The payment news we focus on this week covers updates in the B2B and healthcare industries, in addition to the future of text to pay, real-time payments, and invisible payments.
How B2B companies can transition to electronic payments
Forbes published a compelling thought leadership piece on how the B2B sector can start overhauling its payment processes.
Reducing reliance on checks would be the first step, as they are expensive to process and subject to mail delays, leading to lower levels of cash on hand. However, lack of access to a B2B payment network and the tools needed to modernize processes are problems for businesses that want to transition to electronic payments.
The article suggests that companies should start by offering the digital payment channels that their customers prefer. Examples include:
- A mobile solution for small to medium-sized businesses and sole proprietors
- A self-service portal for mid-market customers with accounts payable departments
Learn more about the B2B payments space by reading our digital B2B payments guide.
The demand for digitized doctor visits increases
PYMNTS.com shared news of a partnership between WebMD and symplr that signals a shift to digitizing healthcare. The partnership involves a new search and appointment scheduling tool that will enable consumers to find a doctor and schedule an appointment online.
PYMNTS also shared details from their survey of bridge millennials and younger patients and revealed the following:
- 13% said using a practice’s website was their preferred method of communication
- 70% want to fill out medical forms digitally
- 37% are “very” or “extremely” interested in payment plans and options, including digital receipts
- 68% want to view their medical histories digitally
ISVs in the healthcare industry have the opportunity to meet this demand for digitization by integrating our commerce enablement solutions into their software.
Text to pay and tokenization can be the future of payments
Finextra published an article on the concept of network tokenization, where a mobile phone number and a credit card get connected and form a secure token. With this technology, consumers can theoretically leave their wallets and physical cards at home, allowing them to make payments anywhere with their phones.
For example, a customer pays a merchant by text and agrees to save their card on file. Doing this will start the tokenization process, allowing the token to be associated with the customer’s mobile number and the merchant they paid.
Then, any participating merchant can accept that token for payment. The customer can receive a text that asks to use their card on file, and all they need to do is text back and say “yes.”
ISVs that are interested in this concept can start by integrating text-to-pay functionality within their software. Doing so can drive ISV revenue.
Preventing fraud risk in real-time payments
PYMNTS.com spotlighted credit unions and real-time payments, focusing on the concerns they have of keeping themselves and their customers safe while addressing demand.
While instant payments will be beneficial for everyone, there is a worry that fraud can easily occur because of the immediacy of the transaction. While there aren’t any foolproof methods that currently exist to prevent real-time payments fraud, the article suggests that both consumers and financial institutions should learn to identify phishing attacks and social engineering attempts as a first step.
Understand what else will be needed to make real-time payments a reality.
Parking as a use case for invisible payments
According to Government Technology magazine, Austin, Texas, became the first major city to accept parking payments from a car’s in-dashboard software.
Drivers who have a Uconnect infotainment system (currently available in Chrysler, Dodge, Jeep, and Ram brand vehicles) can simply drive up to an open parking space, where the car will communicate with the meter and pay for parking.
This is an exciting use for connected car payments and invisible payments in general, showing how seamless transactions can be as consumers go around town. It’s also an opportunity for cities to get more management data and integrate this data across uses.
Learn more about the trend of invisible payments.
We hope you find this roundup helpful in staying ahead of the latest payment trends! Keep informed on the payment industry by subscribing to our email newsletter or following us on social media.