13 Effective Ways To Improve And Expand Digital Payment Methods

January 5, 2022 1:15 PM

Digital payment technology has made it possible for anyone with a smart device to conduct transactions easily and securely, both in person and online. Both companies and consumers are embracing digital payments as a fast, reliable and contactless way to exchange money, but there are still innovations and improvements to be made.

If your business is considering adopting digital payment methods, it’s important to understand where they’re currently at and how they can be made more effective. Below, 13 Forbes Technology Council members offer insights on optimizing this popular transaction technology.

1. Be Open To New Technologies

Digital payment methods are positioned to be a major influence on the economic prosperity of many third-world and first-world countries, impacting everything from remittances to transferring funds via cryptocurrency backed by blockchain technology. Already, countries such as Ukraine, El Salvador and others have adopted Bitcoin as legal tender, signifying the growing adoption of this new technology. - Marc Fischer,Dogtown Media LLC

2. Provide Incentives For Use

Digital payments are highly platform-dependent, often not supported by merchants’ point of sale systems and expensive in comparison to cash. For more mainstream adoption, the value must be delivered to consumers (resulting in better purchasing power); this would drive the merchant’s or platform’s interest in supporting digital payments. Techniques similar to credit card “cash back” incentives could be applied to the merchant or P2P platforms. - Chitra Sivanandam, Reinventing Geospatial, Inc. (RGi)

3. Cater To Those With Disabilities

Digital payment methods for people with disabilities fail at checkout. Online shopping carts rarely function smoothly (if at all) for people using screen readers. The complexity of the process is often a critical issue for people with cognitive and mobility impairments. Simplifying the checkout process would eliminate these challenges faced by so many and bring another billion consumers online. - Lionel Wolberger, UserWay Inc.

4. Expand The Types Of Transactions

I believe digital payments should start expanding to more complex transactions that include financing and insurance. For example, rather than have customers simply pay for a product, merchants could offer a loan or spread the payments over a longer period. Furthermore, digital payments should be embedded in more devices—your kitchen or office appliances could order supplies for themselves. - Eliron Ekstein, Ravin AI Limited

5. Implement Identity Management And Encryption

It’s essential to ensure the security of customer data in each and every transaction. As more payments are transacted digitally, organizations will face improved attacker techniques, no matter the physical location of the customer. To make it more difficult for hackers to access customer payment data, implementing identity management and encryption is vitally important on every payment transaction, big or small. - Todd Moore,Thales Group

6. Create A Faster User Experience

Digital B2B payments have an astounding potential to save businesses money and improve efficiency and cash flow. Frictionless onboarding for businesses and immediate access to funds via virtual cards and mobile wallets will make digital payments easier and drive greater adoption. It’s not just about simplifying the transaction; it’s also about creating a fast, easy and secure user experience. - Derek White, Galileo Financial Technologies

7. Include Digital Payment Services In Social Platforms

Digital payments are revolutionizing consumer behavior and improving the consumer experience. One such way is the integration of digital payments in chat applications such as WhatsApp, WeChat and Snapchat as well as in social media platforms such as Instagram. One of the largest retailers in India is offering its services and products via WhatsApp, and payments are made using digital methods. - Vasudevan Sundarababu, Pactera Edge

8. Integrate The Payment Value Chain

Digital payments can be much cheaper, faster and easier if a company can vertically integrate all stakeholders in a payment’s value chain. Instead of having separate merchant acquirers, networks, issuers, fraud engines and so on, a single company could merge them all and create rails of its own. This could give back interchange to merchants, provide greater rewards to customers, increase authority and reduce fraud. - Roy Andrew Ng, Bond

9. Support Global Standardization

Global interoperability and standardization are key in digital payments, especially across borders. They would reduce friction and increase the ease of transactions and commercial relationships. They would also create flexibility in the workforce and supply chain. In the end, commerce would be significantly more efficient and streamlined. - Olga V. Mack, Parley Pro

10. Add Additional Layers Of Security

Digital payments are incredibly convenient and have become critical to the economy over the past two years. But they open consumers up to potential privacy and security risks. With the introduction of features such as credit card masking, which creates temporary, single-use credit card numbers, consumers can continue to reap the benefits of digital payments with dramatically reduced risk. - Hari Ravichandran, Aura™

11. Combine The Checkout And Buying Experience

Digital payments can be made more effective by embedding the checkout experience on the same page as the buying experience. Do not redirect the consumer to another payment or checkout page after they’ve selected the product(s) or service(s) they want to purchase; instead, allow payment transactions to take place on the same page. Fewer clicks and redirects equal higher conversions. - Steven Khuong, Curacubby

12. Decentralize Payments

Detach the reader from the pin pad. It should be possible to pay anywhere in a venue without the need for a full-fledged pin pad. Imagine restaurants with readers at each table or movie theaters with one at each chair. This would allow for immediate payment and decision-making beyond the POS. Cash wraps continue to plague the forward momentum of retailers. Decentralizing payments will be key! - Tom Roberto, Core Technology Solutions

13. Incorporate Biometric Authentication

One way digital payments might be made more effective is by incorporating biometric authentication. This would mean that, in order to make a payment, the consumer would need to scan their fingerprint or use some other form of biometric identification. This would add an extra layer of security to the transaction and help to ensure that only the authorized user is able to make a payment. - John Giordani, NCHENG LLP

For the full article visit Forbes

13 Effective Ways To Improve And Expand Digital Payment Methods

Transforming Claims Management: How RAVIN AI Redefines Efficiency and Customer Experience

As the insurance industry evolves, the pressure to improve continues to grow. Policyholders expect fast, transparent claims, while insurers strive to reduce costs, improve accuracy, and maintain trust. Yet, the claims process often continues to be plagued by inefficiencies—from delayed damage assessments to fragmented communication—resulting in frustrated customers and higher repair costs.

Reimagining Image Uploads: How Ravin Simplifies the Claims Process for Insurance Providers

Uploading images for an insurance company has become a standard part of the claims process. Whether it’s photos of a damaged car after an accident, a broken window at home, or evidence of a valuable item that’s been lost, the expectation today is that one can capture and submit relevant images. The idea is simple, but the actual user experience can often be more frustrating than smooth. From blurry or incomplete photos to cumbersome uploads and lack of clarity about what's needed, many insurance providers still struggle to create a seamless uploading experience. Here’s a look at the common pitfalls companies face—and how RAVIN’s technology has reimagined the process to deliver an experience that feels quick, intuitive, and worry-free.

The Evolution of AI and Cars: Transforming the Driving Experience and Revolutionizing Auto Insurance

Over the last decade, the automotive world has experienced a technological transformation unlike any other. Artificial intelligence (AI) has moved from a futuristic concept to a central component in how we drive, maintain, and even insure our vehicles. What began as simple automation is now a sophisticated integration of machine learning, computer vision, and data analysis that powers everything from in-car navigation to autonomous driving. With these advances, the auto insurance industry is also evolving, leveraging AI to redefine how claims are managed, accidents are prevented, and customers are served.

After a Car Accident, Who's Notified First?

In 2024, the way we respond to car accidents has changed dramatically. Gone are the days when the first step was a frantic phone call to an insurance company. Today, technology is increasingly stepping in to handle the aftermath of an accident. But who—or what—is the first to be notified when a car crash occurs? Is it the driver? The insurance company? Or could it be the car itself? This blog explores how accident reporting has evolved, the difference between new and older vehicles, and how technology, including artificial intelligence (AI) and machine learning, is transforming the claims process.

Efficient Claims Management: The Key to Customer Satisfaction in the Age of AI

After an accident, emotions run high. Drivers and passengers are often stressed, confused, and unsure of what comes next. In these moments, what they crave most is reassurance—knowing that their claim will be handled swiftly, fairly, and transparently. This is where the right mix of technology, smart processes, and clear communication can make all the difference. Today, efficient claims management and intelligent triaging are vital to delivering a satisfying experience, ensuring that customers feel supported and valued during a challenging time.

NEW: White Paper: Crisis and Opportunity in Motor Insurance | Ravin AI

The automotive industry is transforming rapidly, with AI-driven solutions at the forefront of change. Ravin AI’s latest white paper dives deep into the future of vehicle damage, and assessments, highlighting the role of computer vision, machine learning, and automated processes that streamline insurance claims, reducing costs, and enhancing customer satisfaction. Ravin AI’s white paper underscores the importance of embracing AI in the automotive and insurance sectors. By adopting advanced technologies, companies can improve accuracy, speed, and customer satisfaction, ultimately transforming how vehicle damage assessments are conducted.

Revolutionizing Claim Settlements with Ravin AI: Transforming the Motor Insurance Landscape

In the fast-paced world of insurance, where efficiency and accuracy are paramount, Ravin AI is at the forefront of a technological revolution. By harnessing the power of artificial intelligence, Ravin AI is transforming how motor insurance claims are processed and settled, offering a streamlined approach that benefits both insurers and policyholders.

Elevating the Fight Against Insurance Fraud in Japan: Strategic Insights for Auto Insurance Leaders

The landscape of auto insurance fraud in Japan presents a dynamic challenge, underscored by an increasing sophistication in fraudulent activities. Recent trends and legal advancements provide a multifaceted view of the battle against fraud, highlighting the pivotal role of technology, particularly artificial intelligence (AI), and the evolving legal frameworks aimed at fostering transparency and accountability. For senior decision-makers in the auto insurance sector, understanding these dimensions is crucial for devising strategies that not only combat fraud but also enhance operational efficiency and maintain customer trust.

How Phil Smith Acura Supercharged Their Trades With RAVIN AI's Virtual Appraisal Technology

In Pompano Beach, Florida, Phil Smith Acura, a pioneering dealership, embarked on a transformative journey that redefined their trade-in process and set a new benchmark in automotive sales and customer service. With the integration of RAVIN AI's groundbreaking virtual appraisal technology, they not only tackled pressing business challenges but also revolutionized how customers engage in trade-ins, resulting in significant benefits and enhanced operational efficiency.

Car-sharing and AI-driven Inspections: The Future in a Frame

Car-sharing, a term synonymous with convenience in the 21st century, has its roots dug deep into urban cities, with Singapore being a gem of an example. The success of models like Get-go, emphasizing on high-volume imaging, has redefined what 'grab-and-go' means in the automotive world. But as the sun gleams on shiny exteriors and city-dwellers enjoy the privilege of mobility without ownership, an unsung hero works tirelessly behind the scenes: car inspection technology.

The Rise of AI in Vehicle Safety

The premise of AI in automotive safety is founded on the capability of machine learning algorithms to analyze vast amounts of data from numerous sensors embedded in vehicles. These sensors collect real-time information on vehicle performance, driver behavior, and environmental conditions. By processing this data, AI systems can predict potential failures and identify risk factors that may lead to accidents, long before they become imminent threats. This predictive capability marks a significant shift from reactive to proactive measures in ensuring road safety.For dealerships, the application of AI in vehicle inspections and maintenance checks offers a compelling advantage. Traditionally, these assessments relied heavily on manual inspections, which are not only time-consuming but also subject to human error. AI-driven systems, however, can swiftly analyze vehicle conditions, identifying wear and tear or potential issues that might escape the naked eye. This not only streamlines the inspection process but also enhances the accuracy of diagnostics, ensuring that vehicles are in optimal condition before they hit the road.

Elevating Fleet Performance: The Cutting-Edge Technology of Ravin AI

Ravin AI, a trailblazer in the world of fleet management, has revolutionized how businesses oversee their vehicular assets. At the heart of their technology is the Ravin AutoScan™, a sophisticated camera system installed at fleet hubs. This system is autonomously powered by AI, designed to enhance operational processes including vehicle inspections and returns.

Revolutionizing the Auto Insurance Terrain: A Comprehensive Exploration of AI-Driven Car Inspections

In the sprawling annals of the auto insurance sector — a market that has seen both monumental upheavals and steady progressions — deciphering patterns of change becomes crucial. The industry, originating from handwritten policies and face-to-face evaluations, has seen the advent of digitization. Yet, within this evolution, a pivotal shift looms large: the transformative potential of AI.

A Ride Down Automotive's Memory Lane

Ah, cars. They have been with us for over a century, evolving from a luxury for the few to a must-have for many. From being mere machines on wheels to becoming intelligent companions on our journeys. But it's not just about our love for speed or that newfound sense of freedom from the pandemic-induced confinement; the automotive industry has, in its rumbling engines, encapsulated tales of innovation and vision that all of us can find truly enlightening. *Cue the nostalgia* — remember those classic road trips, where the journey was more intriguing than the destination? Let's hop into our time machine (or a well-maintained DeLorean) and travel back 25 years. Ah, the 90s, a time when the Macarena was a global sensation and flannel shirts made a fashion statement. In the automotive world, we were witnessing the infancy of electric vehicles (EVs) and a burgeoning consciousness of the environment. A time when mentioning "electric cars" might have fetched you some bemused glances, akin to suggesting that fax machines might one day be obsolete. Oh, how times have changed!

The Unseen Roadblocks in Car Rentals: How the Challenges Loom Large

Remember the days when a car rental experience began with an attendant, clipboard in hand, meticulously circling dings and scratches on a paper diagram of a car? This ritual, though familiar, is fraught with limitations. Human error, variability in judgment, and the sheer time consumption of these manual processes have long been the Achilles heel of the industry.

The Future of Automated Car Inspections: Deep Learning and Beyond

In the echoing halls of automotive innovation, a resonant hum of artificial intelligence reverberates, transforming not just the vehicles themselves, but also the very way we inspect and understand them. Deep learning and neural networks, once abstract concepts reserved for tech elites, have become the focal point of modern car inspections, driving profound change. And at the heart of this seismic shift? Ravin AI, a pioneering firm that's redefining the intersection of automotive and artificial intelligence.As any seasoned expert in the automotive world can attest, the very nature of car inspections has long been a complex dance of manual scrutiny and subjective judgment. But the tide is turning. The industry has, in recent years, been blessed with the meteoric rise of deep learning and neural networks, dramatically expanding the horizons of what's possible.

Contactless Rental Vehicle Inspection: An Idea Whose Time Has Come

Rental car damage is a concern for both car rental companies and for customers. The former, of course, want to be sure that their vehicles are returned as intact as possible, so they can be quickly deployed for the next customer. Customers have their own concerns—like being charged for damage they did not cause. On the other hand, some customers who damage rental vehicles try to cover up that damage. It's a tug of war—and makes for an unpleasant experience for everyone. But technology to the rescue: Using digital tools, augmented reality, computer vision technology, artificial intelligence and automation, customers can be assured of a fair bill when they return a vehicle and companies can make sure they are treating customers fairly and honestly. This technology, in fact, enables companies to set up contactless returns—where customers simply drop off vehicles and are immediately informed about charges for damage, if any—payable either by them or insurance companies. Perhaps even more importantly, it brings us closer to eliminating uncertainty about whether or not damage occurred during a rental agreement or not.

The Rise of Telematics: Driving the Future of Fleet Management

Behind the seamless logistics we experience today, lies an unsung technological marvel – telematics. Melding telecommunications with vehicular advancements, telematics is dramatically reshaping the intricacies of fleet management.

Driving Change: How Leading Dealerships Are Leveraging AI to Enhance Profitability

In the heart of the bustling metro area, Prestige Motors stands as more than a dealership — it is an institution. With multiple branches across the state and a history that spans decades, this family-run empire commands respect. The dealership’s sprawling showrooms, brimming with the latest models and an expert sales team, are a testament to Prestige's status. But behind the gleaming façade, the reality of today’s automotive retail landscape weighs heavily on Prestige’s management. In a world where new car sales margins are wafer-thin and customer loyalty is a fleeting concept, Prestige Motors is wrestling with a critical challenge: how to transform their extensive, often underutilized service department from a supportive function into a formidable profit center. It is a savvy pivot, reflecting a broader industry trend but implementing this vision has surfaced new operational hurdles—most notably, the increasingly frequent and often contentious issue of false damage claims, and the need for heightened efficiency.

Revolution on the Road: AI Shifts Car Insurance Into High Gear

The car insurance landscape is being redefined by technological innovation, and a recent article captures this transformation in vivid detail. Focusing on the revolution in vehicle inspection, the article highlights @Ravin AI's groundbreaking solutions, as well as the innovative strides made by industry leaders like @Allstate, @Progressive, @MetLife, @State Farm, and @Allianz. This narrative paints a compelling picture of how AI is enhancing both accuracy and efficiency within the industry, setting new standards that were once considered unattainable.

Transforming Car Rental Inspections with AI

Imagine a world where the car rental process is devoid of lengthy queues, paperwork, and frustrating discrepancies about vehicle damages. That's the vision we share as we delve into the challenges that have historically plagued the car rental industry, specifically the arduous processes related to car inspections. These traditional routines have often been laborious, subject to human errors, and time-consuming, breeding customer dissatisfaction and operational inefficiencies. The industry has been crying out for a technological revolution to mitigate these challenges. That revolution has finally arrived on the back of Artificial Intelligence (AI) and machine learning technologies. Leading this transformative charge is Ravin AI.

Transforming the Car Auction Landscape: A Comprehensive Examination of AI's Multifaceted Impact

In the bustling world of car auctions, the ceaseless pursuit of innovation has resulted in the transition from crowded auction houses to increasingly digitized platforms. Today, the industry stands on the brink of a monumental leap into the future, powered by artificial intelligence (AI). The incursion of AI into this domain is changing the dynamics of how vehicles are bought, sold, and valued, introducing an era of data-driven decisions and sophisticated automation.

Discovering the terrain of car leasing

Car leasing, a novel concept to some, has emerged as a popular alternative to owning a vehicle outright. The possibility of driving a brand-new car every few years, laden with cutting-edge features and sans the burdensome cost of ownership, is a tantalizing prospect for many. Yet, car leasing isn't as straightforward as it may seem; it's an intricate terrain with its unique set of rules, terms, and potential pitfalls. The goal of this comprehensive guide is to help you navigate this terrain confidently, making your journey through the world of car leasing smooth, enjoyable, and rewarding. And as an added bonus, we will introduce you to a trusty co-pilot on this journey – the Ravin AI car inspection app. It's never too early to familiarize yourself with this tool, so why not download the Ravin AI app right away?

How AI and Autonomous Vehicles will Save Lives

The goal of autonomous vehicles is to reduce - and ultimately replace - the need for humans to be actively involved in the driving of vehicles on our roads. In the US, human error accounts for 94% of vehicle crashes. 94%!

The Trade-In Appraisal Process at a Dealership, Explained

When it comes time to turn in an old car for a new one, some folks prefer to do so at a dealership rather than sell their car privately. Many find the process to be a positive experience; for some, it’s a tax credit while for others, it’s credit towards a new car, or saving time on the selling process. Selling privately involves the headache of sorting through offers, talking to interested buyers, and meeting those potential buyers to show the car. By trading a vehicle into a dealership, sellers save time and can complete a transaction in one day.

Why Digital Vehicle Inspections Are the Key to Improving Road Safety

Manual vehicle inspections often leave customers feeling discouraged and suspicious that they’re being taken advantage of. This can make it less likely to be proactive about regular inspections which can further lead to unsafe cars on the road. Digital vehicle inspections are changing all of this, especially road safety.

The use of AI in fleet management can help fleets keep their vehicles longer, while saving lives, time and money.

AI tools can make recommendations about services needed or anticipated problems and repairs. As a result of an ongoing semiconductor shortage and supply chain issues, new cars are in short supply, with delivery times stretching as far as a year.

4 Automotive Industry Trends for 2023 You May Not Be Aware Of

The automotive industry is huge. In the US, it’s the second biggest industry sector after pharmaceuticals and the global auto industry is worth around $3tn (that’s trillion with a ‘t’!).

How Automatic Vehicle Inspections Simplify Insurance Claims

Here’s how Ravin AI’s automatic vehicle inspection can help both sides after an accident as well as simplify insurance claims post-accident.

How Big Data Is Shaping the Future of the Automotive Industry

Vehicle sensors gather structured, unstructured, and semi-structured data. Then it’s the job of data scientists and business intelligence analysts to write algorithms which turn that data into useful information. Even now, we’re only scratching the surface of what is possible today and will be possible over the next decade.

How Ravin’s AI powered car damage detection is changing the automotive industry

Ravin works with world-leading motor insurance companies to streamline claims and underwriting processes.

Top 10 Israeli Automotive Startups & Companies of 2022

The automotive industry continues to drive in the fast lane, innovating the way one interacts, uses, and even purchases vehicles. Artificial intelligence (AI) and information-centric technologies (such as big data), help individuals and companies incorporate software solutions into daily transactions.

Ravin AI's Digital Vehicle Inspection App

Ravin’s Inspect mobile web- app allows anyone to easily conduct a vehicle inspection using just their cell phone. The app is highly configurable, giving customers the ability to adapt the exact inspection steps to their specific requirements. And, because it’s a web-based app, users don’t have to download anything - it can run directly in their browser.

How is AI Impacting the Automotive Industry?

It’s no surprise when we say that the automotive industry is changing. And it’s changing fast. Artificial intelligence in the automotive industry is giving those in the space the chance to create things that they could have only once dreamed of.

Artificial Intelligence in the Auto Insurance Industry Will Give More Power to Car Owners

As innovation is reaching new heights with connected and autonomous vehicles, the auto insurance industry is also experiencing its own evolution

What Hidden Data Can Do for the Insurance Industry

Learn why data – especially that collected from sensors and other IoT devices multiplying by the day – along with AI could be doing much more for insurance companies.

Top Automotive Conferences and Trade Shows in 2023

After two and half years of COVID-19 craziness, the automotive industry is finally coming back together for a wide range of in-person conferences in 2022 & 2023. We’ve rounded up a list of our top automotive conferences in 2023 that you don’t want to miss below.

How fleets can tackle climate change by reducing non revenue movements

I’ve spent a good part of my career in ‘traditional industries’. These include energy and chemical companies that produce the most essential products to sustain our ever-demanding lives. And since I can remember, we have always looked to measure and reduce our carbon footprint.

It's the inspection, stupid (not the grade!): how to ensure objectivity in used car assessments

It is often claimed that the vehicle grading system should be overhauled due to lack of objectivity. In reality, the best way to introduce such objectivity is to use technology that removes the total reliance on human damage disclosure.

Who likes 5-course dinners? How covid has levelled the playing field for software startups

There’s no argument that for the most part, COVID has been and still is a bad thing. It destroyed lives and livelihoods. But one outcome that is only beginning to gain wider acknowledgement is the way COVID has changed the rules on business engagements.

Don't Browse, Search: are we ready to let computers run quality inspections on our behalf?

Thanks to AI, we are finally ready to implement the 'Don't Browse, Search' approach of capturing as much data as possible and turning it into insights, even in the high-trust area of quality inspection for physical goods.

Used Car Seller? Maximize Your Position with Quality Condition Reports

Used car dealers looking to sell their vehicle, should maximize their selling position with proper car documentation, checks, and inspections. Learn how to easily generate these reports.

Vehicle shortages beef up demand for shared mobility - but how to control accountability when cars swap hands multiple times a day?

There’s nothing more disappointing than finding your car in bad shape after someone else has used it.

Enterprise vendors: when your client’s business keeps changing, make sure to build flexibility into your solution (here’s how)

When your customer’s business keeps changing - what should you do?

The Time for Insurtech is… Now

AI has the potential to reshape the claims process and allow companies to begin focusing on prevention, mitigation, as well as, risk monitoring. Learn more.

How Auto Insurers are Becoming Digitally Savvy through AI & Computer Vision

Auto insurers looking to move into the digital age and embrace digital transformation must adopt AI and computer vision strategies. Here's why.

How our AI is assisting Toyota dealers to digitize their services in the age of COVID-19 & beyond

In partnership with Toyota, Ravin has introduced a set of AI tools to assist with visual inspections and communications. Learn more.

Artificial Intelligence Inside & Outside the Auction Gate

Learn how Ravin's artificial intelligence solutions are helping boost auto auction sales.

How we’re using AI to improve trust and efficiency in the mobility sector (slightly nerdy overview)

Back in February I gave a talk at Move 2020 in London which, given it was one of the last of the day, was surprisingly well attended.