The current payments processing sphere is incredibly dynamic, affecting consumers and businesses alike. Consumers expect fast and secure transactions, while businesses need to keep up with the latest payment technologies and stay ahead of fraud.
While payment processing has become an increasingly important part of the financial services sector, it is not without its challenges. The emergence of new trends, including the adoption of blockchain technology and artificial intelligence, continues to shape the payments environment.
Given the rapid pace at which the situation is constantly changing, we’re investigating the top challenges in payments and identifying the innovative ways in which MiFinity addresses them.
Fraud & Security
Fraud remains a key challenge facing the payments industry, affecting both businesses and end consumers. Security breaches and fraudulent online transactions pose a considerable risk to the industry. As data breaches are increasingly becoming common, payment providers must ensure that customer payment data and transaction processing are adequately protected.
MiFinity Solutions
The MiFinity eWallet adopts a number of strong security features to keep users safe 24/7. Whether you’re depositing funds, making payments or sending money around the globe, we protect your sensitive information and finances.
MiFinity’s transactions are encrypted and secured with SSL (Secure Socket Layer) technology, protecting your important date. To reduce fraud and make online payments more secure, we’ve introduced Strong Customer Authentication (SCA) in line with the Payment Services Directive (PSD2), a new European regulatory requirement.
The company has recently announced its exceptional performance in the Plimsoll Analysis, a comprehensive study of the Secure Payment Solutions industry. Retaining its place in the Plimsoll Analysis demonstrates MiFinity’s outstanding performance and stability, even during challenging economic times. In contrast, 86 of the company’s competitors are currently facing financial danger, and a record number are experiencing losses.
Integrated Payment Methods
Managing the growing number of payment methods and sales channels is another major concern that the payments industry faces. Nowadays, customers expect a business’s digital transaction capabilities or merchant services to meet their ever-changing demands. This includes the ability to handle multiple vendors and offer enhanced payment options to ensure a seamless and hassle-free user experience.
MiFinity Solutions
MiFinity adopts effective payment management and retail approaches, mainly by connecting multiple payment processors and merchant-acquiring banks. With over 75 payment options available, MiFinity allows users to add funds into their eWallet with ease. Among these options are Cards (Visa, MasterCard, UnionPay) and Alternative Payments (local payment options, Bitcoin, Bitcoin Cash). As a plus, users can also top up their MiFinity eWallet securely with the MiFinity eVoucher, a prepaid digital voucher that may be used to pay directly at hundreds of our merchants’ sites. Our eVoucher allows you to add funds without the hassle of bank accounts or credit cards, giving you full control over what you spend and how you spend it. For more information about our secure eVoucher, click here!
Customer Expectations
It is evident that convenience is a core value that consumers demand from modern products and service providers. The requirement for fast, secure and seamless payment processing solutions is undeniable.
Payment providers must be familiar with consumers’ behavioural trends and expectations to cater for a positive and streamlined user experience. By achieving this, providers can provide a range of essential features that align with customers’ personal needs.
MiFinity Solutions
The MiFinity app boasts an enhanced and efficient experience that makes managing your money quite simple. It comes with an intuitive layout and design that allows customers to deposit funds, make payments and send money quickly and securely.
The minute a customer downloads the app, the experience is optimised for a frictionless payment journey. Plus, signing up for a MiFinity eWallet takes seconds, and biometric login is fast and provides customers with an added layer of security.
Cross-Border Payments
In a globalized economy, customers can make e-commerce transactions from wherever they are in the world. However, the challenges of fully integrated payment platforms become especially evident when it comes to catering for international transactions. Banks and PSPs may find it challenging to provide smooth cross-border payments, which can in turn make them slow and expensive.
MiFinity Awarded Best Cross-Border Payments Service Winner
In November 2023, MiFinity won the prestigious Best Cross-Border Payments Service at the prestigious Payments Awards in London, a testament to its unwavering commitment to excellence in facilitating global secure cross-border payments for its merchants and customers.
MiFinity’s eWallet is transforming the landscape of international money transfers, enabling users to make quick, affordable, and reliable transactions. Customers can send funds through user-friendly channels, including SMS, email, account numbers and external bank transfers, with the ability to also perform real-time account-to-account transfers globally at super low fees.
One of MiFinity’s standout offerings is its PayAnyBank service, allowing customers to send payments directly to bank accounts in over 70 countries.
Signing Up for Your MiFinity eWallet is Free!
Download the MiFinity app for free from the App Store or Google Play to start doing more of the things you love. With biometric sign in for enhanced security and personalised offers, we help you get more from your MiFinity experience!
