18 May 2018


Digital payments through app can reduce anxiety, stress and improve your business strategy

digital business

In Italy digital payments are a conversation topic in the last years. This type of payments represents a bridge between who pay and who gets money, like the system behind e-commerce, ePayment, Mobile pos, and contactless payments. A new mode that wowed millions of Italians.

Payments made comfortably, without pulling out the wallet to count banknotes and coins are growing fast. Just think of all online payments from shopping to buy furniture, from coffee to airfare, we could say that there are no limits.

Digital payments thought for enterprises and consumers

The reasoning behind the "digital" concept is to simplify consumers and businesses lives in term of time and money by decreasing the gap between who pays and who gets money. Nowadays to complete a transaction is very easy, you have just to use your smartphone and download an app.

Thanks to apps you can monitor your transactions, set max amounts and be alerted when exceeding the pre-set threshold, get the expense note automatically and so many other options that make the management of your credit card easier and in a totally digital way.

Open banking and PSD2

With the entry into force on 13 January 2018 of PSD2, Payment Services Directive, begins the so-called "digital transformation" of the banking world. PSD2 allows users, who use a current account to carry out payments or to access to the bank reports  using a software achieved by authorized third parties like PISPs (Payment Initiation Service Providers) and AISPs (Account Information Service Providers); that means it is possible to make a transaction from your own account without using a credit card and to aggregate information about personal bank accounts on a unique instrument handling your own wallet easily.

PSD2 it’s going to change users habits and relationships between credit institutes and enterprises thanks to new marketopportunities that will includes:

  • New actors: TTP (Third Party Provider) as AISP and PISP
  • New services: Payment Initiation, Account Information e-Funds Checking (that should be subject to certain security procedures)
  • New channels: contactless, digital wallet, mobile, bot…
  • New payment instruments: phone bill, mobile payment, instant payments and virtual currency
  • New platform: Blockchain Distributed Ledger Technology

What about banks? Most people think Psd2 has eliminated the role of banks. Maybe they ignore that banks can turn into TTP changing traditional ways of interacting with consumers and businesses.

New actors, new services, new Technologies, Mobile Payment P2B (person to business) are ensuring a steady growth which will lead New Digital Payment market to exceed 100 billion euros in 2020, according to the Observatory of the School of Management of Mobile Payment and Commerce Polimi.

Why people must invest in digital payments

Using an app users are able to pay without credit cards and cash. It is needed only a smartphone to make transactions immediately. The new application field that allow companies  to generate added value in a digital world is the Fintech, digitizing services and financial products.

The interest about digital payments system forces companies to provide better services to customers, developing a targeted business strategy.

Why users prefer digital payments

Simple, immediate and secure. The new services best meet customers because they provide speed in terms of purchase and payment, immediate access to the cards wherever they are, security in terms of usage, ease in directing and managing cost.

InformAmuse is working on a project regarding the development of a digital wallet. The wallet app “Vuolly” allows you to keep on your smartphone credits card, fidelity cards and personal documents. If you want to know more contact us.