Big Data and mobile payment might be an odd combination to work out but it is surprisingly effective as the data has made payments easy to use, secure, convenient and most of all less stressful. It is easy to imagine that every individual wants their payment to be safely done and secure payment gateway provides more confidence to the consumers to consider a cashless payment system. Developed countries rely hugely on digital payments as it reduces money laundering and finance in terrorism which gives a hard time for organizations to function. The government can have an eye on the transaction as each transaction done online can be viewed by authorities which discourages inflation without any particular reason and corruption can be controlled.
Big Data is usually referred for the usage of user behavior analytics, certain data analytics, predictive analysis, measuring the size of data, etc. It has conquered other professions such as business executives, teachers, doctors, and medical practitioners, government employees, and so on. It has got few characteristics such as volume, variety, velocity, and veracity. As one might know that it is multidimensional and has got features but some qualities were not used for the good.
Big companies such as Microsoft, IBM, HP, EMC, SAP, Oracle Corporation, Software AG and Dell have invested more than 15 million dollars in order to specialize in analytics and data management which shows the popularity of Big Data. As per a calculation, globally one-third of the information is collected in the form of still image and alphanumeric and these are the format which is usually considered for applications that it supports.
Payment Industry Benefits From Big Data
Like any other industry, big data has boosted the payment industry in a grand way and millions of amount are being transacted each day in a secure way and it leverages data in an extensive and diverse method. It detects fraud in payment, performs a complex task with an ease, identifies money laundering, analytics is done in a better way, understands the nature of the customer, delivers the best results, etc. Following is a brief understanding of the functions:
- Corporate payments, credit cards, and debits cards are the services offered by various payment providers which are unified into a single payment platform that betters the internal efficiencies.
- These days frauds take place but big data has productively changed the approach with fast and powerful methods to identify fraud as advanced analytic solutions gather and learn about the risks.
- The risk score is detected in real-time which is depended upon IP address, consumer’s origin of the country and so on, as these attributes understand the purchase and other transaction habits and other techniques.
- The techniques used by Big Data identify money laundering and verify whether the payment is legitimate or not.
- It is surprising to acknowledge that the technology understands the customer in a vivid way and astonishes them with the advanced service which makes them root for more positive experiences.
- The merchants need to analyze the market, its surrounding, customers and the tech that they should embrace and implement it in their services. The analytics help the owners of the organization understand the segments they need to follow and which are avenues that are good for the market. They can verify the loyalty of the fans and learn who and why people hate them and what makes the competitors top in the market.
- Many payment services are getting themselves into online banking as Big Data helps one to integrate into regular banks that have person-to-person payments, bill payment, account-to-account transfers, and other banking capabilities. Consumers have the luxury to make monetary transactions both in and out on the same day or schedule as per one’s convenience.
- Big Data provides a secure payment gateway which lets mobile wallet to offer outstanding services such as account-to-account transfers, person-to-person payments, and bill payment and make the experience beyond beautiful.