The Rise of New Online Debit
Due to the COVID-19 pandemic fintech will further shape it by offering innovative resources to provide customers with the most convenient payment methods.
Today the fintech industry is a vast world that not only allows people to explore every possibility but can also lead one lost because they do not understand the rules of the game, frameworks and innovative ideas that provide convenience and security in transactions.
Among the collection of payment technologies offered by fintech, online payment solutions are a special magnet for the fintech industry players to have important competition with a strong ideology that is already in action.
Basically, online payment solutions only consist of Payment Gateway and Payment Switch. This duo is at the heart of every scalable payment method that banks and businesses are trying to implement today for a customized customer experience with credit and debit card payments. iDebit as part of the payment solution in Indonesia is trying to combine and add several technologies to improve transaction convenience and security.
What is an iDebit?
iDebit is an ecosystem of online payment with debit card transactions that handles processing end-to-end, including security to settlement. iDebit is also known as a payment facilitator connecting acquirers — issuers and merchants — customers.
iDebit was developed to allow merchants to accept payments on their sales platform online. This platform is third-party software that sits between the business (merchant sales platform) and the issuing bank account. iDebit creates a pathway where users (customers) can send sensitive information such as card details, passwords, PINs, tokens through the merchant platform which is then forwarded to the issuer and will check the availability of account, deduct funds and provide a response to the merchant where when the product has been purchased. submit then the funds will be transferred to the merchant’s account.
Payment is sensitive everywhere. when we lose our wallet, no one cares but lose a penny in transaction everyone can lose their patience.
It is critical to move the business into the next generation of the digital world that demands reliable, fast, easy, and scalable fintech solutions. Only when the best payment processing technology can do more than improve can one stay ahead of the competition.
To process iDebit transaction, settle payments and secure payment processing, this platform caters for the appropriate technology. Regardless of the online or offline shop, payment processing, it takes a few seconds to place an active bet in the competition.
How iDebit is beneficial?
· Allows millions of users to perform a transaction with the merchants
· Reduces the fraudulent services in the online payments with various authentication steps like OTP, PIN, Token, CVV, or CCV
· Easy report generation, reconciliation, and settlement for accounting frameworks.
· Highly Scalable
· Dynamic Routing
· Allows extension of payment networks.
COVID has made people wary of physical contact, pushed people to adopt online shopping so online payments were the solution.
What does the future hold?
Online debit payments, as expected, will continue to increase and will shape the payment space for the better over the next few years. Mainly due to the COVID-19 pandemic, Fintech will further shape it by offering innovative resources to provide customers with the most convenient payment methods.
Innovations in Artificial Intelligence(AI) have consistently played a significant role in driving digitization, fraud management, customer engagement, and data analysis in the payments industry, furthermore, Distributive Ledger Technology (DLT) is the brain behind the game-changing cryptocurrency revolution can cutting down operational inefficiencies, cost-efficient, highly secure, transparent and can be an option for recurring payment. To leverage these innovations to the fullest and to steer clear of payment issues, you need Fintech partners who are experts in robust, scalable, and customized API integrations that can future-proof payment processing for you.
