Providing the Payment Experience Customers Desire

Shuvanshu Jakhmola • June 18, 2021
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The payment industry has been by far one of the most transformed industries in the digital era. Adapting to customer behaviors and transforming their desires into delightful experiences while making secure transactions and payments has become the norm. It has become extremely important for the conventional business models to rethink the way they enable digital payments by integrating various payment methods and partners of the digital payment value chain.

The multitude of players in the value chain and the sheer importance of the role they play makes creating immersive payment experiences a challenge.  In the value chain, the center stage is for the merchant and the customer, each of them having multiple touch points with other players. For example, the merchant must integrate Payment Gateways, Customer Payment method, and Acquiring Bank. Meanwhile, the customer must manage the issuing bank, wallets, cards, and UPI Apps.

There has been an enormous amount of digital transformation across the value chain in the last decade. This is mainly driven by the accelerated adoption of digital payments globally. There was a 41% surge in global digital payments in 2020, as the COVID-19 pandemic dramatically accelerated digital adoption. Moreover, owing to the worldwide initiatives of promotion of digital payments, drastic growth in internet accessibility, high adoption of digital-only businesses, and high proliferation of smartphones, the digital payments market is expected to continuously grow. The industry has seen a CAGR of 14.2% in the past 5 years and is expected to grow to $86.9 billion by 2025 from $30.6 billion in 2016.

Is Digital Transformation Slowing Down?

Simply put: No, the industry has just gained momentum, and it is a matter of time before companies will need to adopt the next generation of digital payments solutions to improve customer experience, stay relevant in the market, and gain market share.

Touchless transactions at POS and mPOS will become mainstream in offline commerce and consumer-to-business C2B payments.

Subscription-based payment options are making micro payments and nano payments available for many merchants.

Data-driven intelligence and automation, hyper-personalization, and seamless UX are the true market differentiators.

Voice Payments are tested for transactions and payments with Audio Authentication.

Enhanced Payments Experience: The Challenge for Banks and Card Companies

FinTech firms are setting benchmarks of digital disruptions, with card scheme organizations following at ground-breaking speed, enabling them to create new avenues to chart unique business models and cutting-edge value propositions. With their faster time-to-market enabled by modern and future-proof designs, they can expand their footprint across the value chain.

Hence, they take up the major chunk of the payments industry market and approximately 80% of banks and cards share of the market as well.

What makes them further differentiate their offering for the customers is a unified payment experience that leverages one single platform. This is a huge disadvantage for banks and card companies that lack the ability to offer platforms to the merchants that can provide the end customer a secure, quick, and enjoyable payment experience. Around 85% of the payers trust their banks with the security of payments and would like to avoid moving out to other touchpoints for making payments.

This emphasizes the need for a platform bank can use to help merchants integrate easily and create seamless experiences for their customers.

The Path Forward

The immediate objective becomes to stay relevant in this new ecosystem and to thrive in long run by reimagining value propositions and creating delightful experiences for customers.

To stay relevant, banks and card companies would need a solution that can provide an alternative to the existing processes and intermediaries in the payment process. One revolutionary way of enabling payments is to leverage web browsers to create a platform that keeps customer’s details and preferences in the customer’s device itself and simultaneously provides it when required. This can then be used while the payment is being made to skip the disjointed processes and create a customized digital payment experience.

Such a solution would require to:

  • Override Brower’s implementation of payment specifications and still adhere to payments specifications.
  • Support different payment methods.
  • Provide cross-browser capabilities.
  • Customize and adhere to standards.
  • Operate securely.

World Wide Web Consortium (W3C), the international standards organization for World Wide Web formed a Web Payments Working Group with a mission to make payments easier and more secure on the web with below goals to improve the payment experience for users.  Brillio W3C Payments solution is one of a kind and the first payment solution in the world that can enable browsers to streamline payment experiences, allow browsers to act as intermediaries, standardize communication flow, and provide secure transactions.

We have created this solution with our outside multi-dimensional view gained from the entire spectrum of experience across the digital payment value chain.


I thank Mr. Karthik GV (Enterprise Architect), Mr. Amitabh Mathur (Senior Director), and Mr. Manik Jandial (Director), for their guidance.

Let’s create something amazing together!

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