Automating Payment Processes
It’s the last week now.
I have to pay my credit card bill and I reach out the Amazon Pay app. It will take one click on my bank’s icon with a pin and the payment will be done.
In 1 min.
Lo and behold my bank is greyed out. The message says something like “There has been one too many transaction failures, please try some other bank”.
That’s smart!
I remember seeing a similar message on a grocery app sometime back. It was a recommendation though, went something like “There has been high number of failed transactions with this bank, we encourage you to try some other bank/mode of payment”.
That was intelligent too!
The world moves fast paced towards automation and this is again a real life benefit example.
$118.5 Billion saving potential.
Yes, this automation has the potential to save Global Economy $118.5 Billion according to an Accuity Study on Failed Payments 2020.
Think about the heartbeats it saves the end user. The dreaded message “If your transaction has failed, it will be reversed in 48 hours”. Or worse “Contact your bank if there is a dispute”.
Improved Customer experience and easing of the validation process is a bonus!