of new innovative payment methods and their ability to serve as an additional revenue generator for banks. The credit card has been the predominant online payment method, however, credit cards were not invented with the Internet in mind. As ecommerce has grown, their inherent deficiencies have become more apparent – increased risk of fraud and high costs for merchants to process. Because of this, inroads have been made by new payment methods as consumers recognize their convenience and security. In fact, by 2012, new payments are projected to reach 30 percent of online payments. Financial institutions providing online payment alternatives promote greater customer loyalty and satisfaction.
“Online banking makes international e-commerce a simple and safe process for merchants and consumers alike, and banks offering modern payment options are successfully attracting and retaining customers,” said Manuel Montero, CEO of SafetyPay. “At SafetyPay, our objective is to share the immense benefits online banking channels offer. We enable financial institutions, large and small, to enlist contemporary banking methods to generate revenue and provide a fraud proof payment solution to consumers and online retailers.”
To download the full white paper, please click here