If we compare past decade with present, the actual retail markets gain their profit from digital stream instead of physically present stores, and this is going to continue for a while. Hence, there is no harm in saying that one day - the physical and digital world will converge and those will conquer the trend will be the market leaders - and this is extremely correct.
In today’s digitally changing world, if you don’t adapt accordingly, you are likely to stay behind the competition and later your existence won’t matter at all. One of the greatest example is Kodak.
Mobile phones have become the forefront of this dynamic world. Merchants all over the world are trying to catch up with this reforming trend and are making sure they are not the next Kodak. Additionally, organizations mastering in payment technologies are looking for ways to provide better services to merchants through various channels seamlessly. But in the end, payment technology enthusiasts who are ahead of the game and are able to deliver cutting-edge solutions will be successful.
Few decades ago, nobody thought that a tiny device would be responsible for filling the gap between physical and digital world. Mobile devices proved to be an ultimate solution for merchants as well as payment providers and offered them wide-range of tools to survive in ever-changing digital world. Apart from making online payments, mobile device can be leveraged for various purposes like social media, collaboration, etc. from any place and at any time.
On the contrary, we all are aware that technology is growing at the speed of life. This major transformation in technology is impacting the payment industry also. This not only includes a single process but involves all the aspects such as organizational culture, technology architecture and most importantly customer engagement. We usually tend to follow these trends at a slow pace and by the time we come up with a solution adjacent to the emerging technology, the technology world has already transitioned to another level. Hence, this signifies, technological world will always be moving. Thus, spending a year or two for figuring out the glitches in mobile payments, integrated payments might not be the right solution.
What I am trying to explain here is, within the next 10-20 years technologies we use now will be different and will continue to be different. Therefore, to match the digital trends and keep up with the transforming technological revolution, executives must strategize and innovate their working methodologies.
In the end, it is essential to move faster and work together to get things done.