Mikko Laaksonen, CTO at Seitatech. Photo: Pauliina Toivanen

International

Payment is user experience

02.05.2017

In the future, all payments will be made regardless of time and place using a multitude of physical and virtual identification methods. Seitatech helps companies optimize their payment solutions and provide right tools and technology for the diversified payment landscape.


Although disruption is inevitable, compliancy is necessity for payment systems. The ecosystem of payments should provide high availability, cost-effectiveness and high security for every user and the users should be able to make their payments fast and cross-borders. Not only should the payment solutions be universal and flexible but also scalable for the business requirements of the future. 

It can be challenging to ensure the security in online payments, as secure payments require reliable ways to identify the customer. Often, the customer has to enter a considerable amount of accurate information prior to the purchase, making the payment process slow and arduous. This becomes problematic, as the market keeps demanding faster and easier ways to pay online.

“It´s a social challenge to make consumers aware about the importance of security, as part of the user experience of online payments. Before downloading a payment application, the user needs to be able to trust the authenticity of the service provider,” Sakari Parre, the CEO at Seitatech, explains.

“Payment is user experience. Combining user experience with security is what makes it fascinating,” Mikko Laaksonen, the CTO at Seitatech, adds.


Creating Evolution

Seitatech is a payment technology pioneer which continuously evaluates the future megatrends in close cooperation with their partners. The role of payment systems can be seen as one of the most crucial elements of the human evolution. 

“Sooner or later every system gets old and their ability to be secure weakens. Whether the payments are done via mobile phones, cars or fridges, the technology is already available and has made it possible for us to do things that weren´t previously considered to be profitable. What makes it challenging is inventing how to use it the right way and to make the best possible user experience for the consumers,” Laaksonen discusses.

At a traditional brick and mortar store, it is still easy to keep the payments integrated with the user experience by using physical cards. Even though the electronic payments are evolving, credit cards are still one of the most universal payment methods out there. Even though cards are not necessary the safest or fastest form of payments when shopping online, they currently serve as a compromise between security and user experience.

“The consumers might not even know what would be a better option or the most suitable and secure payment solution for them. That´s why companies should be prepared to invest in their payment infrastructure and make sure they have a good understanding of the needs of their customers. After all, consumers should be able to make payments when the time is most suitable for them,” Parre reminds.

The future identification and verification methods will vary from location sharing to biometrics and social media footprint.

“The ideology of money being anonymous is an interesting one. How anonymous should money be if sharing your personal data concludes to more fast and secure payments?” Parre asks.


www.seitatech.fi


Text: Pauliina Toivanen