GPAY Payment Gateway: why a customer-centric approach is key to building successful fintech products

In the recent past, numerous industries have picked up the pace in terms of growth. With the popularity of subscription models such as OTT and online streaming music platforms, they have gained popularity due to their affordability, convenience and ease of customisation. Similarly, the fintech ecosystem has undergone a sea change. The last decade has seen spectacular developments in payment solutions such as UPI, wallets, one-click payments, tokenisation, and blockchain. It is clear that it is customer expectations and demands that drive new product breakthroughs.

Fintech as an industry has revolutionised the way it delivers a seamless customer experience, earns trust and provides a secure payment platform.

Challenges in building fintech products

Developing successful fintech products is no easy task. It always comes with challenges such as complying with the latest government norms, Artificial Intelligence (AI) and Big Data capabilities, as well as improving user experience (UX) and data security.

If these issues are noted early in the product, the challenges encountered during product testing will be minimised.

Now, you may be thinking, what are the drivers that help build such successful products in the FinTech ecosystem? Here are some of the key factors:

blaze new trails

Online payment environments are full of problems for customers, such as failed payments and delayed refunds. Studies have shown that merchants are under tremendous pressure from shopping cart abandonment due to limited payment options, complicated checkout processes, or other technical glitches.

According to Manas Mishra, Chief Product Officer, PayU India, "A customer-first mentality is the driving force behind any innovation. Creating successful fintech solutions at scale relies on this guiding principle."

As a result, many innovations have emerged in the payments space to address these issues. These issues are centred on providing the best customer experience. With innovative solutions such as one-click payments, customers can pay quickly at checkout without having to switch to different tabs to remember their CVVs and OTPs.Isn't that cool?

The study also showed that such innovative solutions can speed up the payment process by a factor of 1.5.

Therefore, investing in a seamless payment experience is imperative. In other words, a payment experience that promotes repeat purchases and increases average transaction value and transaction success.

In short, in order for product development to be successful, it must go beyond fulfilling a business need. And let's not forget that it must also add value on a larger scale. To achieve this, product managers and engineers need the right environment. An environment where they are trusted, empowered and owned, and therefore more likely to generate innovative ideas.

Delivering what customers want

We now live in a world where customer preferences and requirements are constantly changing. If a brand fails to evolve itself with the changing winds, it will soon disappear.

The way customers use online payments changed dramatically during the epidemic. They were eager to use contactless payment methods that were fast and available anytime, anywhere.

Accordingly, payment service providers are working with merchants to respond to emerging needs with omnichannel solutions. Many payment decisions are now made through multiple payment channels and extend to payment checkpoints.

As a result, organisations are now adopting omni-channel payment solutions to provide a seamless customer experience.

concluding remarks

Fintech is a highly dynamic industry. Continuously improving existing products as needs change is the only way to survive and succeed in the market. In other words, customer centricity is the only way to stay ahead of the curve and remain unaffected by the winds of change.

Incorporating this approach into fintech products promotes financial inclusion, lowers the barrier to entry, and spreads technology across the country. When you empower your customers, you are also empowering your business.