Open Payment - the Future of Payments?

Posted on 8.2.2017
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Written by Eva Ciga

Modern merchants are focused on providing payment solutions that are modern and friendly. This is exactly how open payment platforms can be described. This concept supports open source platforms that are freely available. They are getting quite popular because they provide more options to both merchants and clients and simplify the transaction process.

So, open payment relies on open-source networks that provide freely available and clear APIs. These platforms can be utilized, distributed, shared, improved and developed by 3rd parties in any way they want. In theory, any individual can improve this concept by providing ideas, feedback and other things that can improve the development process.

What’s the science behind Open Payment?

According to some experts, open payment has the potential to alter the future of payments. In order to find out why, you must learn more about how this method works. Thanks to open payment, add-ons, plug-ins and integration, solutions can be offered to merchants for free and without any limits. So, this is one of the free merchant services that can have a significant impact on their work.

It is good to mention that open payment is a concept that existed since the early 1960s. However, thanks to modern technology, this system and concept are now more advanced and available to literally every type of business. We can separate the advantages that open payment brings into two categories. The first one is focused on the consumers.

The Advantages of Open Payment

With the help of open payment, consumers get the necessary convenience when they are shopping. These systems are also quite safe which is very important today when identity thefts and other similar crimes are on the rise. Finally, open payment allows better online functionality. As we all know, more and more people are buying items and services online.

On the other hand, the integration costs for merchants are much lower on accounts that come with standardized interfaces. Additionally, merchants can set up and open their shops more quickly because this integration is automated and very transparent. We should also highlight the fact that open payment data is easily accessible. Also information like new features and updates can be accessed quickly. Ultimately, they can benefit from increased conversion rate thanks to open payment systems.

When we take a closer look at all these things, we will understand why so many experts say that open payment is going to be huge in the near future. There is no doubt that this concept is important for the payment industry. However, many people want to learn more about the future of payments.

It is difficult to predict how open payments will develop in the future, but experts agree that there will be a few future payment methods that will help both merchants and consumers to simplify the payment process. The payment methods in the next decade will be even more secure, mobile and online-centered and user-friendly. We expect that digital currencies will become popular worldwide.

See  also:

Credit card fraud: a Scarecrow to an online business

Facts to consider before selecting a payment provider

 

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Further reading

Posted on 4.11.2016
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PayPal CEO Dan Schulman explaining his believe, that mobile payments will become huge in couple of next years. So how will the future of payments […]

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