The Raise of Digital Payments

Digital payments are an increasingly expanded modality in the world market, and during the mandatory quarantine days due to the covid-19 pandemic, they have seen accelerated growth, mainly driven by online commerce.

That means that more and more people are getting used to making their purchases and activities through digital payments, a field that makes use of technological advances to expand the possibilities of businesses and consumers.

Below, FinTech executive Ferhan Patel, lists some of the trends that are already taking the market.

The use of QR codes has advanced notably in recent years from different areas, and the case of commerce is no exception, as indicated by Canadian entrepreneur Ferhan Patel.

“Users see digital payments as an easy, safe, comfortable and agile option to carry out their transactions. In this paradigm shift, the average consumer has been taking giant steps and we are surprised to see how each month surpasses the previous one in terms of electronic transactions, QR codes being one of the most used options”, says Ferhan Patel.

One of the things that stands out about the payment of QR codes is the simplicity with which it can be done, at the same time in which it dispenses with the use of dataphones and reduces the steps to make the transaction.

For its use, the user must download the application, scan the code and choose which payment method, whether it is a debit or credit card.

“What businesses must do is register on the platform and it generates a code for their products, which is printed to locate it on the premises. This is a good substitute for what a dataphone is, everything is done by cell phone ”, Patel details.

Another modality that is growing with great momentum is the use of applications, either from the banking entities in which the account is held or from a ‘fintech’, to make transactions, deposits, payments of services, among others. It's a fast, reliable, and secure way for people to identify themselves or authorize a transaction while moving smoothly through the day.

“It involves bringing the client's virtual card to the establishment's cell phone and then the application does everything, the transaction is authorized and then a 'bauche' arrives at the store, with the confirmation of the sale and another to the client with their purchase. This allows physical contact to be reduced and biosafety standards are met "says Mr.Patel.

Cell phones have become the main tool used to bring digital payments closer to users, but in the long term, there are initiatives that go further.

“There are other trends globally exploring fingerprint or retina scan payments. They are technologies that are being tested and show that anything is possible. The human being is very creative and later on we will see things that we haven’t even dreamt of”, Ferhan Patel details.