The list of alternative payment methods is growing exponentially. Although the method of payment might be different for each, our Payments Hub offering can play a significant role in the following common requirements especially:
Reporting. Alternative payments can use similar reporting which is already available on the Sybrin Payments Hub. This allows for a consolidated, single reporting view across all payment types.
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 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:
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.
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.
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.
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:
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.
Read more about our Payments Hub offering here apex.sybrin.com/payments-hub
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