Social Media Payment Channels
The Sybrin Payments Hub completed an
integration Proof of Concept (PoC) where WhatsApp Pay is used as a payment instruction.
Peer-to-Peer (P2P) Payments
P2P services are apps or app features that
allow you to send money instantly to other people.
Our Payments Hub supports the concept of
proxy payments, which allow for the identification of people or merchants by searching for their
phone number, email address, or username. This is an important feature of P2P payments.
Invoice and Pay Later Solutions
“Pay Later” is an online payment
method that enables users to pay for goods purchased online via a bank loan. The bank loan is
offered at the checkout stage, where customers can choose from a list of financing offers from
different banks that they collaborate with. Traditionally, “paying later” was offered in retail,
but more recently this payment method is being offered in travel as well. Such payment flow
complexities are managed seamlessly by our Payments Hub.
Contextual Payments
Contextual commerce is all about removing friction
for a customer during their shopping experience. Consumers can buy anything, anytime, anywhere
with the click of a button, voice command, or swipe of a finger without having to leave their
favourite “shopping channel”, whether it is a hard copy magazine, website, or physical
store.
Research has shown that customers prefer banking (and spending) contextually. They
prefer staying within their known and trusted banking environment (app), and managing their
funds, which might be in multiple accounts and third-party wallets, from there.
The Sybrin
Payments Hub can aggregate payment information from several sources via API and related
processes.
Cryptocurrencies and Distributed Ledger Technology
Various payment
methods, either using crypto currencies, or distributed ledger technologies provide an
alternative cross-border payment mechanism. A few examples:
Sybrin’s Payments Hub can integrate into most of the crypto
exchanges/crypto payment services to facilitate these payment processes.
eWallets and Mobile Wallets
eWallets such as AliPay, WeChat Pay,
Google Pay, and Apple Pay are supported, as well as mobile wallets such as MTN MOMO, and MOWALI.
Biometric Payments
Certain payment methods will allow for
authenticating transactions with biometrics (fingerprint or facial recognition), which can make
the entire shopping experience faster and safer for both consumer and retailer.
The Sybrin
Payments Hub can facilitate the additional biometric payment information in ISO 20022 format.
Payment Tokenization
The card world (debit/credit cards) is typically
a separate entity from the account-to-account payment world. Card tokenization (supported by all
major card players, like MasterCard, VISA, etc.) enables the Sybrin Payments Hub to securely
provide a consolidated view of some card transaction information together with
account-to-account information.
QR CodesThe use of QR codes has grown exponentially as per the
following statistics from
Beaconstack:
- An estimated 11 million households will scan a QR code in 2020 in the USA alone.
- Southeast Asia and India are going to be the largest region to scan QR codes by 2020 at
15 million and 8 million respectively.
- QR code usage will be about 10.1 million in Europe by 2020.
- Twice as many users scanned a QR code in Europe and North America in 2018 than in 2015.
- Australia has a 90% mobile phone penetration and QR code usage has rapidly grown in the
region simultaneously.
- The Middle East and Africa are gradually increasing the use of QR codes from a low 12%
in Q1 2017 to 18% in 2018. (Global Web Index, 2019).
- In Brazil and Europe, QR code usage is 7% and 8% of consumers respectively, scanning QR
codes several times a week. (Packaging
Insights, 2019)
- In China, 50% of users scan QR codes several times a week.
The Sybrin Payments Hub supports a concept called proxy payment, which typically supports a
merchant directory and/or customer directory. These directory services can be extended to
store merchant-specific QR code attributes:
- QR code model (Denso model 2 is a free version and mostly used).
- Type of QR: Static, dynamic etc.
Overall, there are many exciting updates in the payments industry presently,
and this is likely to intensify as we enter the fourth industrial revolution. Contact us to find out
how Sybrin can help you jump ahead of the competition early.
