Digital technology is fundamentally changing the world. It is reshaping how companies operate to provide a better customer experience. It is also working to achieve greater operational efficiencies along with providing improved security. On a daily basis, channels & technologies are evolving, opening up new opportunities for the companies to offer customers a more digital experience through digital transactions.
The new era of bill payments means the emergence of digital payment facilities. Digital payment is the transfer of value from one payment account to another, using a digital device, such as a mobile phone, computer, tablet, laptop, etc. The digital mode of payment is the electronic payment done through third-party applications.
WHY ARE DIGITAL TRANSACTIONS THRIVING
In today’s world, the utility industry largely depends on digital payment modes for bill payments. The utility industry consists of companies that provide basic everyday amenities, including, gas, electricity, water & power. There was a time when you had to stand in long lines to pay your utility bills, be it summer, winter or amidst a huge downpour. In case you miss your payment due date due to an emergency, it is hard to pay then. But with the digital payment mode, it is as easy as breathing. There is no stress of missing out on payment dates.
This is why digital payment is rising high and getting synced beautifully with the utility industry! Along with it, companies are adopting various modes of digital payments, like Google Pay, Phone Pe, PayTM, UPI, Bhim UPI, Razor Pay and many more. All these guarantees safe secured & hassle-free payments with just the click of fingers.
FACTORS INFLUENCING DIGITAL BILL PAYMENTS IN THE UTILITY INDUSTRY :
The Growth of Mobile Channels :
As per the latest report, the usage of mobile apps by utility providers has increased from 18.5% in 2018 to 21% in the last year. Over the next 12 months, nearly 23% of customers are expected to use mobile alerts and pop-ups more frequently. With their own mobile apps, the utility companies are becoming more established as a communication and information channel which is why customers will tend to use them for billing and payments.
Focus on Security :
Security plays a very important part in the digital era. Even if companies commit security, you often face hacks and security breaches on your app which threatens you to doubt your identity and financial security. So you will see payment companies concentrating significantly on improving their cybersecurity framework. Adding a second layer of security to payments with the Customer Authentication process could be beneficial.
Payment Integration :
The whole purpose of integrated payments is to give customers a seamless checkout experience. The key feature is to implement these practices now and get the relevant elements of process and systems in place. Utility consumers today expect a seamless customer experience. They expect to carry on all types of transactions from the comfort of their homes or office space, be it utility bill payments or payments for movie booking, flight, train or bus booking, payments in uber, ola or any carpool service or for travel bookings too.
The Future is the Mobile
Mobile technology is ruling the world right now. The continued rise of different mobile channels forced companies to think and expand their boundaries to incorporate digital transactions for a seamless customer experience. Utility companies are coming out with mobile apps through which anyone can carry out any type of transaction digitally. These mobile apps are getting more established as a channel of communication and information. This indicates more usage of these mobile apps for digital utility payments.
The path of mobile payment trends is crystal clear. Utility companies now have the best opportunity to adapt more and evolve with their customers’ changing preferences, as that ultimately benefits both sides.
Also, read this article on “TOP 10 ONLINE RECHARGE & BILL PAYMENT APPS IN 2022 TO SAVE MONEY“