Electronic payments in El Buen Fin force companies to innovate

“COVID-19 greatly accelerated the collection strategy of companies, many of them continued to charge with a card present, for year-end sales, companies had to evaluate which products sell more, how they sell them and how they would like to sell them to that they can have more sales volume ”, Sergio Villarruel, commercial, marketing and acquisitions leader at Fiserv, told Expansión.

The emergence of new services and forms of purchase and payments will see transaction processing companies such as VISA end 2020 with an average of 17 new products focused on electronic payments, a growth of 39% over the previous year.

One of the adjustments that companies have had to make to adapt to new forms of purchase has been to add APIs and use more intelligent software. According to a study published by VISA, the use of APIs by companies has grown 182% since March 2019 and 77% of the companies that it considers the most innovative use biometrics in their transactions, in addition 44% use more artificial intelligence .

According to Villarruel, companies had to analyze the products they sold online to see the type of payment that users had and based on this information, many stores decided to put interest-free payments in the most popular payment types, in addition to that this information has helped them to the stock they have in their online stores.