Meeting Industry payment systems

The digital revolution changed the payments sector: a report from the Milan Netcomm Forum

The Netcomm Forum 2019 The Digital Commerce & Retail Event was held last May 29th-30th at Milan’s MiCo. The event was dedicated in particular to in-depth analysis and discussions on the themes of e-commerce and business innovation, which is today more than ever stimulated by the constantly evolving digital scenario that also invests more and more the world of Meeting Industry

We could summarize our experience at the Forum with the phrase: the success of an event is also measured in the ease of access to digital payment.

The digital revolution has also profoundly changed the payments sector, it now represents a decisive lever that can profoundly influence users in choosing a virtual store rather than another: a way too complex, with many passages and not very intuitive for consumers, it could compromise the success of a digital purchase with the risk of abandoning the virtual shopping cart. Saving time and increasing transactions on the website with secure and rapid payment systems has therefore become an essential requirement for a modern and reliable organization of events.

Those who work in this sector, both nationally and internationally, are well aware of the need to be able to manage online payments quickly and easily, with multi-language, multi-currency functions and the offer of a wide availability of local payments. Looking at a not too distant future, we can say that business efficiency will be increasingly linked to how we will be able to use technology within our companies, together with a culture that is oriented both to learning and to open and collaborative communication processes.

The offer of e-commerce solutions is vast and adaptable to the individual realities of the operators of the sector, it is often linked to a dedicated support service with an account manager, in-house technical support and help desk always ready to respond to all needs. The preferred tools in Europe and in the world according to the estimates of 2018 are credit cards, which still represent the most widespread transaction method, but the most interesting data is that of the United States, which represents the second largest e-commerce market in the world immediately after the Chinese one, which uses this tool in 97% of transactions. However, PayPal remains the most used payment method in the world and around 94% of online purchases are completed this way.

Mobile Payments, considered by experts as the online payment methods of the future, are rapidly spreading. These are downloadable Apps on smartphones that allow you to make money transactions directly from your phone, in some countries like China, it is already widely used for online purchases. AliPay, UnionPay and WeChat Pay are the most popular Apps.

When considering the choice of a digital payment tool, it is necessary to evaluate the individual characteristics of each of them and make a choice based on the needs and characteristics of the website, always keeping in mind some important factors such as: Security: people will not give confidential financial information to websites that appear unsafe. The payment channel chosen must have a solid reputation and must offer secure payment experiences for your customers, as well as the secure electronic payment quality seal on a website.

The cost: as with almost all services, there are costs associated with the use of payment instruments. It is therefore important to pay attention to the costs before integrating a channel into your e-commerce. The ideal would be to try, where possible, to offer the digital consumer the greatest possible variety of options, in such a way as to offer him a wide range of possibilities to choose according to his own needs.

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