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The Digital Transformation of Mode of Payment

Digital Transformation initiatives are #1 concern in 2021 as the companies are experiencing challenges in improving customer experience, increasing productivity and elevating profitability. Advancement in technology has drastically changed money and payment system. Today, retail customers can, transfer funds and apply for loans from their mobile devices, at almost any time and virtually any place. Direct debit, credit card processing, mobile money, e-Check and advanced business technology has made financial transactions possible from any remote working place. ​

The need for payments’ digital transformation is escalating because of the pandemic and consumers desire to maintain social distance. Consumers have desire to avoid traditional in-store payment options that require physical contact with paper bills or POS terminals. This trend being driven by consumers who put pressure on businesses, who then put pressure on the banks. Digital transformation is growing, and real time payments are gaining trust as the use of virtual credit card terminals continues to rise. CloudBanking is focused on making payment modernization and deliver high quality experiences and value-added services, such as instant payment processing. ​

As the pandemic triggered a mass migration to online channels, CloudBanking platform is focused on discovering how payments systematize can help businesses enhance the efficiency of their payments processes to help sustain long term growth. The need for digital security has never been more paramount than during the COVID-19 crisis. With more consumers going online to shop, businesses are expanding their digital capabilities to meet the growing demand for digital commerce. CloudBanking platform can help businesses to take precautionary measures to secure their customers’ data and allow them to focus on their core competencies. As the result of increased fraud in Credit and debit card, the digital payment processing can help keep customers’ data safe.​

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